Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NASDAQ Stock Market, LLC Relating To Access Service Fees, 69505-69507 [2010-28461]

Download as PDF 69505 Federal Register / Vol. 75, No. 218 / Friday, November 12, 2010 / Notices you wish to make available publicly. All submissions should refer to File Number SR–FINRA–2010–055 and should be submitted on or before December 3, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–28462 Filed 11–10–10; 8:45 am] BILLING CODE 8011–01–P (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on October 28, 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 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 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63253; File No. SR– NASDAQ–2010–144] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NASDAQ Stock Market, LLC Relating To Access Service Fees November 5, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 The Exchange proposes to modify Exchange Rule 7053, related to fees governing pricing for NASDAQ members using the NASDAQ Options Market (‘‘NOM’’), NASDAQ’s facility for executing and routing standardized equity and index options. Specifically, the Exchange proposes to adopt a tiered fee structure for certain Access Services fees. While fee changes pursuant to this proposal are effective upon filing, the Exchange has designated these changes to be operative on November 1, 2010. The text of the proposed rule change is set forth below. Proposed new text is underlined and deleted text is in brackets. * * * * * 7053. NASDAQ Options Market—Access Services The following charges are assessed by Nasdaq for connectivity to the NASDAQ Options Market. (a) Financial Information Exchange (FIX) [Ports] [Price] [FIX Trading Port] ......... [FIX Port for Services Other than Trading]. [$500/port/month]. [$500/port/month]. Ports Quantity FIX Trading Port .................................................................. First 25 ports ....................................................................... Additional ports above 25 ................................................... First 25 ports ....................................................................... Additional ports above 25 ................................................... FIX Port for Services Other than Trading ............................ (b) TradeInfo • Members not subscribing to the Nasdaq Workstation using TradeInfo will be charged a fee of $95 per user per month. (c) Other Port Fees The following port fees shall apply in connection with the use of other trading telecommunication protocols: [• $500 per month for each port pair.] Quantity Price First 25 ports ...... Additional ports above 25. $500 per month for each port pair. $250 per month for each port pair. mstockstill on DSKH9S0YB1PROD with NOTICES * * * * * The text of the proposed rule change is available on the Exchange’s Web site at https:// www.nasdaq.cchwallstreet.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room. 8 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 17:23 Nov 10, 2010 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change Jkt 223001 $500/port/month. $250/port/month. $500/port/month $250/port/month. Access Services, to create a tiered fee structure for its Financial Information Exchange (‘‘FIX’’) 3 Fees and Other Port Fees 4 pricing. Currently Rule 7053 contains fees assessed by Nasdaq for connectivity to NOM. Access Services fees relate to ports used to: Enter orders into the NASDAQ trading systems; receive market data; and enter quotes. The Exchange proposes to amend the current FIX fees, which are currently $500 per month/per port for a Fix Trading Port or a FIX Port for Services Other than Trading. The Exchange proposes to assess the following tiered fees: 1. Purpose NASDAQ is proposing to amend Rule 7053, titled NASDAQ Options Market— 3 FIX is a protocol used by NOM market participants for order entry, modification and cancellation and message transmittal. 1 15 VerDate Mar<15>2010 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. Price PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 4 Other Port Fees refer to non-Fix ports used by NOM market participants for order entry and quotes. E:\FR\FM\12NON1.SGM 12NON1 69506 Federal Register / Vol. 75, No. 218 / Friday, November 12, 2010 / Notices Ports Quantity FIX Trading Port .................................................................. First 25 ports ....................................................................... Additional ports above 25 ................................................... First 25 ports ....................................................................... Additional ports above 25 ................................................... FIX Port for Services Other than Trading ............................ These tiered fees would allow NOM members to incur a lower fee after the first 25 ports. The NOM member would continue to be assessed a $500 per month, per port fee for the first 25 ports.5 The Exchange is also proposing to amend the Other Port Fee pricing. Currently, NOM members are assessed the $500 per month fee for each port pair. The Exchange proposes to assess the following tiered fees: Quantity Price First 25 ports ...... Additional ports above 25. $500 per month for each port pair. $250 per month for each port pair. 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 the proposed amendments to Rule 7053 to established tiered pricing for FIX and Other Port Fees pricing is reasonable to incentivize members by proving [sic] a discount for the quantity of ports or port pairs to which they subscribe. Also, the Exchange believes that the pricing proposal is equitable because all NOM members are assessed the same rates. 2. Statutory Basis [sic] These tiered fees would allow NOM members to incur a lower fee after the first 25 port pairs.6 The NOM member would continue to be assessed a $500 per month, per port [sic] fee for the first 25 port pairs. The Exchange does not intend to amend the TradeInfo fee.7 While fee changes pursuant to this proposal are effective upon filing, the Exchange has designated these changes to be operative on November 1, 2010. 2. Statutory Basis mstockstill on DSKH9S0YB1PROD with NOTICES NASDAQ believes that the proposed rule changes are consistent with the 5 According to the Exchange, the tiered fee structure is being proposed in light of the nature of the NOM architecture, which makes it necessary for liquidity providers in options to utilize more ports in comparison to liquidity providers on the NASDAQ Stock Market. Liquidity providers on NOM may provide liquidity in up to 140,000 different symbols versus approximately 8,500 symbols in equities. Moreover, several options symbols for a given underlying may be directly correlated and may require updates to a large number of symbols simultaneously. For example, a liquidity provider in SPY options may need to update all 2401 SPY options simultaneously due to a change in the price of SPY in the equity market. Further, a NASDAQ Stock Market member, who is both an equity and options member, is required to have a distinct port(s) for each market and would be billed according to whether the particular port was assigned to the equity or options infrastructure. See e-mail from Angela Dunn, Assistant General Counsel, Exchange, to Richard Holley, Assistant Director, and Terri Evans, Special Counsel, Division of Trading and Markets, Commission, on November 4, 2010. 6 Id. 7 Currently, NOM members not subscribing to the Nasdaq Workstation using TradeInfo are charged a fee of $95 per user per month. VerDate Mar<15>2010 17:23 Nov 10, 2010 Jkt 223001 NASDAQ believes that the proposed rule changes are consistent with the provisions of Section 6 of the Act,10 in general, and with Section 6(b)(4) of the Act,11 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 Rule 7053 to establish tiered pricing for FIX and Other Port Fees pricing is reasonable to incentivize members by proving a discount for the quantity of ports or port pairs to which they subscribe. Also, the Exchange believes that the pricing proposal is equitable because all NOM members are assessed the same rates. 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. 8 15 U.S.C. 78f. U.S.C. 78f(b)(4). 10 15 U.S.C. 78f. 11 15 U.S.C. 78f(b)(4). 9 15 PO 00000 Frm 00111 Fmt 4703 Price 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.12 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–2010–144 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NASDAQ–2010–144. 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 12 15 Sfmt 4703 $500/port/month. $250/port/month. $500/port/month. $250/port/month. E:\FR\FM\12NON1.SGM U.S.C. 78s(b)(3)(A)(ii). 12NON1 Federal Register / Vol. 75, No. 218 / Friday, November 12, 2010 / Notices 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–2010–144 and should be submitted on or before December 3, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–28461 Filed 11–10–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63251; File No. SR–NSX– 2010–14] Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NSX Fee and Rebate Schedule November 5, 2010. mstockstill on DSKH9S0YB1PROD with NOTICES 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 October 29, 2010, National Stock Exchange, Inc. 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 the Exchange. The Commission is publishing this notice to solicit comment 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 National Stock Exchange, Inc. (‘‘NSX®’’ or the ‘‘Exchange’’) is proposing CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. a rule change, operative at commencement of trading on November 1, 2010, which proposes to amend the NSX Fee and Rebate Schedule (the ‘‘Fee Schedule’’) with respect to certain rebates payable in the Automatic Execution mode of order interaction. The text of the proposed rule change is available on the Exchange’s Web site at https://www.nsx.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 parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose With this rule change, the Exchange is proposing to modify the Fee Schedule to adjust volume threshold necessary to obtain rebates with respect to displayed orders in Tape A and C securities priced one dollar and above that add liquidity in the Automatic Execution mode of order interaction (‘‘AutoEx’’).3 For executions of displayed orders in Tape A and C securities priced one dollar and above that add liquidity in AutoEx, the proposed rule modifies the volume thresholds necessary to achieve rebates. Prior to the effective date of the proposed rule change, the Fee Schedule provides a rebate of $0.0026 per share if an ETP Holder’s liquidity adding average daily volume (as fully defined in Endnote 3 of the Fee Schedule, ‘‘Liquidity Adding ADV’’) is less than 25 million shares (‘‘Tier 1’’); a rebate of $0.0027 per share if Liquidity Adding ADV is at least 25 million shares and less than 40 million shares (‘‘Tier 2’’); and a rebate of $0.0028 per share if Liquidity Adding ADV is at least 40 million shares (‘‘Tier 3’’). The proposed rule change modifies the rebate measurement criteria from a set number of shares to a percentage, expressed in basis points, of Total 13 17 1 15 VerDate Mar<15>2010 17:23 Nov 10, 2010 3 The Exchange’s two modes of order interaction are described in NSX Rule 11.13(b). Jkt 223001 PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 69507 Consolidated Average Daily Volume (‘‘TCADV’’). As set forth in Explanatory Endnote 13, TCADV means average daily volume reported by all exchanges and trade reporting facilities to the consolidated transaction reporting plans for Tape A, B and C securities. The proposed rule change also eliminates a rebate tier. Accordingly, after the effective date, an ETP Holder would receive a rebate of $0.0026 per share with respect to its displayed Tape A and C orders priced one dollar or higher that add liquidity in AutoEx if such ETP Holder’s Liquidity Adding ADV is less than 20 basis points of TCADV. The Tier 2 rebate of $0.0027 is proposed to be deleted entirely. An ETP Holder would receive a rebate of $0.0028 per share if such ETP Holder’s Liquidity Adding ADV is equal to or exceeds 20 basis points of TCADV. The proposed rule change does not modify other rebates or fees that are contained in the Fee Schedule. Rationale The Exchange has determined that these changes are necessary to create further incentive for ETP Holders to submit increased order volumes and, ultimately, to increase the revenues of the Exchange for the purpose of continuing to adequately fund its regulatory and general business functions. The Exchange has further determined that the proposed fee adjustments are necessary for competitive reasons. The Exchange believes that these rebate changes will not impair the Exchange’s ability to fulfill its regulatory responsibilities. The proposed modifications are reasonable and equitably allocated to those ETP Holders that submit orders in Tape A and C securities in AutoEx, and are not discriminatory because qualified ETP Holders are free to elect whether or not to send such orders. Based upon the information above, the Exchange believes that the proposed rule change is consistent with the protection of investors and the public interest. Operative Date and Notice The Exchange intends to make the proposed modifications, which are effective on filing of this proposed rule, operative for trading on November 1, 2010. Pursuant to Exchange Rule 16.1(c), the Exchange will ‘‘provide ETP Holders with notice of all relevant dues, fees, assessments and charges of the Exchange’’ through the issuance of a Regulatory Circular of the changes to the Fee Schedule and will post a copy of the rule filing on the Exchange’s Web site (https://www.nsx.com). E:\FR\FM\12NON1.SGM 12NON1

Agencies

[Federal Register Volume 75, Number 218 (Friday, November 12, 2010)]
[Notices]
[Pages 69505-69507]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-28461]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63253; File No. SR-NASDAQ-2010-144]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by NASDAQ Stock Market, LLC 
Relating To Access Service Fees

November 5, 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 October 28, 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 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.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to modify Exchange Rule 7053, related to fees 
governing pricing for NASDAQ members using the NASDAQ Options Market 
(``NOM''), NASDAQ's facility for executing and routing standardized 
equity and index options. Specifically, the Exchange proposes to adopt 
a tiered fee structure for certain Access Services fees.
    While fee changes pursuant to this proposal are effective upon 
filing, the Exchange has designated these changes to be operative on 
November 1, 2010.
    The text of the proposed rule change is set forth below. Proposed 
new text is underlined and deleted text is in brackets.
* * * * *

7053. NASDAQ Options Market--Access Services

    The following charges are assessed by Nasdaq for connectivity to 
the NASDAQ Options Market.

(a) Financial Information Exchange (FIX)

------------------------------------------------------------------------
                [Ports]                              [Price]
------------------------------------------------------------------------
[FIX Trading Port]....................  [$500/port/month].
[FIX Port for Services Other than       [$500/port/month].
 Trading].
------------------------------------------------------------------------


----------------------------------------------------------------------------------------------------------------
                  Ports                              Quantity                             Price
----------------------------------------------------------------------------------------------------------------
FIX Trading Port.........................  First 25 ports.............  $500/port/month.
                                           Additional ports above 25..  $250/port/month.
FIX Port for Services Other than Trading.  First 25 ports.............  $500/port/month
                                           Additional ports above 25..  $250/port/month.
----------------------------------------------------------------------------------------------------------------

(b) TradeInfo

     Members not subscribing to the Nasdaq Workstation using 
TradeInfo will be charged a fee of $95 per user per month.

(c) Other Port Fees

    The following port fees shall apply in connection with the use 
of other trading telecommunication protocols:
    [ $500 per month for each port pair.]

------------------------------------------------------------------------
                 Quantity                               Price
------------------------------------------------------------------------
First 25 ports............................  $500 per month for each port
                                             pair.
Additional ports above 25.................  $250 per month for each port
                                             pair.
------------------------------------------------------------------------

* * * * *
    The text of the proposed rule change is available on the Exchange's 
Web site at https://www.nasdaq.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 amend Rule 7053, titled NASDAQ Options 
Market--Access Services, to create a tiered fee structure for its 
Financial Information Exchange (``FIX'') \3\ Fees and Other Port Fees 
\4\ pricing.
---------------------------------------------------------------------------

    \3\ FIX is a protocol used by NOM market participants for order 
entry, modification and cancellation and message transmittal.
    \4\ Other Port Fees refer to non-Fix ports used by NOM market 
participants for order entry and quotes.
---------------------------------------------------------------------------

    Currently Rule 7053 contains fees assessed by Nasdaq for 
connectivity to NOM. Access Services fees relate to ports used to: 
Enter orders into the NASDAQ trading systems; receive market data; and 
enter quotes.
    The Exchange proposes to amend the current FIX fees, which are 
currently $500 per month/per port for a Fix Trading Port or a FIX Port 
for Services Other than Trading. The Exchange proposes to assess the 
following tiered fees:

[[Page 69506]]



----------------------------------------------------------------------------------------------------------------
                  Ports                              Quantity                             Price
----------------------------------------------------------------------------------------------------------------
FIX Trading Port.........................  First 25 ports.............  $500/port/month.
                                           Additional ports above 25..  $250/port/month.
FIX Port for Services Other than Trading.  First 25 ports.............  $500/port/month.
                                           Additional ports above 25..  $250/port/month.
----------------------------------------------------------------------------------------------------------------

    These tiered fees would allow NOM members to incur a lower fee 
after the first 25 ports. The NOM member would continue to be assessed 
a $500 per month, per port fee for the first 25 ports.\5\
---------------------------------------------------------------------------

    \5\ According to the Exchange, the tiered fee structure is being 
proposed in light of the nature of the NOM architecture, which makes 
it necessary for liquidity providers in options to utilize more 
ports in comparison to liquidity providers on the NASDAQ Stock 
Market. Liquidity providers on NOM may provide liquidity in up to 
140,000 different symbols versus approximately 8,500 symbols in 
equities. Moreover, several options symbols for a given underlying 
may be directly correlated and may require updates to a large number 
of symbols simultaneously. For example, a liquidity provider in SPY 
options may need to update all 2401 SPY options simultaneously due 
to a change in the price of SPY in the equity market.
    Further, a NASDAQ Stock Market member, who is both an equity and 
options member, is required to have a distinct port(s) for each 
market and would be billed according to whether the particular port 
was assigned to the equity or options infrastructure. See e-mail 
from Angela Dunn, Assistant General Counsel, Exchange, to Richard 
Holley, Assistant Director, and Terri Evans, Special Counsel, 
Division of Trading and Markets, Commission, on November 4, 2010.
---------------------------------------------------------------------------

    The Exchange is also proposing to amend the Other Port Fee pricing. 
Currently, NOM members are assessed the $500 per month fee for each 
port pair. The Exchange proposes to assess the following tiered fees:

------------------------------------------------------------------------
                 Quantity                               Price
------------------------------------------------------------------------
First 25 ports............................   $500 per month for each
                                             port pair.
Additional ports above 25.................  $250 per month for each port
                                             pair.
------------------------------------------------------------------------


    These tiered fees would allow NOM members to incur a lower fee 
after the first 25 port pairs.\6\ The NOM member would continue to be 
assessed a $500 per month, per port [sic] fee for the first 25 port 
pairs. The Exchange does not intend to amend the TradeInfo fee.\7\
---------------------------------------------------------------------------

    \6\ Id.
    \7\ Currently, NOM members not subscribing to the Nasdaq 
Workstation using TradeInfo are charged a fee of $95 per user per 
month.
---------------------------------------------------------------------------

    While fee changes pursuant to this proposal are effective upon 
filing, the Exchange has designated these changes to be operative on 
November 1, 2010.
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.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f.
    \9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes the proposed amendments to Rule 7053 to 
established tiered pricing for FIX and Other Port Fees pricing is 
reasonable to incentivize members by proving [sic] a discount for the 
quantity of ports or port pairs to which they subscribe. Also, the 
Exchange believes that the pricing proposal is equitable because all 
NOM members are assessed the same rates.
2. Statutory Basis [sic]
    NASDAQ believes that the proposed rule changes are consistent with 
the provisions of Section 6 of the Act,\10\ in general, and with 
Section 6(b)(4) of the Act,\11\ 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.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes the proposed amendments to Rule 7053 to 
establish tiered pricing for FIX and Other Port Fees pricing is 
reasonable to incentivize members by proving a discount for the 
quantity of ports or port pairs to which they subscribe. Also, the 
Exchange believes that the pricing proposal is equitable because all 
NOM members are assessed the same rates.

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.\12\ 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.
---------------------------------------------------------------------------

    \12\ 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-2010-144 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2010-144. 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

[[Page 69507]]

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-2010-144 and should be submitted on or before 
December 3, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-28461 Filed 11-10-10; 8:45 am]
BILLING CODE 8011-01-P
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