Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Fees for Members Using the NASDAQ Market Center, 57091-57092 [2010-23240]

Download as PDF Federal Register / Vol. 75, No. 180 / Friday, September 17, 2010 / Notices on the Exchange’s trading facilities are already subject to rules and procedures that are separate and apart from member organizations that are not located on the Exchange’s trading floor. While the Exchange does have rules which govern a member organization’s order and decorum while on the Exchange’s trading floor, the Exchange believes that requiring such member organizations to also obtain insurance coverage to protect the Exchange from claims resulting from their own conduct is not an undue burden. The Exchange’s trading floor environment must be free from conduct that could distract or interfere with market activity as well as conduct which could deplete the Exchange’s resources and divert staff when dealing with claims and litigation that results from the conduct of a member organization or associated person of that member organization. The Exchange believes that this proposal will conserve Exchange resources and provide additional coverage for member organizations as well because they are also subject to the coverage. The Exchange believes that amending Rule 652 to add officers, directors and employees in addition to the Exchange serves to further clarify Rule 652 by making clear that the word Exchange includes such individuals. 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 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. wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. VerDate Mar<15>2010 14:46 Sep 16, 2010 Jkt 220001 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: 57091 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Elizabeth M. Murphy, Secretary. [FR Doc. 2010–23194 Filed 9–16–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION 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–Phlx–2010–119 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. [Release No. 34–62893; File No. SR– NASDAQ–2010–113] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Fees for Members Using the NASDAQ Market Center September 10, 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 September 7, 2010, The NASDAQ Stock All submissions should refer to File Market LLC (‘‘NASDAQ’’) filed with the Number SR–Phlx–2010–119. This file Securities and Exchange Commission number should be included on the subject line if e-mail is used. To help the (‘‘Commission’’) the proposed rule change as described in Items I, II, and Commission process and review your III below, which Items have been comments more efficiently, please use prepared by NASDAQ. The Commission only one method. The Commission will is publishing this notice to solicit post all comments on the Commission’s comments on the proposed rule change Internet website (https://www.sec.gov/ from interested persons. rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s submission, all subsequent Statement of the Terms of the Substance amendments, all written statements of the Proposed Rule Change with respect to the proposed rule change that are filed with the NASDAQ proposes to modify pricing Commission, and all written for NASDAQ members using the communications relating to the NASDAQ Market Center. NASDAQ will implement the proposed change on proposed rule change between the Commission and any person, other than September 7, 2010. The text of the proposed rule change is available at those that may be withheld from the https://nasdaq.cchwallstreet.com/, at public in accordance with the NASDAQ’s principal office, and at the provisions of 5 U.S.C. 552, will be Commission’s Public Reference Room. available for website viewing and printing in the Commission’s Public II. Self-Regulatory Organization’s Reference Room, 100 F Street, NE., Statement of the Purpose of, and Washington, DC 20549, on official Statutory Basis for, the Proposed Rule business days between the hours of 10 Change a.m. and 3 p.m. Copies of the filing will In its filing with the Commission, also be available for inspection and NASDAQ included statements copying at the Exchange’s principal concerning the purpose of and basis for office. All comments received will be the proposed rule change and discussed posted without change; the Commission any comments it received on the does not edit personal identifying proposed rule change. The text of these information from submissions. You statements may be examined at the should submit only information that places specified in Item IV below. you wish to make publicly available. All NASDAQ has prepared summaries, set submissions should refer to File forth in Sections A, B, and C below, of Number SR–Phlx–2010–119 and should 9 17 CFR 200.30–3(a)(12). be submitted on or before October 8, 1 15 U.S.C. 78s(b)(1). 2010. PO 00000 2 17 Frm 00113 Fmt 4703 Sfmt 4703 E:\FR\FM\17SEN1.SGM CFR 240.19b–4. 17SEN1 57092 Federal Register / Vol. 75, No. 180 / Friday, September 17, 2010 / Notices the most significant aspects of such statements. 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. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose NASDAQ is modifying its fee for routing orders to the New York Stock Exchange (‘‘NYSE’’) closing auction to reflect a change recently made by NYSE to the fee that it charges for orders executed in the auction.3 As a result of the change, the fee charged by NASDAQ for DOT Orders for stocks priced at $1.00 or more that execute in the NYSE closing process as a ‘‘market-at-theclose’’ or ‘‘limit-at-the-close’’ order will increase from $0.0007 to $0.00085 per share executed. Similarly, for most ‘‘market-at-the-close’’ or ‘‘limit-at-theclose’’ orders executed at NYSE, NYSE has raised the fee from $0.0007 to $0.00085 per share executed.4 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 Section 6(b)(4) of the Act,6 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 change reflects an increase in the fee that NYSE charges to NASDAQ when it routes orders to the NYSE closing auction, and is equitably allocated to members based on their use of orders that route to NYSE. B. Self-Regulatory Organization’s Statement on Burden on Competition wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1 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. 3 Securities Exchange Act Release No. 62826 (September 1, 2010) (SR–NYSE–2010–63). 4 The exception is for stocks with a share price less than $1.00, for which NYSE formerly charged the lesser or [sic] $0.0007 per share executed or 0.3% of the transaction cost, and for which it will now charge the lesser of $0.00085 per share executed or 0.3% of the transaction cost. NASDAQ charges a uniform fee of 0.3% of the transaction cost for all routed orders for stocks with a share price of less than $1.00. 5 15 U.S.C. 78f. 6 15 U.S.C. 78f(b)(4). VerDate Mar<15>2010 14:46 Sep 16, 2010 Jkt 220001 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.7 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. 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–2010–113 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–2010–113. 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 7 15 PO 00000 U.S.C. 78s(b)(3)(a)(ii). Frm 00114 Fmt 4703 Sfmt 4703 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 website 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 the filing also will be available for inspection and copying at the principal office of the Exchange.8 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–2010–113 and should be submitted on or before October 8, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Elizabeth M. Murphy, Secretary. [FR Doc. 2010–23240 Filed 9–16–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62887; File No. SR–Phlx– 2010–121] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NASDAQ OMX PHLX, Inc. Relating to Market Data Feeds September 10, 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 August 31, 2010, NASDAQ OMX PHLX, Inc. (‘‘Phlx’’ or the ‘‘Exchange’’) 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 the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 8 The text of the proposed rule change is available on the Commission’s website at www.sec.gov. 9 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. E:\FR\FM\17SEN1.SGM 17SEN1

Agencies

[Federal Register Volume 75, Number 180 (Friday, September 17, 2010)]
[Notices]
[Pages 57091-57092]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-23240]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62893; File No. SR-NASDAQ-2010-113]


 Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Modify Fees for Members Using the NASDAQ Market Center

September 10, 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 September 7, 2010, The NASDAQ Stock Market LLC (``NASDAQ'') 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 NASDAQ. 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.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    NASDAQ proposes to modify pricing for NASDAQ members using the 
NASDAQ Market Center. NASDAQ will implement the proposed change on 
September 7, 2010. The text of the proposed rule change is available at 
https://nasdaq.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 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

[[Page 57092]]

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 modifying its fee for routing orders to the New York 
Stock Exchange (``NYSE'') closing auction to reflect a change recently 
made by NYSE to the fee that it charges for orders executed in the 
auction.\3\ As a result of the change, the fee charged by NASDAQ for 
DOT Orders for stocks priced at $1.00 or more that execute in the NYSE 
closing process as a ``market-at-the-close'' or ``limit-at-the-close'' 
order will increase from $0.0007 to $0.00085 per share executed. 
Similarly, for most ``market-at-the-close'' or ``limit-at-the-close'' 
orders executed at NYSE, NYSE has raised the fee from $0.0007 to 
$0.00085 per share executed.\4\
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 62826 (September 1, 
2010) (SR-NYSE-2010-63).
    \4\ The exception is for stocks with a share price less than 
$1.00, for which NYSE formerly charged the lesser or [sic] $0.0007 
per share executed or 0.3% of the transaction cost, and for which it 
will now charge the lesser of $0.00085 per share executed or 0.3% of 
the transaction cost. NASDAQ charges a uniform fee of 0.3% of the 
transaction cost for all routed orders for stocks with a share price 
of less than $1.00.
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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,\5\ in general, and with Section 
6(b)(4) of the Act,\6\ 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 change reflects an increase in 
the fee that NYSE charges to NASDAQ when it routes orders to the NYSE 
closing auction, and is equitably allocated to members based on their 
use of orders that route to NYSE.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f.
    \6\ 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.\7\ 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.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(a)(ii).
---------------------------------------------------------------------------

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-2010-113 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-2010-113. 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 website 
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 the filing also will be 
available for inspection and copying at the principal office of the 
Exchange.\8\ 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-2010-113 and should be submitted on or before October 8, 2010.
---------------------------------------------------------------------------

    \8\ The text of the proposed rule change is available on the 
Commission's website at www.sec.gov.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-23240 Filed 9-16-10; 8:45 am]
BILLING CODE 8010-01-P
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