Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Pricing for the NASDAQ Options Market (“NOM”), 9632-9633 [2010-4367]
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9632
Federal Register / Vol. 75, No. 41 / Wednesday, March 3, 2010 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61580; File No. SR–
NASDAQ–2010–016]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify
Pricing for the NASDAQ Options
Market (‘‘NOM’’)
February 24, 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
27, 2010, The NASDAQ Stock Market
LLC (‘‘NASDAQ’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by NASDAQ. Pursuant to
Section 19(b)(3)(A)(ii) of the Act 3 and
Rule 19b–4(f)(2) thereunder,4 NASDAQ
has designated this proposal as
establishing or changing a due, fee, or
other charge, which renders the
proposed rule change effective upon
filing. The Commission is publishing
this notice to solicit comments on the
proposed rule change from interested
persons.
mstockstill on DSKH9S0YB1PROD with NOTICES
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
Options Market (‘‘NOM’’). NASDAQ will
make the proposed rule change effective
on February 1, 2010. 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 those
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 parts of such
statements.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
2 17
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16:08 Mar 02, 2010
Jkt 220001
1. Purpose
Nasdaq is modifying NASDQ Rule
7050, the fee schedule for NOM, to
establish pricing for two newly-listed
products, the NASDAQ 100 Index
Option (NDX) and the Mini NASDAQ
100 Index Option (MNX). Specifically,
Nasdaq is establishing a fee of $0.50 per
executed contract for Customers, Firms,
and Non-NOM Market Makers to
remove liquidity in NDX and MNX
options and $0.40 per executed contract
for NOM Market Makers to remove
liquidity.5 Nasdaq is also proposing to
offer a rebate of $0.10 per executed
contract for Customers, Firms, and NonNOM Market Makers and $0.20 per
executed contract for NOM Market
Makers.
The proposed fee schedule
distinguishes between firms that register
to and actually make markets on NOM
and firms that make markets on other
options markets. This pricing
convention, which is currently
employed by the International
Securities Exchange and other
exchanges, recognizes the substantial
value that registered market makers add
to a given marketplace by guaranteeing
to provide regular two-sided quotes and
to maintain minimum liquidity.6
Nasdaq seeks to encourage continued
market making on NOM and to attract
additional market making by
establishing this new fee schedule. To
receive NOM Market Maker pricing, the
firm must be registered as a NOM
Market Maker in the specified security.
Nasdaq believes that the proposed
fees are competitive, fair and
reasonable, and non-discriminatory in
that they apply equally to all similarly
situated members and customers. As
with all fees, Nasdaq may adjust these
proposed fees in response to
competitive conditions by filing a new
proposed rule change. If the proposed
fee schedule is successful in
establishing vibrant markets in NDX and
MNX options on NOM, Nasdaq may
expand this pricing model to other
options in the future.
5 NOM Market Makers must be registered as such
pursuant to Chapter VII, Section 2 of the Nasdaq
Options Rules, and must also remain in good
standing pursuant to Chapter VII, Section 4. NonNOM Market Makers are registered market makers
on another options market that append the market
maker designation to orders routed to NOM.
6 See ISE Fee Schedule. https://www.ise.com/
assets//documents//OptionsExchange//legal/fee/
fee_schedule.pdf.
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2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,7 in
general, and with Section 6(b)(4) of the
Act,8 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.
Consistent with past practice, the
proposed change identifies a class of
person subject to transaction execution
fees based on the role of that class in
bringing order flow 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 9 and
subparagraph (f)(2) of Rule 19b–4
thereunder.10 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
7 15
U.S.C. 78f.
U.S.C. 78f(b)(4).
9 15 U.S.C. 78s(b)(3)(a)(ii).
10 17 CFR 240.19b–4(f)(2).
8 15
E:\FR\FM\03MRN1.SGM
03MRN1
Federal Register / Vol. 75, No. 41 / Wednesday, March 3, 2010 / Notices
Number SR–NASDAQ–2010–016 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–2010–016. 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 Web site viewing and
printing 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–2010–016 and should be
submitted on or before March 24, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–4367 Filed 3–2–10; 8:45 am]
mstockstill on DSKH9S0YB1PROD with NOTICES
BILLING CODE 8011–01–P
11 17
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
16:08 Mar 02, 2010
Jkt 220001
DEPARTMENT OF TRANSPORTATION
National Highway Traffic Safety
Administration
Reports, Forms and Record Keeping
Requirements; Agency Information
Collection Activity Under OMB Review
AGENCY: National Highway Traffic
Safety Administration, DOT.
ACTION: Notice.
SUMMARY: In compliance with the
Paperwork Reduction Act of 1995 (44
U.S.C. 3501 et seq.), this notice
announces that the Information
Collection Request (ICR) abstracted
below has been forwarded to the Office
of Management and Budget (OMB) for
review and comment. The ICR describes
the nature of the information collections
and their expected burden. The Federal
Register Notice with a 60-day comment
period was published on November 24,
2009 [74 FR 61404]. The docket number
is NHTSA 2009–0180.
DATES: Comments must be submitted on
or before April 2, 2010.
FOR FURTHER INFORMATION CONTACT: Lori
Summers, National Highway Traffic
Safety Administration, Office of
Rulemaking, 1200 New Jersey Avenue,
SE., West Building, Washington, DC
20590. Ms. Summers’ telephone number
is (202) 366–1740.
SUPPLEMENTARY INFORMATION:
National Highway Traffic Safety
Administration
Title: Part 585—Advanced Air Bag
Phase-In Reporting Requirements.
OMB Number: 2127–0599.
Type of Request: Extension of a
currently approved collection.
Abstract: 49 U.S.C. 30111 authorizes
the issuance of Federal motor vehicle
safety standards (FMVSS) and
regulations. The agency, in prescribing
a FMVSS or regulation, considers
available relevant motor vehicle safety
data, and consults with other agencies,
as it deems appropriate. Further, the
statute mandates that in issuing any
FMVSS or regulation, the agency
considers whether the standard or
regulation is ‘‘reasonable, practicable
and appropriate for the particular type
of motor vehicle or item of motor
vehicle equipment for which it is
prescribed,’’ and whether such a
standard will contribute to carrying out
the purpose of the Act. The Secretary is
authorized to invoke such rules and
regulations as deemed necessary to
carry out these requirements.
Using this authority, the agency
issued FMVSS No. 208, ‘‘Occupant crash
protection,’’ to aid the agency in
PO 00000
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9633
achieving many of its safety goals. This
notice requests comments on the
extension of the phase-in reporting
requirements of this FMVSS related to
the implementation of advanced air
bags. Phase 1 of the advanced air bag
phase-in began September 1, 2003 with
100 percent compliance by September 1,
2005. Phase 2 of the advanced air bag
phase-in begins September 1, 2007 with
100 percent compliance by September 1,
2009. Phase 3 of the advanced air bag
phase-in began September 1, 2009 with
100 percent compliance by September 1,
2011.
NHTSA needs this information to
ensure that vehicle manufacturers are
certifying their applicable vehicles as
meeting the new advanced air bag
requirements of FMVSS No. 208.
NHTSA will use this information to
determine whether a manufacturer has
complied with the amended
requirements during the phase-in
period.
Affected Public: Individuals,
households, business, other for-profit,
not-for-profit, farms, Federal
Government and State, Local or Tribal
Government.
Estimated Total Annual Burden:
1,342 hours (22 affected manufacturers
× 61 hours).
ADDRESSES: Send comments, within
30 days, to the Office of Information and
Regulatory Affairs, Office of
Management and Budget, 725–17th
Street, NW., Washington, DC 20503,
Attention NHTSA Desk Officer.
Comments are invited on: Whether
the proposed collection of information
is necessary for the proper performance
of the functions of the Department,
including whether the information will
have practical utility; the accuracy of
the Department’s estimate of the burden
of the proposed information collection;
ways to enhance the quality, utility and
clarity of the information to be
collected; and ways to minimize the
burden of the collection of information
on respondents, including the use of
automated collection techniques or
other forms of information technology.
A Comment to OMB is most effective if
OMB receives it within 30 days of
publication.
Issued in Washington, DC, on February 25,
2010.
Stephen R. Kratzke,
Associate Administrator for Rulemaking.
[FR Doc. 2010–4336 Filed 3–2–10; 8:45 am]
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Agencies
[Federal Register Volume 75, Number 41 (Wednesday, March 3, 2010)]
[Notices]
[Pages 9632-9633]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4367]
[[Page 9632]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61580; File No. SR-NASDAQ-2010-016]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify Pricing for the NASDAQ Options Market (``NOM'')
February 24, 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 27, 2010, The NASDAQ Stock Market LLC (``NASDAQ'')
filed with the Securities and Exchange Commission (the ``Commission'')
the proposed rule change as described in Items I, II, and III below,
which Items have been prepared by NASDAQ. Pursuant to Section
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\
NASDAQ has designated this proposal as establishing or changing a due,
fee, or other charge, which renders the proposed rule change effective
upon filing. 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\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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 Options Market (``NOM''). NASDAQ will make the proposed rule
change effective on February 1, 2010. 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 those 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 parts 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 NASDQ Rule 7050, the fee schedule for NOM, to
establish pricing for two newly-listed products, the NASDAQ 100 Index
Option (NDX) and the Mini NASDAQ 100 Index Option (MNX). Specifically,
Nasdaq is establishing a fee of $0.50 per executed contract for
Customers, Firms, and Non-NOM Market Makers to remove liquidity in NDX
and MNX options and $0.40 per executed contract for NOM Market Makers
to remove liquidity.\5\ Nasdaq is also proposing to offer a rebate of
$0.10 per executed contract for Customers, Firms, and Non-NOM Market
Makers and $0.20 per executed contract for NOM Market Makers.
---------------------------------------------------------------------------
\5\ NOM Market Makers must be registered as such pursuant to
Chapter VII, Section 2 of the Nasdaq Options Rules, and must also
remain in good standing pursuant to Chapter VII, Section 4. Non-NOM
Market Makers are registered market makers on another options market
that append the market maker designation to orders routed to NOM.
---------------------------------------------------------------------------
The proposed fee schedule distinguishes between firms that register
to and actually make markets on NOM and firms that make markets on
other options markets. This pricing convention, which is currently
employed by the International Securities Exchange and other exchanges,
recognizes the substantial value that registered market makers add to a
given marketplace by guaranteeing to provide regular two-sided quotes
and to maintain minimum liquidity.\6\ Nasdaq seeks to encourage
continued market making on NOM and to attract additional market making
by establishing this new fee schedule. To receive NOM Market Maker
pricing, the firm must be registered as a NOM Market Maker in the
specified security.
---------------------------------------------------------------------------
\6\ See ISE Fee Schedule. https://www.ise.com/assets//documents//OptionsExchange//legal/fee/fee_schedule.pdf.
---------------------------------------------------------------------------
Nasdaq believes that the proposed fees are competitive, fair and
reasonable, and non-discriminatory in that they apply equally to all
similarly situated members and customers. As with all fees, Nasdaq may
adjust these proposed fees in response to competitive conditions by
filing a new proposed rule change. If the proposed fee schedule is
successful in establishing vibrant markets in NDX and MNX options on
NOM, Nasdaq may expand this pricing model to other options in the
future.
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\7\ in general, and with Section
6(b)(4) of the Act,\8\ 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. Consistent with past practice, the
proposed change identifies a class of person subject to transaction
execution fees based on the role of that class in bringing order flow
to NASDAQ.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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 \9\ and subparagraph (f)(2) of Rule 19b-4
thereunder.\10\ 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(a)(ii).
\10\ 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
[[Page 9633]]
Number SR-NASDAQ-2010-016 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-2010-016. 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 Web site
viewing and printing 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-2010-016 and should be submitted on or before March 24, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-4367 Filed 3-2-10; 8:45 am]
BILLING CODE 8011-01-P