Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Offer Additional Routing Option, 9397-9399 [2011-3645]
Download as PDF
<![CDATA[
Federal Register / Vol. 76, No. 33 / Thursday, February 17, 2011 / Notices
Electronic Comments
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
• 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–2011–023 on the
subject line.
Paper Comments
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 11 and Rule
19b–4(f)(6) thereunder.12 Because the
proposed rule change does not: (i)
Significantly affect the protection of
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 13 and Rule 19b–4(f)(6)
thereunder.14
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.
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:
11 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
13 15 U.S.C. 78s(b)(3)(A).
14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
jlentini on DSKJ8SOYB1PROD with NOTICES
12 17
VerDate Mar<15>2010
16:38 Feb 16, 2011
Jkt 223001
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
9397
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63900; File No. SR–
NASDAQ–2011–026]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Offer
Additional Routing Option
February 14, 2011.
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 February
All submissions should refer to File
10, 2011, The NASDAQ Stock Market
Number SR–NASDAQ–2011–023. This
LLC (‘‘NASDAQ’’ or the ‘‘Exchange’’)
file number should be included on the
filed with the Securities and Exchange
subject line if e-mail is used. To help the Commission (‘‘Commission’’) the
Commission process and review your
proposed rule change as described in
comments more efficiently, please use
Items I and II below, which Items have
only one method. The Commission will been prepared by the Exchange.
post all comments on the Commission’s NASDAQ has designated the proposed
Internet Web site (https://www.sec.gov/
rule change as constituting a rule
rules/sro.shtml). Copies of the
change under Rule 19b–4(f)(6) under the
submission, all subsequent
Act,3 which renders the proposal
amendments, all written statements
effective upon filing with the
with respect to the proposed rule
Commission. The Commission is
change that are filed with the
publishing this notice to solicit
Commission, and all written
comments on the proposed rule change
communications relating to the
from interested persons.
proposed rule change between the
Commission and any person, other than I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
those that may be withheld from the
the Proposed Rule Change
public in accordance with the
provisions of 5 U.S.C. 552, will be
The Exchange is filing this proposed
available for Web site viewing and
rule change to offer an additional
printing in the Commission’s Public
routing option. NASDAQ proposes to
Reference Room, 100 F Street, NE.,
implement the proposed rule change on
Washington, DC 20549, on official
February 22, 2011 or as soon thereafter
business days between the hours of 10
as practicable. The text of the proposed
a.m. and 3 p.m. Copies of the filing also rule change is available at https://
will be available for inspection and
nasdaq.cchwallstreet.com/, at
copying at the principal office of the
NASDAQ’s principal office, and at the
15 All comments received will
Exchange.
Commission’s Public Reference Room.
be posted without change; the
II. Self-Regulatory Organization’s
Commission does not edit personal
Statement of the Purpose of, and
identifying information from
Statutory Basis for, the Proposed Rule
submissions. You should submit only
Change
information that you wish to make
available publicly. All submissions
In its filing with the Commission, the
should refer to File Number SR–
Exchange included statements
NASDAQ–2011–023 and should be
concerning the purpose of and basis for
submitted on or before March 10, 2011.
the proposed rule change and discussed
For the Commission, by the Division of
any comments it received on the
Trading and Markets, pursuant to delegated
proposed rule change. The text of these
authority.16
statements may be examined at the
Cathy H. Ahn,
places specified in Item IV below. The
Exchange has prepared summaries, set
Deputy Secretary.
forth in Sections A, B, and C below, of
[FR Doc. 2011–3584 Filed 2–16–11; 8:45 am]
the most significant aspects of such
BILLING CODE 8011–01–P
statements.
15 The text of the proposed rule change is
available on the Commission’s Web site at https://
www.sec.gov.
16 17 CFR 200.30–3(a)(12).
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
2 17
E:\FR\FM\17FEN1.SGM
17FEN1
9398
Federal Register / Vol. 76, No. 33 / Thursday, February 17, 2011 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
jlentini on DSKJ8SOYB1PROD with NOTICES
1. Purpose
NASDAQ is amending Rule 4758,
which describes its order routing
processes, to add the new CART routing
option. Under this routing option, the
use of which is wholly voluntary, a
market participant may specify that an
order will route to NASDAQ OMX BX
(‘‘BX’’) and NASDAQ OMX PSX (‘‘PSX’’)
and then check the NASDAQ book, with
any unexecuted shares posting to the
NASDAQ book or cancelling, depending
on the time-in-force of the order. Shares
posted to the NASDAQ book are not
routed out again. CART, like of all of
NASDAQ’s routing strategies, is
designed to comply with the SEC Rule
611 and the other provisions of
Regulation NMS.4
The rule change also introduces fees
for the CART strategy. With respect to
orders executed in BX or PSX, NASDAQ
will pass along the applicable fee or
rebate. In the case of BX, this means that
NASDAQ passes through the $0.0014
per share executed credit paid by BX to
market participants when accessing
liquidity, and in the case of PSX,
NASDAQ passes through the fee of
$0.0025 per share executed charged by
PSX to market participants when
accessing liquidity. CART orders that
access liquidity at NASDAQ will pay
the standard NASDAQ take rate of
$0.0030 per share executed, and CART
orders that provide liquidity after
posting to the NASDAQ book will
receive the rebate for which the market
participant otherwise qualifies under
NASDAQ’s fee schedule.
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 Sections 6(b)(5) of the
Act,6 in particular, in that the proposal
is designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. The Exchange believes
CFR 242.611.
U.S.C. 78f.
6 15 U.S.C. 78f(b)(5).
that the proposed routing option will
accomplish those ends by providing
market participants with an additional
voluntary routing option that will
enable them easily to access liquidity
available on all of the national securities
exchanges operated by The NASDAQ
OMX Group. NASDAQ expects the
routing strategy will benefit firms that
do not employ high-frequency trading
strategies under which the firm itself
would rapidly access liquidity provided
on the multiple venues.
The rule change is also consistent
with Section 6 of the Act,7 in general,
and with Sections 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 fees assessed
for CART for routing to BX and PSX are
the same as the fees and rebates that are
charged and offered to NASDAQ by
these exchanges, and the fees associated
with accessing or providing liquidity on
NASDAQ through the strategy are the
same as the fees and rebates applicable
to orders that access NASDAQ without
using the strategy. Use of the routing
option is voluntary.
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.
NASDAQ provides routing services in a
highly competitive market in which
participants may avail themselves of a
wide variety of routing options offered
by self-regulatory organizations,
alternative trading systems, other
broker-dealers, market participants’ own
proprietary routing systems, and service
bureaus. In such an environment,
system enhancements such as the
changes proposed in this rule filing do
not burden competition, because they
can succeed in attracting order flow to
NASDAQ only if they offer investors
higher quality and better value than
services offered by others. Encouraging
competitors to provide higher quality
and better value is the essence of a wellfunctioning competitive marketplace.
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.
4 17
5 15
VerDate Mar<15>2010
16:38 Feb 16, 2011
7 15
8 15
Jkt 223001
PO 00000
U.S.C. 78f.
U.S.C. 78f(b)(4).
Frm 00080
Fmt 4703
Sfmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 9 and Rule 19b–
4(f)(6) thereunder.10
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 11 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6) 12
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. NASDAQ requests that
the Commission waive the 30-day
operative delay because it currently has
the technological changes ready to
support the proposed rule change, and
believes that the benefits of greater
flexibility that are expected from the
rule change should not be delayed. The
Commission believes that accelerating
the 30-day operative delay 13 is
consistent with the protection of
investors and the public interest and
designates the proposal operative upon
filing.
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.
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:
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. NASDAQ has satisfied this
requirement.
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6).
13 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
10 17
E:\FR\FM\17FEN1.SGM
17FEN1
Federal Register / Vol. 76, No. 33 / Thursday, February 17, 2011 / Notices
Electronic Comments
DEPARTMENT OF STATE
• 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–2011–026 on the
subject line.
[Public Notice 7321]
Paper Comments
Department of State FY10 Service
Contract Inventory
Department of State.
Notice of the release of the
Department of State FY10 Service
Contract Inventory.
AGENCY:
ACTION:
The Department of State has
publically released its Service Contract
Inventory for FY10. Section 743 of
Division C of the FY 2010 Consolidated
Appropriations Act, Public Law 111–
117, requires Department of State, and
other civilian agencies, to submit an
All submissions should refer to File
annual inventory of service contracts. A
Number SR–NASDAQ–2011–026. This
service contract inventory is a tool for
file number should be included on the
subject line if e-mail is used. To help the assisting an agency in better
understanding how contracted services
Commission process and review your
are being used to support mission and
comments more efficiently, please use
only one method. The Commission will operation, and whether the contractors’
post all comments on the Commission’s skills are being utilized in an
appropriate manner. The Department
Internet Web site (https://www.sec.gov/
followed OMB guidance, provided by
rules/sro.shtml). Copies of the
memorandum titled ‘Service Contract
submission,14 all subsequent
Inventories’, to prepare the inventory.
amendments, all written statements
with respect to the proposed rule
DATES: The inventory is available on the
change that are filed with the
Department’s Web site as of Jan 31,
Commission, and all written
2011.
communications relating to the
FOR FURTHER INFORMATION CONTACT:
proposed rule change between the
Jason Passaro, Director, A/CSM, 703–
Commission and any person, other than 875–5114, passaroja@state.gov.
those that may be withheld from the
Dated: February 3, 2011.
public in accordance with the
Jason Passaro,
provisions of 5 U.S.C. 552, will be
Director, A/CSM, Department of State.
available for Web site viewing and
[FR Doc. 2011–3615 Filed 2–16–11; 8:45 am]
printing in the Commission’s Public
Reference Room, 100 F Street, NE.,
BILLING CODE 4710–24–P
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also DEPARTMENT OF TRANSPORTATION
will be available for inspection and
ITS Joint Program Office; Pre-Proposal
copying at the principal office of the
Safety Pilot Joint Bidders Conference;
Exchange. All comments received will
Notice of Public Meeting
be posted without change; the
Commission does not edit personal
AGENCY: Research and Innovative
identifying information from
Technology Administration, U.S.
submissions. You should submit only
Department of Transportation.
information that you wish to make
ACTION: Notice.
publicly available. All submissions
should refer to File Number SR–
The U.S. Department of
NASDAQ–2011–026 and should be
Transportation ITS Joint Program Office
submitted on or before March 10, 2011.
(ITS JPO) is conducting a Pre-proposal
jlentini on DSKJ8SOYB1PROD with NOTICES
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–3645 Filed 2–16–11; 8:45 am]
BILLING CODE 8011–01–P
14 The text of the proposed rule change is
available on the Commission’s Web site at https://
www.sec.gov/rules/sro.shtml.
15 17 CFR 200.30–3(a)(12).
VerDate Mar<15>2010
16:38 Feb 16, 2011
Jkt 223001
SUMMARY:
Conference (‘‘Safety Pilot Joint Bidders
Conference’’) on February 22, 2011 from
8:30 a.m. to 4:30 p.m. at the University
of California—UC Washington Center,
1608 Rhode Island Avenue, NW.,
Washington, DC 20036. The conference
is for interested parties to learn about
and ask questions regarding the three
current US DOT procurements/
solicitations listed below in support of
the Safety Pilot Program. US DOT
officials will present and discuss the
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
9399
procurement process and requirements
for each of the three planned
procurements, as well as answer
relevant questions from interested
parties.
• Safety Pilot Test Conductor—
Request for Proposals (RFP) DTFH61–
11–R–00006 available at https://
www.FedBizOpps.gov.
• Aftermarket Safety Devices—
Request for Applications (RFA)
DTFH61–11–RA–00003 available at
https://www.Grants.gov.
• Roadside Equipment—Request for
Quotations (RFQ) DTFH61–11–Q–00012
available at https://
www.FedBizOpps.gov.
The Safety Pilot is intended to
establish a real world model
deployment test site for enabling
wireless communications among
vehicles and with roadside equipment
for use in generating data to enable
driver safety warning systems. The
deployment site will encompass
vehicles of various types that include a
mix of integrated, retrofit, and
aftermarket vehicle safety systems. The
model deployment data generated will
be used for establishing safety benefits
in support of future policy decisions by
US DOT, as well as for use by the
broader industry in developing
additional connected vehicle
applications.
Interested parties are invited to attend
in person or participate by webinar. For
additional information including
registration, please contact Adam Hopps
(ahopps@itsa.org) or use the following
link: https://www.itsa.org/itsa/files/
safety_pilot_bidders_conference_
registration.doc.
Issued in Washington, DC, on the 11th day
of February 2011.
John Augustine,
Managing Director, ITS Joint Program Office.
[FR Doc. 2011–3604 Filed 2–16–11; 8:45 am]
BILLING CODE 4910–HY–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Agency Information Collection
Activities: Requests for Comments;
Clearance of Renewed Approval of
Information Collection: Aviation
Medical Examiner Program
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice and request for
comments.
AGENCY:
In accordance with the
Paperwork Reduction Act of 1995, FAA
invites public comments about our
SUMMARY:
E:\FR\FM\17FEN1.SGM
17FEN1
]]>Agencies
[Federal Register Volume 76, Number 33 (Thursday, February 17, 2011)]
[Notices]
[Pages 9397-9399]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-3645]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63900; File No. SR-NASDAQ-2011-026]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Offer Additional Routing Option
February 14, 2011.
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 February 10, 2011, The NASDAQ Stock Market LLC (``NASDAQ'' or the
``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 the Exchange. NASDAQ has
designated the proposed rule change as constituting a rule change under
Rule 19b-4(f)(6) under the Act,\3\ which renders the proposal effective
upon filing with the Commission. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing this proposed rule change to offer an
additional routing option. NASDAQ proposes to implement the proposed
rule change on February 22, 2011 or as soon thereafter as practicable.
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, 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.
[[Page 9398]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
NASDAQ is amending Rule 4758, which describes its order routing
processes, to add the new CART routing option. Under this routing
option, the use of which is wholly voluntary, a market participant may
specify that an order will route to NASDAQ OMX BX (``BX'') and NASDAQ
OMX PSX (``PSX'') and then check the NASDAQ book, with any unexecuted
shares posting to the NASDAQ book or cancelling, depending on the time-
in-force of the order. Shares posted to the NASDAQ book are not routed
out again. CART, like of all of NASDAQ's routing strategies, is
designed to comply with the SEC Rule 611 and the other provisions of
Regulation NMS.\4\
---------------------------------------------------------------------------
\4\ 17 CFR 242.611.
---------------------------------------------------------------------------
The rule change also introduces fees for the CART strategy. With
respect to orders executed in BX or PSX, NASDAQ will pass along the
applicable fee or rebate. In the case of BX, this means that NASDAQ
passes through the $0.0014 per share executed credit paid by BX to
market participants when accessing liquidity, and in the case of PSX,
NASDAQ passes through the fee of $0.0025 per share executed charged by
PSX to market participants when accessing liquidity. CART orders that
access liquidity at NASDAQ will pay the standard NASDAQ take rate of
$0.0030 per share executed, and CART orders that provide liquidity
after posting to the NASDAQ book will receive the rebate for which the
market participant otherwise qualifies under NASDAQ's fee schedule.
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
Sections 6(b)(5) of the Act,\6\ in particular, in that the proposal is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. The Exchange
believes that the proposed routing option will accomplish those ends by
providing market participants with an additional voluntary routing
option that will enable them easily to access liquidity available on
all of the national securities exchanges operated by The NASDAQ OMX
Group. NASDAQ expects the routing strategy will benefit firms that do
not employ high-frequency trading strategies under which the firm
itself would rapidly access liquidity provided on the multiple venues.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f.
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The rule change is also consistent with Section 6 of the Act,\7\ in
general, and with Sections 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 fees assessed
for CART for routing to BX and PSX are the same as the fees and rebates
that are charged and offered to NASDAQ by these exchanges, and the fees
associated with accessing or providing liquidity on NASDAQ through the
strategy are the same as the fees and rebates applicable to orders that
access NASDAQ without using the strategy. Use of the routing option is
voluntary.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
NASDAQ does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended. NASDAQ provides
routing services in a highly competitive market in which participants
may avail themselves of a wide variety of routing options offered by
self-regulatory organizations, alternative trading systems, other
broker-dealers, market participants' own proprietary routing systems,
and service bureaus. In such an environment, system enhancements such
as the changes proposed in this rule filing do not burden competition,
because they can succeed in attracting order flow to NASDAQ only if
they offer investors higher quality and better value than services
offered by others. Encouraging competitors to provide higher quality
and better value is the essence of a well-functioning competitive
marketplace.
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
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
NASDAQ has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \11\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6) \12\ permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. NASDAQ requests that
the Commission waive the 30-day operative delay because it currently
has the technological changes ready to support the proposed rule
change, and believes that the benefits of greater flexibility that are
expected from the rule change should not be delayed. The Commission
believes that accelerating the 30-day operative delay \13\ is
consistent with the protection of investors and the public interest and
designates the proposal operative upon filing.
---------------------------------------------------------------------------
\11\ 17 CFR 240.19b-4(f)(6).
\12\ 17 CFR 240.19b-4(f)(6).
\13\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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.
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:
[[Page 9399]]
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-2011-026 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-2011-026. 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,\14\ 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 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 publicly available. All submissions should refer to
File Number SR-NASDAQ-2011-026 and should be submitted on or before
March 10, 2011.
---------------------------------------------------------------------------
\14\ The text of the proposed rule change is available on the
Commission's Web site at https://www.sec.gov/rules/sro.shtml.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-3645 Filed 2-16-11; 8:45 am]
BILLING CODE 8011-01-P
