Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Describing the NASDAQ Ouch BBO Feed, 6246-6248 [2010-2580]
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6246
Federal Register / Vol. 75, No. 25 / Monday, February 8, 2010 / Notices
available routing options offered by
NASDAQ.
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. NASDAQ believes that the
change will further enhance the
competitiveness of its fees in
comparison with those charged by other
venues, and that its fees are reasonable
and equitably allocated to members on
the basis of whether they opt to direct
orders to NASDAQ.
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.
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:
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–2010–020. 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,8 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 Web site viewing and
printing 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–2010–020 and
should be submitted on or before March
1, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–2631 Filed 2–5–10; 8:45 am]
BILLING CODE 8011–01–P
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
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–2010–020 on the
subject line.
6 15
U.S.C. 78s(b)(3)(a)(ii).
7 17 CFR 240.19b–4(f)(2).
VerDate Nov<24>2008
11:51 Feb 05, 2010
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8 The text of the proposed rule change is available
on the Commission’s Web site at https://
www.sec.gov/rules/sro.shtml.
9 17 CFR 200.30–3(a)(12).
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61451; File No. SR–
NASDAQ–2010–012]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change Describing
the NASDAQ Ouch BBO Feed
February 1, 2010.
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 January
22, 2010, 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 and II below, which Items have
been prepared by Nasdaq. Nasdaq has
designated the proposed rule change as
constituting a rule change under Rule
19b–4(f)(6) under the Act,3 which
renders the proposal effective upon
filing with 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
Nasdaq submits this proposal
regarding the availability of the
NASDAQ Ouch BBO Feed, a data feed
that represents Nasdaq’s internal view
of the best bid and offer among all
market centers other than Nasdaq (the
‘‘BBO’’), which is provided at no cost.
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.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
2 17
E:\FR\FM\08FEN1.SGM
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Federal Register / Vol. 75, No. 25 / Monday, February 8, 2010 / Notices
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Nasdaq submits this proposal
regarding the availability of the
NASDAQ Ouch BBO Feed, a data feed
that represents Nasdaq’s internal view
of the best bid and offer among all
market centers other than Nasdaq. The
NASDAQ Ouch BBO Feed is available
to all NASDAQ members equally at no
charge, and offers all firms transparent,
real-time data concerning Nasdaq’s
internal view of the BBO. This data feed
reflects Nasdaq’s view of the BBO, at
any given time, based on orders
executed on Nasdaq and updated quote
information from the SIPs. Nasdaq
makes the NASDAQ Ouch BBO Feed
available to all market participants via
subscription through an established
connection to Nasdaq through extranets,
direct connection, and Internet-based
virtual private networks.
The NASDAQ Ouch BBO Feed
contains the following data elements:
Symbol, bid price, and ask price.4
Unlike the Nasdaq TotalView feed, the
Ouch BBO feed does not contain
information about individual orders,
either those residing within the Nasdaq
system or those executed or routed by
Nasdaq. Unlike the SIP feeds containing
the National Best Bid and Offer
(‘‘NBBO’’), the Ouch BBO Feed does not
identify either the market center quoting
the BBO or the size of the BBO quotes.
It merely contains the symbol and bid
and offer prices.
By making the NASDAQ Ouch BBO
Feed data available, Nasdaq enhances
market transparency and fosters
competition among orders and markets.
Member firms may use the NASDAQ
Ouch BBO Feed to more accurately
price their orders based on Nasdaq’s
view of what the BBO is at any point in
time, which may not be reflected in the
official NBBO due to latencies inherent
in the NBBO’s dissemination. As a
consequence, member firms may more
accurately price their orders on Nasdaq,
thus avoiding price adjustments by
Nasdaq based on a quote that is no
longer available. Additionally, members
can price orders more aggressively to
narrow the NBBO and provide better
reference prices for investors.
At this time, Nasdaq does not have
plans to charge an additional fee
associated with the receipt of the
NASDAQ Ouch BBO Feed. Should
Nasdaq determine to charge fees
4 Nasdaq also provides a time stamp and message
type field for reference.
VerDate Nov<24>2008
11:51 Feb 05, 2010
Jkt 220001
associated with the NASDAQ Ouch
BBO Feed, Nasdaq will submit a
proposed rule change to the
Commission in order to implement
those fees.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,5 in
general and with Sections 6(b)(5) of the
Act,6 in particular in that it is designed
to prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in regulating, clearing,
settling, processing information with
respect to, and facilitating transactions
in securities, 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.
Nasdaq believes that this proposal is in
keeping with those principles by
promoting increased transparency
through the dissemination of NASDAQ
Ouch BBO Feed data and by clarifying
its availability.
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.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 7 and Rule 19b–
4(f)(6) thereunder.8
5 15
U.S.C. 78f.
U.S.C. 78f(b)(5).
7 15 U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. Nasdaq has satisfied this requirement.
6 15
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6247
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 9 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6) 10
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. Nasdaq requests that the
Commission waive the 30-day operative
delay because it would permit Nasdaq
to immediately provide the information
regarding the NASDAQ Ouch BBO Feed
access requirements to market
participants. The Commission believes
that waiving the 30-day operative
delay 11 is consistent with the protection
of investors and the public interest and
designates the proposal operative upon
filing.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NASDAQ–2010–012 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–2010–012. 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/
9 17
CFR 240.19b–4(f)(6).
CFR 240.19b–4(f)(6).
11 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
10 17
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08FEN1
6248
Federal Register / Vol. 75, No. 25 / Monday, February 8, 2010 / Notices
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such 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 publicly available. All
submissions should refer to File
Number SR–NASDAQ–2010–012 and
should be submitted on or before March
1, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–2580 Filed 2–5–10; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Foreign Currency
Options
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
February 1, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
19, 2010, the International Securities
Exchange, LLC (the ‘‘Exchange’’ or the
‘‘ISE’’) 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 selfregulatory organization. The
Commission is publishing this notice to
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
VerDate Nov<24>2008
11:51 Feb 05, 2010
Jkt 220001
The ISE is proposing to amend its
incentive plan for market makers in a
newly listed foreign currency option
and to establish fees for transactions in
the newly listed foreign currency
option. The text of the proposed rule
change is available on the Exchange’s
Web site (https://www.ise.com), on the
Commission’s Web site at https://
www.sec.gov, at the principal office of
the Exchange, 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, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in
sections A, B and C below, of the most
significant aspects of such statements.
1. Purpose
[Release No. 34–61459; File No. SR–ISE–
2010–07]
1 15
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
12 17
solicit comments on the proposed rule
change from interested persons.
The purpose of this proposed rule
change is to amend the Exchange’s
incentive plan for market makers on a
newly listed foreign currency option,
specifically, the Brazilian real (‘‘BRB’’) 3
and to establish fees for transactions in
options on BRB. Options on BRB began
trading on the Exchange on January 19,
2010. As such, this proposed fee change
will be operative and effective on
January 19, 2010.
In order to promote trading in options
on BRB, the Exchange proposes to add
BRB to the incentive plan the Exchange
currently has in place for market makers
in options on the New Zealand dollar
(‘‘NZD’’), the Mexican peso (‘‘PZO’’) and
the Swedish krona (‘‘SKA’’).4 Market
makers will be able to enter into the
3 The Commission previously approved the
trading of options on BRB. See Securities Exchange
Act Release No. 55575 (April 3, 2007), 72 FR 17963
(April 10, 2007) (SR–ISE–2006–59).
4 See Securities Exchange Act Release No. 60536
(August 19, 2009), 74 FR 43204 (August 26, 2009)
(SR–ISE–2009–59).
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incentive plan until March 31, 2010.5
Participants in the incentive plan are
known on the Exchange’s Schedule of
Fees as Early Adopter Market Makers.
Under the incentive plan, the Exchange
will waive the applicable transaction
fees for both the Early Adopter
FXPMM 6 and all Early Adopter
FXCMMs 7 that make a market in BRB
for as long as the incentive plan is in
effect. Further, pursuant to a revenue
sharing agreement entered into between
an Early Adopter Market Maker and ISE,
the Exchange will pay the Early Adopter
FXPMM forty percent (40%) of the
transaction fees collected on any
customer trade in BRB and will pay up
to ten (10) Early Adopter FXCMMs that
participate in the incentive plan twenty
percent (20%) of the transaction fees
collected for trades between a customer
and that FXCMM. Market makers that
do not participate in the incentive plan,
i.e., market makers that begin to quote
and trade in BRB after March 31, 2010,
will be charged regular transaction fees
for trades in this product.
The Exchange is proposing to adopt
an execution fee of $0.40 per contract
for all Public Customer Orders 8 in
options on BRB.9 The amount of the
execution fee for all Firm Proprietary
orders for options on BRB will be $0.20
per contract and the execution fee for all
non-Early Adopter ISE Market Makers
in options on BRB shall be equal to the
execution fee currently charged by the
Exchange for ISE Market Maker orders
in equity options.10 Finally, the amount
of the execution fee for all non-ISE
Market Maker orders for options on BRB
shall be $0.45 per contract.11 The
5 See Securities Exchange Act Release No. 61334
(January 12, 2010) (SR–ISE–2009–115).
6 A FXPMM is a primary market maker selected
by the Exchange that trades and quotes in FX
Options only. See ISE Rule 2213.
7 A FXCMM is a competitive market maker
selected by the Exchange that trades and quotes in
FX Options only. See ISE Rule 2213.
8 Public Customer Order is defined in Exchange
Rule 100(a)(39) as an order for the account of a
Public Customer. Public Customer is defined in
Exchange Rule 100(a)(38) as a person or entity that
is not a broker or dealer in securities.
9 These fees will be charged only to Exchange
members. Under a pilot program that is set to expire
on July 31, 2010, these fees will also be charged to
Linkage Principal Orders (‘‘Linkage P Orders’’) and
Linkage Principal Acting as Agent Orders (‘‘Linkage
P/A Orders’’). The amount of the execution fee
charged by the Exchange for Linkage P Orders and
Linkage P/A Orders is $0.27 per contract side and
$0.18 per contract side, respectively. See Securities
Exchange Act Release No. 60175 (June 25, 2009), 74
FR 32026 (July 6, 2009) (SR–ISE–2009–36).
10 The Exchange applies a sliding scale, between
$0.01 and $0.18 per contract side, based on the
number of contracts an ISE market maker trades in
a month.
11 The amount of the execution fee for non-ISE
Market Maker transactions executed in the
Exchange’s Facilitation and Solicitation
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]]>Agencies
[Federal Register Volume 75, Number 25 (Monday, February 8, 2010)]
[Notices]
[Pages 6246-6248]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-2580]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61451; File No. SR-NASDAQ-2010-012]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Describing the NASDAQ Ouch BBO Feed
February 1, 2010.
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 January 22, 2010, 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 and
II below, which Items have been prepared by Nasdaq. Nasdaq has
designated the proposed rule change as constituting a rule change under
Rule 19b-4(f)(6) under the Act,\3\ which renders the proposal effective
upon filing with the Commission. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq submits this proposal regarding the availability of the
NASDAQ Ouch BBO Feed, a data feed that represents Nasdaq's internal
view of the best bid and offer among all market centers other than
Nasdaq (the ``BBO''), which is provided at no cost.
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.
[[Page 6247]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Nasdaq submits this proposal regarding the availability of the
NASDAQ Ouch BBO Feed, a data feed that represents Nasdaq's internal
view of the best bid and offer among all market centers other than
Nasdaq. The NASDAQ Ouch BBO Feed is available to all NASDAQ members
equally at no charge, and offers all firms transparent, real-time data
concerning Nasdaq's internal view of the BBO. This data feed reflects
Nasdaq's view of the BBO, at any given time, based on orders executed
on Nasdaq and updated quote information from the SIPs. Nasdaq makes the
NASDAQ Ouch BBO Feed available to all market participants via
subscription through an established connection to Nasdaq through
extranets, direct connection, and Internet-based virtual private
networks.
The NASDAQ Ouch BBO Feed contains the following data elements:
Symbol, bid price, and ask price.\4\ Unlike the Nasdaq TotalView feed,
the Ouch BBO feed does not contain information about individual orders,
either those residing within the Nasdaq system or those executed or
routed by Nasdaq. Unlike the SIP feeds containing the National Best Bid
and Offer (``NBBO''), the Ouch BBO Feed does not identify either the
market center quoting the BBO or the size of the BBO quotes. It merely
contains the symbol and bid and offer prices.
---------------------------------------------------------------------------
\4\ Nasdaq also provides a time stamp and message type field for
reference.
---------------------------------------------------------------------------
By making the NASDAQ Ouch BBO Feed data available, Nasdaq enhances
market transparency and fosters competition among orders and markets.
Member firms may use the NASDAQ Ouch BBO Feed to more accurately price
their orders based on Nasdaq's view of what the BBO is at any point in
time, which may not be reflected in the official NBBO due to latencies
inherent in the NBBO's dissemination. As a consequence, member firms
may more accurately price their orders on Nasdaq, thus avoiding price
adjustments by Nasdaq based on a quote that is no longer available.
Additionally, members can price orders more aggressively to narrow the
NBBO and provide better reference prices for investors.
At this time, Nasdaq does not have plans to charge an additional
fee associated with the receipt of the NASDAQ Ouch BBO Feed. Should
Nasdaq determine to charge fees associated with the NASDAQ Ouch BBO
Feed, Nasdaq will submit a proposed rule change to the Commission in
order to implement those fees.
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\5\ in general and with Sections
6(b)(5) of the Act,\6\ in particular in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, 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. Nasdaq believes that this
proposal is in keeping with those principles by promoting increased
transparency through the dissemination of NASDAQ Ouch BBO Feed data and
by clarifying its availability.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f.
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
Nasdaq has satisfied this requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \9\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6) \10\ permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. Nasdaq requests that
the Commission waive the 30-day operative delay because it would permit
Nasdaq to immediately provide the information regarding the NASDAQ Ouch
BBO Feed access requirements to market participants. The Commission
believes that waiving the 30-day operative delay \11\ is consistent
with the protection of investors and the public interest and designates
the proposal operative upon filing.
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\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6).
\11\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NASDAQ-2010-012 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-2010-012. 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/
[[Page 6248]]
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such 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 publicly available. All
submissions should refer to File Number SR-NASDAQ-2010-012 and should
be submitted on or before March 1, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-2580 Filed 2-5-10; 8:45 am]
BILLING CODE 8011-01-P
