Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Its Co-Location Fee Schedule To Establish Fees for Access to Market Data Feeds From the Toronto Stock Exchange and the TSX Venture Exchange, 39942-39944 [2011-17062]
Download as PDF
<![CDATA[
39942
Federal Register / Vol. 76, No. 130 / Thursday, July 7, 2011 / Notices
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 upon filing with the
Commission pursuant to Section
19(b)(3)(A) of the Act 11 and Rule 19b–
4(f)(6)(iii) thereunder.12
The Exchange has requested that the
Commission waive the 30-day operative
delay period. The Commission believes
that waiver of the 30-day operative
delay period is consistent with the
protection of investors and the public
interest because such waiver will allow
the PIP Pilot program to continue
without interruption. Accordingly, the
Commission designates the proposed
rule change operative upon filing with
the Commission.13
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.14
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–BX–2011–041 on the
subject line.
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–BX–2011–041. 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 Number SR–BX–
2011–041 and should be submitted on
or before July 28, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Cathy H. Ahn,
Deputy Secretary.
Paper Comments
[FR Doc. 2011–16950 Filed 7–6–11; 8:45 am]
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
BILLING CODE 8011–01–P
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6)(iii). 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 met this requirement.
13 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
14 15 U.S.C. 78s(b)(3)(C).
sroberts on DSK5SPTVN1PROD with NOTICES
12 17
16:26 Jul 06, 2011
Jkt 223001
PO 00000
[Release No. 34–64789; File No. SR–
NASDAQ–2011–087]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify Its
Co-Location Fee Schedule To
Establish Fees for Access to Market
Data Feeds From the Toronto Stock
Exchange and the TSX Venture
Exchange
July 1, 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 June 23,
2011, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’ or ‘‘Exchange’’) 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 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 the Substance
of the Proposed Rule Change
The Exchange proposes to modify its
co-location fee schedule to establish fees
for access to market data feeds from the
Toronto Stock Exchange (‘‘TSX’’) and
the TSX Venture Exchange (‘‘TSXV’’).
The Exchange will implement the
proposed change on July 1, 2011. The
text of the proposed rule change is
available at https://
nasdaq.cchwallstreet.com/, at the
Exchange’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.
11 15
VerDate Mar<15>2010
SECURITIES AND EXCHANGE
COMMISSION
1 15
15 17
CFR 200.30–3(a)(12).
Frm 00132
Fmt 4703
Sfmt 4703
2 17
E:\FR\FM\07JYN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
07JYN1
Federal Register / Vol. 76, No. 130 / Thursday, July 7, 2011 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
sroberts on DSK5SPTVN1PROD with NOTICES
1. Purpose
The purpose of the proposed rule
change is to modify NASDAQ’s colocation fee schedule to establish fees
for access to market data feeds from TSX
and TSXV. The Exchange proposes: (1)
A one-time fee of $1,000 for the
installation of telecommunications
connectivity for selected TSX and TSXV
real-time market data feeds, along with
(2) a per-month connectivity fee of $300
if a client wishes to receive the TSX and
TSXV Level 1 Feed; a per-month
connectivity fee of $1,000 if a client
wishes to receive the TSX and TSVX
Level 2 Feed; a per-month connectivity
fee of $100 if a client wishes to receive
the TSX Quantum Level 1 Feed; and a
per-month connectivity fee of $300 if a
client wishes to receive the TSX
Quantum Level 2 Feed.
The Exchange is making the TSX
market data feeds [sic] available as a
convenience to customers and notes that
receipt of these feeds is completely
voluntary. The Exchange also notes that
such feeds may be freely obtained from
other vendors for use by customers in
the datacenter. These fees are similar to
fees already charged by NASDAQ for
receipt of market data from other
exchanges in the data center. See also
the market data connectivity fees for
SIAC, the Chicago Mercantile Exchange,
and the BATS Exchange on the
Exchange’s co-location fee schedule.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,3
in general, and with Section 6(b)(4) of
the Act,4 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 the Exchange operates or
controls.
The Exchange operates in a highly
competitive market in which exchanges
offer co-location services as a means to
facilitate the trading activities of those
members who believe that co-location
enhances the efficiency of their trading.
Accordingly, fees charged for colocation services are constrained by the
active competition for the order flow of
such members. If a particular exchange
charges excessive fees for co-location
services, affected members will opt to
3 15
4 15
U.S.C. 78f.
U.S.C. 78f(b)(4).
VerDate Mar<15>2010
16:26 Jul 06, 2011
Jkt 223001
terminate their co-location arrangements
with that exchange, and adopt a
possible range of alternative strategies,
including co-locating with a different
exchange, placing their servers in a
physically proximate location outside
the exchange’s data center, or pursuing
trading strategies not dependent upon
co-location. Accordingly, the exchange
charging excessive fees would stand to
lose not only co-location revenues but
also revenues associated with the
execution of orders routed to it by
affected members. The Exchange
believes that this competitive dynamic
imposes powerful restraints on the
ability of any exchange to charge
unreasonable fees for co-location
services.
It should be noted, however, that the
costs associated with operating a colocation facility, like the costs of
operating the electronic trading facility
with which the co-location facility is
associated, are primarily fixed costs,
and in the case of co-location are
primarily the costs of renting or owning
data center space and retaining a staff of
technical personnel. Accordingly, the
Exchange establishes a range of colocation fees with the goal of covering
these fixed costs, covering less
significant marginal costs, such as the
cost of electricity, and to the extent the
costs are covered, earns [sic] a profit.
Because fixed costs must be allocated
among all customers, the Exchange’s fee
schedule reflects an effort to assess a
range of relatively low fees for specific
aspects of co-location services, which,
in the aggregate, will allow the
Exchange to cover its costs and earn a
profit; [sic] to the extent the costs are
covered.
In the case the [sic] proposed fees for
installation and connectivity to select
TSX and TSXV real-time market data
feeds, the proposed fees cover the costs
charged by Nasdaq Technology Services
for establishing and maintaining the
telecommunication networks to obtain
and republish these market data feeds.
The fees are based on anticipated
bandwidth needed to accommodate a
particular feed. The proposed fees also
allow the Exchange earn [sic] a profit;
[sic] to the extent the costs are covered.
The Exchange notes that it is not the
exclusive method to obtain market data
connectivity. The Exchange believes
that it is reasonable to use fees assessed
on this basis as a means to recoup
NASDAQ’s share of the costs associated
with the proposed market data feeds,
provide a convenience for the
customers, and to the extent the costs
are covered, provide the Exchange a
profit.
PO 00000
Frm 00133
Fmt 4703
Sfmt 4703
39943
The Exchange notes that its
installation and monthly connectivity
rates proposed for TSX and TSXV
market data feeds are similar to
connectivity fees imposed by other
vendors. The Exchange also notes that
the fees charged by the Exchange are
generally lower or comparable to prices
charged by other exchanges or
unregulated vendors for similar
services. For instance, NYSE is charging
charges [sic] fees of $500 to $5,750 for
selected CME market data feeds and
charges a $950 installation fee.5
Furthermore, because the proposed
co-location services are entirely
voluntary and available to all members,
the Exchange’s fees for proposed
co-location services are equitably
allocated and non-discriminatory. In
addition, the market data feeds may be
obtained from other sources.
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.6 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:
5 See
6 15
E:\FR\FM\07JYN1.SGM
https://www.nyxdata.com/doc/50210.
U.S.C. 78s(b)(3)(A)(ii).
07JYN1
39944
Federal Register / Vol. 76, No. 130 / Thursday, July 7, 2011 / Notices
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–2011–087 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.
sroberts on DSK5SPTVN1PROD with NOTICES
All submissions should refer to File
Number SR–NASDAQ–2011–087. 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 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 offices of the Exchange.
All comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–NASDAQ–2011–087, and
should be submitted on or before July
28, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–17062 Filed 7–6–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64791; File No. SR–EDGX–
2011–18]
Self-Regulatory Organizations; EDGX
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Make Available
Without Charge the EDGX Book Feed
and To Add a Description of the EDGX
Book Feed to New Rule 13.8
July 1, 2011.
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 June 29,
2011, EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX’’) 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
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to make
available without charge the EDGX book
feed (‘‘EDGX Book Feed’’), an EDGX
data feed that displays depth of book
information. The Exchange also
proposes to add a description of the
EDGX Book Feed to new Rule 13.8. The
text of the proposed rule change is
attached as Exhibit 5 and is available on
the Exchange’s Web site at https://
www.directedge.com, at the Exchange’s
principal office, and at the Public
Reference Room of the Commission.
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
self-regulatory organization has
prepared summaries, set forth in
Sections A, B and C below, of the most
significant aspects of such statements.
1 15
7 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
16:26 Jul 06, 2011
2 17
Jkt 223001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00134
Fmt 4703
Sfmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to describe the availability of
the EDGX Book Feed, a data feed that
contains all orders for securities trading
on the Exchange. The EDGX Book Feed
is available to all EDGX members
equally at no charge, and offers all firms
real-time data concerning EDGX’s depth
of book. EDGX makes the EDGX Book
Feed available to all market participants
via subscription through an established
connection to EDGX through extranets,
direct connection, and service bureaus.
The EDGX Book Feed is available in
multicast and unicast formats.
The EDGX Book Feed contains the
following data elements: all displayed
orders for listed securities trading on
EDGX, order executions, order
cancellations, order modifications, order
identification numbers, and
administrative messages.
By making the EDGX Book Feed data
available, EDGX enhances market
transparency and fosters competition
among orders and markets. Member
firms may use the EDGX Book Feed to
more accurately price their orders based
on EDGX’s view of the depth of book
information, such as all displayed limit
orders at any point in time.
Additionally, Members can track their
own orders from order entry to
execution.
The Exchange proposes to add the
definition of EDGX Book Feed to new
Rule 13.8(a). In addition, the Exchange
proposes to add to Rule 13.8(b) the
process by which a Member can
obfuscate their unique order
identification number on the EDGX
Book Feed for subsequent
replenishments of reserve orders per
Market Participant Identifier (‘‘MPID’’)
for all logical ports or specific logical
ports, as designated by the Member. In
order to do so, and have a randomly
generated order identification number
applied to the replenishment of
Member’s reserve orders, the Member
would contact Member Services via email or phone. Such feature would be
enabled the next trading day by the
Exchange for the Member-selected MPID
for all logical ports or specific logical
ports until further instructions are
received by Member Services from the
Member. The Exchange believes that the
random order identification number
would help deter other market
participants from being able to trace the
life of a specific order, including short-
E:\FR\FM\07JYN1.SGM
07JYN1
]]>Agencies
[Federal Register Volume 76, Number 130 (Thursday, July 7, 2011)]
[Notices]
[Pages 39942-39944]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-17062]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64789; File No. SR-NASDAQ-2011-087]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify Its Co-Location Fee Schedule To Establish Fees for Access to
Market Data Feeds From the Toronto Stock Exchange and the TSX Venture
Exchange
July 1, 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 June 23, 2011, The NASDAQ Stock Market LLC (``NASDAQ'' or
``Exchange'') 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 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 the
Substance of the Proposed Rule Change
The Exchange proposes to modify its co-location fee schedule to
establish fees for access to market data feeds from the Toronto Stock
Exchange (``TSX'') and the TSX Venture Exchange (``TSXV'').
The Exchange will implement the proposed change on July 1, 2011.
The text of the proposed rule change is available at https://nasdaq.cchwallstreet.com/, at the Exchange'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 39943]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to modify NASDAQ's co-
location fee schedule to establish fees for access to market data feeds
from TSX and TSXV. The Exchange proposes: (1) A one-time fee of $1,000
for the installation of telecommunications connectivity for selected
TSX and TSXV real-time market data feeds, along with (2) a per-month
connectivity fee of $300 if a client wishes to receive the TSX and TSXV
Level 1 Feed; a per-month connectivity fee of $1,000 if a client wishes
to receive the TSX and TSVX Level 2 Feed; a per-month connectivity fee
of $100 if a client wishes to receive the TSX Quantum Level 1 Feed; and
a per-month connectivity fee of $300 if a client wishes to receive the
TSX Quantum Level 2 Feed.
The Exchange is making the TSX market data feeds [sic] available as
a convenience to customers and notes that receipt of these feeds is
completely voluntary. The Exchange also notes that such feeds may be
freely obtained from other vendors for use by customers in the
datacenter. These fees are similar to fees already charged by NASDAQ
for receipt of market data from other exchanges in the data center. See
also the market data connectivity fees for SIAC, the Chicago Mercantile
Exchange, and the BATS Exchange on the Exchange's co-location fee
schedule.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\3\ in general, and with
Section 6(b)(4) of the Act,\4\ 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 the Exchange operates or controls.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f.
\4\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange operates in a highly competitive market in which
exchanges offer co-location services as a means to facilitate the
trading activities of those members who believe that co-location
enhances the efficiency of their trading. Accordingly, fees charged for
co-location services are constrained by the active competition for the
order flow of such members. If a particular exchange charges excessive
fees for co-location services, affected members will opt to terminate
their co-location arrangements with that exchange, and adopt a possible
range of alternative strategies, including co-locating with a different
exchange, placing their servers in a physically proximate location
outside the exchange's data center, or pursuing trading strategies not
dependent upon co-location. Accordingly, the exchange charging
excessive fees would stand to lose not only co-location revenues but
also revenues associated with the execution of orders routed to it by
affected members. The Exchange believes that this competitive dynamic
imposes powerful restraints on the ability of any exchange to charge
unreasonable fees for co-location services.
It should be noted, however, that the costs associated with
operating a co-location facility, like the costs of operating the
electronic trading facility with which the co-location facility is
associated, are primarily fixed costs, and in the case of co-location
are primarily the costs of renting or owning data center space and
retaining a staff of technical personnel. Accordingly, the Exchange
establishes a range of co-location fees with the goal of covering these
fixed costs, covering less significant marginal costs, such as the cost
of electricity, and to the extent the costs are covered, earns [sic] a
profit. Because fixed costs must be allocated among all customers, the
Exchange's fee schedule reflects an effort to assess a range of
relatively low fees for specific aspects of co-location services,
which, in the aggregate, will allow the Exchange to cover its costs and
earn a profit; [sic] to the extent the costs are covered.
In the case the [sic] proposed fees for installation and
connectivity to select TSX and TSXV real-time market data feeds, the
proposed fees cover the costs charged by Nasdaq Technology Services for
establishing and maintaining the telecommunication networks to obtain
and republish these market data feeds. The fees are based on
anticipated bandwidth needed to accommodate a particular feed. The
proposed fees also allow the Exchange earn [sic] a profit; [sic] to the
extent the costs are covered. The Exchange notes that it is not the
exclusive method to obtain market data connectivity. The Exchange
believes that it is reasonable to use fees assessed on this basis as a
means to recoup NASDAQ's share of the costs associated with the
proposed market data feeds, provide a convenience for the customers,
and to the extent the costs are covered, provide the Exchange a profit.
The Exchange notes that its installation and monthly connectivity
rates proposed for TSX and TSXV market data feeds are similar to
connectivity fees imposed by other vendors. The Exchange also notes
that the fees charged by the Exchange are generally lower or comparable
to prices charged by other exchanges or unregulated vendors for similar
services. For instance, NYSE is charging charges [sic] fees of $500 to
$5,750 for selected CME market data feeds and charges a $950
installation fee.\5\
---------------------------------------------------------------------------
\5\ See https://www.nyxdata.com/doc/50210.
---------------------------------------------------------------------------
Furthermore, because the proposed co-location services are entirely
voluntary and available to all members, the Exchange's fees for
proposed co-location services are equitably allocated and non-
discriminatory. In addition, the market data feeds may be obtained from
other sources.
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.\6\ 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.
---------------------------------------------------------------------------
\6\ 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:
[[Page 39944]]
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-2011-087 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-2011-087. 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 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 offices of the Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NASDAQ-2011-087, and should be submitted on or before
July 28, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-17062 Filed 7-6-11; 8:45 am]
BILLING CODE 8011-01-P
