Self-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NASDAQ Options Market Fees and Rebates, 52790-52792 [2010-21307]
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52790
Federal Register / Vol. 75, No. 166 / Friday, August 27, 2010 / Notices
Ms.
Amy Garcia, Procurement Analyst, by
telephone at (202) 205–6842; by FAX at
(202) 481–1630; or by e-mail at
amy.garcia@sba.gov.
FOR FURTHER INFORMATION CONTACT:
Section
8(a)(17) of the Small Business Act (Act),
15 U.S.C. 637(a)(17), and SBA’s
implementing regulations require that
recipients of Federal supply contracts
set aside for small businesses, SDVO
small businesses, or Participants in the
SBA’s 8(a) BD Program provide the
product of a small business
manufacturer or processor, if the
recipient is other than the actual
manufacturer or processor of the
product. This requirement is commonly
referred to as the Nonmanufacturer
Rule. 13 CFR 121.406(b), 125.15(c).
Section 8(a)(17)(b)(iv) of the Act
authorizes SBA to waive the
Nonmanufacturer Rule for any ‘‘class of
products’’ for which there are no small
business manufacturers or processors
available to participate in the Federal
market.
In order to be considered available to
participate in the Federal market for a
class of products, a small business
manufacturer must have submitted a
proposal for a contract solicitation or
received a contract from the Federal
government within the last 24 months.
13 CFR 121.1202(c). The SBA defines
‘‘class of products’’ based on the Office
of Management and Budget’s NAICS.
The SBA is currently processing a
request to waive the Nonmanufacturer
Rule for Woven and Knit impregnated
with Flat Dipped Rubber/Plastic Gloves,
under NAICS code 315992 (Glove and
Mitten Manufacturing). The public is
invited to comment or provide source
information to SBA on the proposed
waiver of the Nonmanufacturer Rule for
the product within 15 days after date of
publication in the Federal Register and
on FedBizOpps.gov.
SUPPLEMENTARY INFORMATION:
Karen Hontz,
Director, Office of Government Contracting.
[FR Doc. 2010–21424 Filed 8–26–10; 8:45 am]
BILLING CODE 8025–01–P
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
SMALL BUSINESS ADMINISTRATION
Small Business Size Standards:
Waiver of the Nonmanufacturer Rule
U.S. Small Business
Administration.
ACTION: Notice of intent to waive the
Nonmanufacturer Rule for GEN II and
GEN III Image Intensifier Tubes.
AGENCY:
The U.S. Small Business
Administration (SBA) is considering
SUMMARY:
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15:33 Aug 26, 2010
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granting a class waiver of the
Nonmanufacturer Rule for Optical
Instrument and Lens Manufacturing. On
August 13, 2010, SBA received a request
that a class waiver be granted for GEN
II and GEN III Image Intensifier Tubes,
Product Service Code (PSC) 5855, Night
Vision Equipment, Emitted and
Reflected Radiation, under the North
American Industry Classification
System (NAICS) code 333314 (Optical
Instrument and Lens Manufacturing).
According to the request, no small
business manufacturers supply these
classes of products to the Federal
government. Thus, SBA is seeking
information on whether there are small
business GEN II and GEN III image
intensifier tube manufacturers. If
granted, the waiver would allow
otherwise qualified small businesses to
supply the products of any
manufacturer on a Federal contract set
aside for small businesses, ServiceDisabled Veteran-Owned (SDVO) small
businesses or Participants in the SBA’s
8(a) Business Development (BD)
program.
manufacturer must have submitted a
proposal for a contract solicitation or
received a contract from the Federal
government within the last 24 months.
13 CFR 121.1202(c). The SBA defines
‘‘class of products’’ based on the Office
of Management and Budget’s NAICS.
In addition, SBA uses PSCs to further
identify particular products within the
NAICS code to which a waiver would
apply. The SBA may then identify a
specific item within a PSC and NAICS
to which a class waiver would apply.
The SBA is currently processing a
request to waive the Nonmanufacturer
Rule for GEN II and GEN III Image
Intensifier Tubes, PSC 5855, Night
Vision Equipment, Emitted and
Reflected Radiation, under NAICS code
333314 (Optical Instrument and Lens
Manufacturing). The public is invited to
comment or provide source information
to SBA on the proposed waiver of the
Nonmanufacturer Rule for the product
within 15 days after date of publication
in the Federal Register and on
FedBizOpps.gov.
Comments and source
information must be submitted
September 13, 2010.
ADDRESSES: You may submit comments
and source information to Amy Garcia,
Procurement Analyst, Small Business
Administration, Office of Government
Contracting, 409 3rd Street, SW., Suite
8800, Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT: Ms.
Amy Garcia, Procurement Analyst, by
telephone at (202) 205–6842; by FAX at
(202) 481–1630; or by e-mail at
amy.garcia@sba.gov.
Karen Hontz,
Director, Office of Government Contracting.
DATES:
Section
8(a)(17) of the Small Business Act (Act),
15 U.S.C. 637(a)(17), and SBA’s
implementing regulations require that
recipients of Federal supply contracts
set aside for small businesses, SDVO
small businesses, or Participants in the
SBA’s 8(a) BD Program provide the
product of a small business
manufacturer or processor, if the
recipient is other than the actual
manufacturer or processor of the
product. This requirement is commonly
referred to as the Nonmanufacturer
Rule. 13 CFR 121.406(b), 125.15(c).
Section 8(a)(17)(b)(iv) of the Act
authorizes SBA to waive the
Nonmanufacturer Rule for any ‘‘class of
products’’ for which there are no small
business manufacturers or processors
available to participate in the Federal
market.
In order to be considered available to
participate in the Federal market for a
class of products, a small business
SUPPLEMENTARY INFORMATION:
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[FR Doc. 2010–21427 Filed 8–26–10; 8:45 am]
BILLING CODE 8025–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62754; File No. SR–
NASDAQ–2010–105]
Self-Regulatory Organizations;
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
NASDAQ Options Market Fees and
Rebates
August 20, 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 August
18, 2010, NASDAQ Stock Market LLC
(‘‘NASDAQ’’ or the ‘‘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 Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
1 15
2 17
E:\FR\FM\27AUN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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52791
Federal Register / Vol. 75, No. 166 / Friday, August 27, 2010 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to modify
Exchange 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. Specifically, NOM proposes to:
modify pricing for both Penny Pilot 3
Options and All Other Options with
respect to the fees for removing
liquidity.4
While changes pursuant to this
proposal are effective upon filing, the
Exchange has designated these changes
to be operative for transactions on
September 1, 2010.
The text of the proposed rule change
is set forth below. Proposed new text is
in italics 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) Fees for Execution of Contracts on
the NASDAQ Options Market
FEES AND REBATES
[Per executed contract]
Customer
Penny Pilot Options:
Rebate to Add Liquidity ............................................................................
Fee for Removing Liquidity .......................................................................
NDX and MNX:
Rebate to Add Liquidity ............................................................................
Fee for Removing Liquidity .......................................................................
All Other Options:
Fee for Adding Liquidity ...........................................................................
Fee for Removing Liquidity .......................................................................
Rebate to Add Liquidity ............................................................................
*
*
*
*
*
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
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
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.
3 The Penny Pilot was established in March 2008
and in October 2009 was expanded and extended
through December 31, 2010. See Securities
Exchange Act Release Nos. 57579 (March 28, 2008),
73 FR 18587 (April 4, 2008) (SR–NASDAQ–2008–
026) (notice of filing and immediate effectiveness
establishing Penny Pilot); 60874 (October 23, 2009),
74 FR 56682 (November 2, 2009) (SR–NASDAQ–
2009–091) (notice of filing and immediate
effectiveness expanding and extending Penny
Pilot); 60965 (November 9, 2009), 74 FR 59292
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15:33 Aug 26, 2010
Jkt 220001
Non-NOM
market maker
Firm
NOM market
maker
$0.32
0.4[0]3
$0.10
0.45
$0.25
0.45
$0.30
0.45
0.10
0.50
0.10
0.50
0.10
0.50
0.20
0.40
0.00
0.4[0]3
0.20
0.45
0.45
0.00
0.45
0.45
0.00
0.30
0.45
0.00
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
proposes to amend these fees for
removing liquidity and assess a
Customer $.43 per contract instead of
$0.40 per contract.5
1. Purpose
NASDAQ is proposing to modify Rule
7050 governing the fees assessed for
options orders entered into NOM.
Specifically, NASDAQ is proposing to
modify pricing for both Penny Pilot
Options and All Other Options with
respect to the fees for removing
liquidity. Currently, NASDAQ
distinguishes between options that are
included in the Penny Pilot and those
that are not.
Non-Penny Options—Removing
Liquidity
Penny Options—Removing Liquidity
The Exchange assesses a fee to
members removing liquidity through
NOM in options included in the Penny
Pilot and charges a fee of $0.40 per
executed contract to Customers for
removing such liquidity and a fee of
$0.45 per executed contract to members
in the capacity of firm, NOM Market
Maker and Non-NOM Market Maker for
removing liquidity. The Exchange
(November 17, 2009) (SR–NASDAQ–2009–097)
(notice of filing and immediate effectiveness adding
seventy-five classes to Penny Pilot); 61455
(February 1, 2010), 75 FR 6239 (February 8, 2010)
(SR–NASDAQ–2010–013) (notice of filing and
immediate effectiveness adding seventy-five classes
to Penny Pilot); and 62029 (May 4, 2010), 75 FR
25895 (May 10, 2010) (SR–NASDAQ–2010–053)
(notice of filing and immediate effectiveness adding
seventy-five classes to Penny Pilot). See also
Exchange Rule Chapter VI, Section 5.
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Fmt 4703
Sfmt 4703
The Exchange assesses fees to
members removing liquidity through
NOM in non-Penny Options (All Other
Options) and charges a fee of $0.40 per
executed contract to members removing
liquidity in the capacity of Customer
and a fee of $0.45 per executed contract
to members removing liquidity in the
capacity of Firm, NOM Market Maker
and Non-NOM Market Maker. The
Exchange proposes to amend these fees
for removing liquidity and assess a
Customer $.43 per contract instead of
$0.40.6
While changes pursuant to this
proposal are effective upon filing, the
Exchange has designated these changes
to be operative for transactions on
September 1, 2010.
4 An order that removes liquidity is one that is
entered into NOM and that executes against an
order resting on the NOM book.
5 A Firm, NOM Market Maker and Non-NOM
Market Maker would continue to be assessed $0.45
per contract for removing liquidity.
6 A Firm NOM Market Makers and Non-NOM
Market Makers would continue to be assessed $.045
per contract for removing liquidity.
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52792
Federal Register / Vol. 75, No. 166 / Friday, August 27, 2010 / Notices
2. Statutory Basis
NASDAQ believes that the proposed
rule changes are 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. The
Exchange believes the proposed
amendments to the fees for removing
liquidity are equitable and reasonable
because they are within the range of fees
assessed by other exchanges employing
similar pricing schemes. Specifically,
NYSE Arca, Inc. (‘‘NYSE Arca’’) assesses
a customer electronic fee for taking
liquidity of $0.45 for electronic
executions in penny pilot issues and
foreign currency options.9
NASDAQ is one of eight options
market [sic] in the national market
system for standardized options. It is a
mature, robust market that is highly
competitive with highly sophisticated
and knowledge [sic] participants.
Joining NASDAQ and electing to trade
options is entirely voluntary. Under
these circumstances, NASDAQ’s fees
must be competitive, fair and just in
order for NASDAQ to attract order flow,
execute orders, and grow as a market.
NASDAQ thus believes that its fees are
equitable, 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.
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
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 summarily may
7 15
U.S.C. 78f.
U.S.C. 78f(b)(4).
9 See NYSE Arca’s Fee Schedule.
10 15 U.S.C. 78s(b)(3)(A)(ii).
11 17 CFR 240.19b–4(f)(2).
8 15
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15:33 Aug 26, 2010
Jkt 220001
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. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or 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:
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–2010–105 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–2010–105. 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
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Fmt 4703
Sfmt 4703
information that you wish to make
available publicly. All submissions
should refer to File No. SR–NASDAQ–
2010–105 and should be submitted on
or before September 17, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–21307 Filed 8–26–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62758; File No. SR–CBOE–
2010–075]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the CBOE
Stock Exchange Fee Schedule To
Change the Transaction Fees for 24
Securities
August 23, 2010.
Pursaunt 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 August
12, 2010, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ or
‘‘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 CBOE. The Exchange has designated
this proposal as one establishing or
changing a due, fee, or other charge
imposed by CBOE under Section
19(b)(3)(A)(ii) of the Act 3 and Rule 19b–
4(f)(2) thereunder.4 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
The Exchange proposes to modify the
Fee Schedule for its CBOE Stock
Exchange (‘‘CBSX’’). The text of the
proposed rule change is available on the
Exchange’s Web site https://
www.cboe.org/legal), at the Exchange’s
principal office, and at the Commission.
12 17
CFR 200.30–3(a)(12).
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).
1 15
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]]>Agencies
[Federal Register Volume 75, Number 166 (Friday, August 27, 2010)]
[Notices]
[Pages 52790-52792]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-21307]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62754; File No. SR-NASDAQ-2010-105]
Self-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
NASDAQ Options Market Fees and Rebates
August 20, 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 August 18, 2010, NASDAQ Stock Market LLC (``NASDAQ'' or the
``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 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.
---------------------------------------------------------------------------
[[Page 52791]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to modify Exchange 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. Specifically, NOM proposes to: modify pricing for both
Penny Pilot \3\ Options and All Other Options with respect to the fees
for removing liquidity.\4\
---------------------------------------------------------------------------
\3\ The Penny Pilot was established in March 2008 and in October
2009 was expanded and extended through December 31, 2010. See
Securities Exchange Act Release Nos. 57579 (March 28, 2008), 73 FR
18587 (April 4, 2008) (SR-NASDAQ-2008-026) (notice of filing and
immediate effectiveness establishing Penny Pilot); 60874 (October
23, 2009), 74 FR 56682 (November 2, 2009) (SR-NASDAQ-2009-091)
(notice of filing and immediate effectiveness expanding and
extending Penny Pilot); 60965 (November 9, 2009), 74 FR 59292
(November 17, 2009) (SR-NASDAQ-2009-097) (notice of filing and
immediate effectiveness adding seventy-five classes to Penny Pilot);
61455 (February 1, 2010), 75 FR 6239 (February 8, 2010) (SR-NASDAQ-
2010-013) (notice of filing and immediate effectiveness adding
seventy-five classes to Penny Pilot); and 62029 (May 4, 2010), 75 FR
25895 (May 10, 2010) (SR-NASDAQ-2010-053) (notice of filing and
immediate effectiveness adding seventy-five classes to Penny Pilot).
See also Exchange Rule Chapter VI, Section 5.
\4\ An order that removes liquidity is one that is entered into
NOM and that executes against an order resting on the NOM book.
---------------------------------------------------------------------------
While changes pursuant to this proposal are effective upon filing,
the Exchange has designated these changes to be operative for
transactions on September 1, 2010.
The text of the proposed rule change is set forth below. Proposed
new text is in italics 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) Fees for Execution of Contracts on the NASDAQ Options Market
Fees and Rebates
[Per executed contract]
----------------------------------------------------------------------------------------------------------------
Non-NOM market NOM market
Customer Firm maker maker
----------------------------------------------------------------------------------------------------------------
Penny Pilot Options:
Rebate to Add Liquidity..................... $0.32 $0.10 $0.25 $0.30
Fee for Removing Liquidity.................. 0.4[0]3 0.45 0.45 0.45
NDX and MNX:
Rebate to Add Liquidity..................... 0.10 0.10 0.10 0.20
Fee for Removing Liquidity.................. 0.50 0.50 0.50 0.40
All Other Options:
Fee for Adding Liquidity.................... 0.00 0.45 0.45 0.30
Fee for Removing Liquidity.................. 0.4[0]3 0.45 0.45 0.45
Rebate to Add Liquidity..................... 0.20 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------
* * * * *
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. Specifically, NASDAQ is proposing
to modify pricing for both Penny Pilot Options and All Other Options
with respect to the fees for removing liquidity. Currently, NASDAQ
distinguishes between options that are included in the Penny Pilot and
those that are not.
Penny Options--Removing Liquidity
The Exchange assesses a fee to members removing liquidity through
NOM in options included in the Penny Pilot and charges a fee of $0.40
per executed contract to Customers for removing such liquidity and a
fee of $0.45 per executed contract to members in the capacity of firm,
NOM Market Maker and Non-NOM Market Maker for removing liquidity. The
Exchange proposes to amend these fees for removing liquidity and assess
a Customer $.43 per contract instead of $0.40 per contract.\5\
---------------------------------------------------------------------------
\5\ A Firm, NOM Market Maker and Non-NOM Market Maker would
continue to be assessed $0.45 per contract for removing liquidity.
---------------------------------------------------------------------------
Non-Penny Options--Removing Liquidity
The Exchange assesses fees to members removing liquidity through
NOM in non-Penny Options (All Other Options) and charges a fee of $0.40
per executed contract to members removing liquidity in the capacity of
Customer and a fee of $0.45 per executed contract to members removing
liquidity in the capacity of Firm, NOM Market Maker and Non-NOM Market
Maker. The Exchange proposes to amend these fees for removing liquidity
and assess a Customer $.43 per contract instead of $0.40.\6\
---------------------------------------------------------------------------
\6\ A Firm NOM Market Makers and Non-NOM Market Makers would
continue to be assessed $.045 per contract for removing liquidity.
---------------------------------------------------------------------------
While changes pursuant to this proposal are effective upon filing,
the Exchange has designated these changes to be operative for
transactions on September 1, 2010.
[[Page 52792]]
2. Statutory Basis
NASDAQ believes that the proposed rule changes are 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. The Exchange believes the proposed
amendments to the fees for removing liquidity are equitable and
reasonable because they are within the range of fees assessed by other
exchanges employing similar pricing schemes. Specifically, NYSE Arca,
Inc. (``NYSE Arca'') assesses a customer electronic fee for taking
liquidity of $0.45 for electronic executions in penny pilot issues and
foreign currency options.\9\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(4).
\9\ See NYSE Arca's Fee Schedule.
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NASDAQ is one of eight options market [sic] in the national market
system for standardized options. It is a mature, robust market that is
highly competitive with highly sophisticated and knowledge [sic]
participants. Joining NASDAQ and electing to trade options is entirely
voluntary. Under these circumstances, NASDAQ's fees must be
competitive, fair and just in order for NASDAQ to attract order flow,
execute orders, and grow as a market. NASDAQ thus believes that its
fees are equitable, 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 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. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
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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 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-2010-105 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-2010-105. 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
available publicly. All submissions should refer to File No. SR-NASDAQ-
2010-105 and should be submitted on or before September 17, 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. 2010-21307 Filed 8-26-10; 8:45 am]
BILLING CODE 8010-01-P
