Self-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment Nos. 1 and 2 Thereto Relating to Fees for Routing to Away Markets, 47057-47059 [2010-19111]
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47057
Federal Register / Vol. 75, No. 149 / Wednesday, August 4, 2010 / Notices
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.
At any time within the 60-day period
beginning on the date of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
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:
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–EDGA–
2010–08 and should be submitted on or
before August 25, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
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–EDGA–2010–08 on the
subject line.
[FR Doc. 2010–19218 Filed 8–3–10; 8:45 am]
BILLING CODE 8010–01–P
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–EDGA–2010–08. 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/
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62590; File No. SR–
NASDAQ–2010–090]
Self-Regulatory Organizations;
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change and
Amendment Nos. 1 and 2 Thereto
Relating to Fees for Routing to Away
Markets
(‘‘Act’’) 1, and Rule 19b–4 thereunder,2
notice is hereby given that on July 20,
2010, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III, below, which Items
have been prepared by the Exchange.
The Exchange submitted Amendment
Nos. 1 and 2 to the proposed rule
change on July 28, 2010.3 The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as amended, from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to modify
Rule 7050 governing pricing for
NASDAQ members using the NASDAQ
Options Market (‘‘NOM’’), NASDAQ’s
facility for executing and routing
standardized equity and index options.
The text of the proposed rule change
is set forth below. Proposed new text is
underlined and deleted text is in
[brackets].
7050. NASDAQ Options Market
The following charges shall apply to
the use of the order execution and
routing services of the NASDAQ
Options Market for all securities.
(1)–(3) No Change.
(4) Fees for routing contracts to
markets other than the NASDAQ
Options Market shall be assessed as
provided below. The current fees and a
historical record of applicable fees shall
be posted on the NasdaqTrader.com
website.
July 29, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
mstockstill on DSKH9S0YB1PROD with NOTICES
Exchange
Customer
BATS ........................................................................................................................................................
BOX .........................................................................................................................................................
CBOE .......................................................................................................................................................
ISE ...........................................................................................................................................................
ISE Select Symbols * of 100 or more contracts ......................................................................................
NYSE Arca Penny Pilot ...........................................................................................................................
NYSE Arca Non Penny Pilot ...................................................................................................................
NYSE AMEX ............................................................................................................................................
9 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
VerDate Mar<15>2010
16:26 Aug 03, 2010
2 17
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CFR 240.19b–4.
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$0.36
0.06
0.06
0.06
0.26
0.50
0.06
0.06
Firm
MM
$0.55
0.55
0.55
0.55
0.55
0.55
0.55
0.55
3 Amendment Nos. 1 and 2 make technical
corrections to the rule text.
Sfmt 4703
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$0.55
0.55
0.55
0.55
0.55
0.55
0.55
0.55
47058
Federal Register / Vol. 75, No. 149 / Wednesday, August 4, 2010 / Notices
Exchange
Customer
PHLX (for all options other than PHLX Select Symbols) ........................................................................
PHLX Select Symbols ** ..........................................................................................................................
Firm
0.06
0.30
0.55
0.55
MM
0.55
0.55
* These fees are applicable to orders routed to ISE that are subject to Rebates and Fees for Adding and Removing Liquidity in Select Symbols. See ISE’s Schedule of Fees for the complete list of symbols that are subject to these fees.
** These fees are applicable to orders routed to PHLX that are subject to Rebates and Fees for Adding and Removing Liquidity in Select Symbols. See PHLX’s Fee Schedule for the complete list of symbols that are subject to these fees.
*
*
*
*
*
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
www.nasdaqomx.cchwallstreet.com, 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
Exchange 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
Exchange 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
mstockstill on DSKH9S0YB1PROD with NOTICES
NASDAQ is proposing to modify Rule
7050 governing the fees assessed for
options orders entered into NOM but
routed to and executed on away markets
(‘‘routing fees’’). The Exchange proposes
to assess the following fees for orders
routed to the International Securities
Exchange LLC (‘‘ISE’’) in Select Symbols
for orders of 100 or more contracts: $.26
per contract for customers and $0.55 per
contract for Firms 4 and Market Makers.5
All other orders that are routed to ISE,
including orders that are less than 100
contracts, will be assessed the rates
labeled ‘‘ISE’’.6
4 Firm is an order that clears as ‘‘Firm’’ with the
Options Clearing Corporation (‘‘OCC’’). This fee of
$0.55 is a fixed routing fee for routing orders for the
account(s) of Firms.
5 This fee of $0.55 is a fixed routing fee for routing
orders for the account(s) of Market Makers. The
Exchange notes that some other options exchanges
include Market Maker transaction and clearing fees
as ‘‘broker-dealer’’ fees.
6 The current rates to route an order to ISE are
$.06 for customers and $0.55 for Firms and Market
Makers. This would not include ISE Select
Symbols, which have different fees and are the
subject of this filing.
VerDate Mar<15>2010
16:26 Aug 03, 2010
Jkt 220001
NASDAQ Options Services LLC
(‘‘NOS’’), a member of the Exchange, is
the Exchange’s exclusive order router.
Each time NOS routes to away markets
NOS is charged a $0.06 clearing fee and,
in the case of certain exchanges, a
transaction fee is also charged in certain
symbols, which are passed through to
the Exchange. The Exchange is
proposing to amend Rule 7050 to title
these fees ‘‘ISE Select Symbols of 100 or
more contracts.’’
The Exchange is proposing this
amendment in order to recoup clearing
and transaction charges incurred by the
Exchange when orders are routed to ISE
in the ISE Select Symbols and the order
is for 100 or more contracts. Each
destination market’s transaction charge
varies and there is a standard clearing
charge for each transaction incurred by
the Exchange. The Exchange proposes
this fee change to account for an
increase in cost for routing to ISE
relative to the fees in the ISE Select
Symbols.7
2. Statutory Basis
NASDAQ believes that the proposed
rule changes are consistent with the
provisions of Section 6 of the Act,8 in
general, and with Section 6(b)(4) of the
Act,9 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
Exchange believes that this fee is
reasonable because it seeks to recoup
costs that are incurred by the Exchange
when routing customer orders to ISE in
the select symbols of 100 or more
contracts on behalf of its members. The
Exchange also believes that the
proposed fee change for customer orders
routed to ISE in the select symbols is
equitable because it will be uniformly
applied to all customers with orders of
100 or more contracts.
NASDAQ is one of eight options
market in the national market system for
7 ISE assesses a taker fee of $0.20 for priority
customers for orders for 100 or more contracts in
its rebates and fees for adding and removing
liquidity in select symbols. See Securities Exchange
Act Release No. 61869 (April 7, 2010), 75 FR 19449
(April 14, 2010) (SR–ISE–2010–25).
8 15 U.S.C. 78f.
9 15 U.S.C. 78f(b)(4).
PO 00000
Frm 00160
Fmt 4703
Sfmt 4703
standardized options. Joining NASDAQ
and electing to trade options is entirely
voluntary. Under these circumstances,
NASDAQ’s fees must be competitive
and low in order for NASDAQ to attract
order flow, execute orders, and grow as
a market. NASDAQ thus believes that its
fees are fair and reasonable and
consistent with the Exchange Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition 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
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 10 and
paragraph (f)(2) of Rule 19b–4 11
thereunder. 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, as amended, 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
10 15
11 17
E:\FR\FM\04AUN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
04AUN1
Federal Register / Vol. 75, No. 149 / Wednesday, August 4, 2010 / Notices
Number SR–NASDAQ–2010–090 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–2010–090. 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. 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–2010–090 and should be
submitted on or before August 25, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–19111 Filed 8–3–10; 8:45 am]
BILLING CODE 8010–01–P
DEPARTMENT OF TRANSPORTATION
mstockstill on DSKH9S0YB1PROD with NOTICES
Federal Highway Administration
Notice To Rescind Notice of Intent To
Prepare an Environmental Impact
Statement: Warren County, IA
Federal Highway
Administration (FHWA), Iowa DOT,
Warren County.
AGENCY:
12 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
16:26 Aug 03, 2010
Jkt 220001
Rescind notice of intent to
prepare an environmental impact
statement.
ACTION:
The FHWA, Iowa DOT and
Warren County are issuing this notice to
advise the public that the NOI to
prepare an environmental impact
statement (EIS) for improvements for a
proposed roadway project in Warren
County, Iowa is being rescinded.
FOR FURTHER INFORMATION CONTACT:
Michael La Pietra, Environment and
Realty Manager, FHWA Iowa Division
Office, 105 Sixth Street, Ames, IA
50010, Phone 515–233–7302; or James
P. Rost, Director, Office of Location and
Environment, Iowa Department of
Transportation, 800 Lincoln Way, Ames,
IA 50010, Phone 515–239–1798.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Electronic Access
An electronic copy of this document
is available for free download from the
Federal Bulletin Board, (FBB). The FBB
is a free electronic bulletin board service
of the Superintendent of Documents,
U.S. Government Printing Office (GPO).
The FBB may be accessed in four
ways: (1) Via telephone in dial-up mode
or via the Internet through (2) telnet, (3)
FTP, and (4) the World Wide Web.
For dial-in mode a user needs a
personal computer, modem,
telecommunications software package
and telephone line. A hard disk is
recommended for file transfers.
For Internet access a user needs
Internet connectivity. Users can telnet
or FTP to: fedbbs.access.gpo.gov. Users
can access the FBB via the World Wide
Web at https://fedbbs.access.gpo.gov.
User assistance for the FBB is
available from 7 a.m. until 5 p.m.,
Eastern Time, Monday through Friday
(except federal holidays) by calling the
GPO Office of Electronic Information
Dissemination Services at 202–512–
1530, toll-free at 888–293–6498; sending
an e-mail to gpoaccess@gpo.gov; or
sending a fax to 202–512–1262.
Access to this notice is also available
to Internet users through the Federal
Register’s home page at https://
www.nara.gov/fedreg.
Background
The FHWA, in cooperation with the
Iowa Department of Transportation
(Iowa DOT) and Warren County had a
NOI published in the Federal Register
on April 26, 2007 (Volume 72, Number
80) to complete an environmental
impact statement for roadway
improvements in Warren County, Iowa.
Due to issues pertaining to project
need and scheduling, the above
mentioned notice will be rescinded, and
PO 00000
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47059
a study will be completed instead.
Appropriate environmental documents
will be completed in the future when
and if the project proceeds.
(Catalog of Federal Domestic Assistance
Program Number 20.205, Highway Planning
and Construction. The regulations
implementing Executive Order 12372
regarding intergovernmental consultation on
Federal programs and activities apply to this
program.)
Authority: 23 U.S.C. 315; 49 CFR 1.48.
Dated: July 29, 2010.
Lubin M. Quinones,
Division Administrator, FHWA. Iowa
Division.
[FR Doc. 2010–19113 Filed 8–3–10; 8:45 am]
BILLING CODE 4910–22–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG–115393–98]
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Department of the
Treasury, as part of its continuing effort
to reduce paperwork and respondent
burden, invites the general public and
other Federal agencies to take this
opportunity to comment on proposed
and/or continuing information
collections, as required by the
Paperwork Reduction Act of 1995,
Public Law 104–13 (44 U.S.C.
3506(c)(2)(A)).
Currently, the IRS is soliciting
comments concerning an existing final
regulation, REG–115393–98 (TD 8816),
Roth IRAs (§§ 1.408A–2, 1.408A–4,
1.408A–5 and 1.408A–7).
DATES: Written comments should be
received on or before October 4, 2010 to
be assured of consideration.
ADDRESSES: Direct all written comments
to Gerald Shields, Internal Revenue
Service, room 6129, 1111 Constitution
Avenue, NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the regulations should be
directed to Allan Hopkins at Internal
Revenue Service, room 6129, 1111
Constitution Avenue, NW., Washington,
DC 20224, or at (202) 622–6665, or
through the internet at
Allan.M.Hopkins@irs.gov.
SUMMARY:
SUPPLEMENTARY INFORMATION:
Title: Roth IRAs.
E:\FR\FM\04AUN1.SGM
04AUN1
]]>Agencies
[Federal Register Volume 75, Number 149 (Wednesday, August 4, 2010)]
[Notices]
[Pages 47057-47059]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-19111]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62590; File No. SR-NASDAQ-2010-090]
Self-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change and
Amendment Nos. 1 and 2 Thereto Relating to Fees for Routing to Away
Markets
July 29, 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 July 20, 2010, The NASDAQ Stock Market LLC (``NASDAQ'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III, below, which Items have been prepared by the
Exchange. The Exchange submitted Amendment Nos. 1 and 2 to the proposed
rule change on July 28, 2010.\3\ The Commission is publishing this
notice to solicit comments on the proposed rule change, as amended,
from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Amendment Nos. 1 and 2 make technical corrections to the
rule text.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to modify Rule 7050 governing pricing for
NASDAQ members using the NASDAQ Options Market (``NOM''), NASDAQ's
facility for executing and routing standardized equity and index
options.
The text of the proposed rule change is set forth below. Proposed
new text is underlined and deleted text is in [brackets].
7050. NASDAQ Options Market
The following charges shall apply to the use of the order execution
and routing services of the NASDAQ Options Market for all securities.
(1)-(3) No Change.
(4) Fees for routing contracts to markets other than the NASDAQ
Options Market shall be assessed as provided below. The current fees
and a historical record of applicable fees shall be posted on the
NasdaqTrader.com website.
------------------------------------------------------------------------
Exchange Customer Firm MM
------------------------------------------------------------------------
BATS............................. $0.36 $0.55 $0.55
BOX.............................. 0.06 0.55 0.55
CBOE............................. 0.06 0.55 0.55
ISE.............................. 0.06 0.55 0.55
ISE Select Symbols * of 100 or 0.26 0.55 0.55
more contracts..................
NYSE Arca Penny Pilot............ 0.50 0.55 0.55
NYSE Arca Non Penny Pilot........ 0.06 0.55 0.55
NYSE AMEX........................ 0.06 0.55 0.55
[[Page 47058]]
PHLX (for all options other than 0.06 0.55 0.55
PHLX Select Symbols)............
PHLX Select Symbols **........... 0.30 0.55 0.55
------------------------------------------------------------------------
* These fees are applicable to orders routed to ISE that are subject to
Rebates and Fees for Adding and Removing Liquidity in Select Symbols.
See ISE's Schedule of Fees for the complete list of symbols that are
subject to these fees.
** These fees are applicable to orders routed to PHLX that are subject
to Rebates and Fees for Adding and Removing Liquidity in Select
Symbols. See PHLX's Fee Schedule for the complete list of symbols that
are subject to these fees.
* * * * *
The text of the proposed rule change is available on the Exchange's
Web site at https://www.nasdaqomx.cchwallstreet.com, 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 Exchange 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 Exchange 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 proposing to modify Rule 7050 governing the fees assessed
for options orders entered into NOM but routed to and executed on away
markets (``routing fees''). The Exchange proposes to assess the
following fees for orders routed to the International Securities
Exchange LLC (``ISE'') in Select Symbols for orders of 100 or more
contracts: $.26 per contract for customers and $0.55 per contract for
Firms \4\ and Market Makers.\5\ All other orders that are routed to
ISE, including orders that are less than 100 contracts, will be
assessed the rates labeled ``ISE''.\6\
---------------------------------------------------------------------------
\4\ Firm is an order that clears as ``Firm'' with the Options
Clearing Corporation (``OCC''). This fee of $0.55 is a fixed routing
fee for routing orders for the account(s) of Firms.
\5\ This fee of $0.55 is a fixed routing fee for routing orders
for the account(s) of Market Makers. The Exchange notes that some
other options exchanges include Market Maker transaction and
clearing fees as ``broker-dealer'' fees.
\6\ The current rates to route an order to ISE are $.06 for
customers and $0.55 for Firms and Market Makers. This would not
include ISE Select Symbols, which have different fees and are the
subject of this filing.
---------------------------------------------------------------------------
NASDAQ Options Services LLC (``NOS''), a member of the Exchange, is
the Exchange's exclusive order router. Each time NOS routes to away
markets NOS is charged a $0.06 clearing fee and, in the case of certain
exchanges, a transaction fee is also charged in certain symbols, which
are passed through to the Exchange. The Exchange is proposing to amend
Rule 7050 to title these fees ``ISE Select Symbols of 100 or more
contracts.''
The Exchange is proposing this amendment in order to recoup
clearing and transaction charges incurred by the Exchange when orders
are routed to ISE in the ISE Select Symbols and the order is for 100 or
more contracts. Each destination market's transaction charge varies and
there is a standard clearing charge for each transaction incurred by
the Exchange. The Exchange proposes this fee change to account for an
increase in cost for routing to ISE relative to the fees in the ISE
Select Symbols.\7\
---------------------------------------------------------------------------
\7\ ISE assesses a taker fee of $0.20 for priority customers for
orders for 100 or more contracts in its rebates and fees for adding
and removing liquidity in select symbols. See Securities Exchange
Act Release No. 61869 (April 7, 2010), 75 FR 19449 (April 14, 2010)
(SR-ISE-2010-25).
---------------------------------------------------------------------------
2. Statutory Basis
NASDAQ believes that the proposed rule changes are consistent with
the provisions of Section 6 of the Act,\8\ in general, and with Section
6(b)(4) of the Act,\9\ 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 Exchange believes that this fee
is reasonable because it seeks to recoup costs that are incurred by the
Exchange when routing customer orders to ISE in the select symbols of
100 or more contracts on behalf of its members. The Exchange also
believes that the proposed fee change for customer orders routed to ISE
in the select symbols is equitable because it will be uniformly applied
to all customers with orders of 100 or more contracts.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f.
\9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
NASDAQ is one of eight options market in the national market system
for standardized options. Joining NASDAQ and electing to trade options
is entirely voluntary. Under these circumstances, NASDAQ's fees must be
competitive and low in order for NASDAQ to attract order flow, execute
orders, and grow as a market. NASDAQ thus believes that its fees are
fair and reasonable and consistent with the Exchange Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition 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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \10\ and paragraph (f)(2) of Rule 19b-4 \11\
thereunder. 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.
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\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
\11\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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 47059]]
Number SR-NASDAQ-2010-090 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-2010-090. 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. 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-2010-090 and should be submitted on or before
August 25, 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. 2010-19111 Filed 8-3-10; 8:45 am]
BILLING CODE 8010-01-P
