Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Fees for Members Using the NASDAQ Market Center, 55954-55956 [2011-23034]
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55954
Federal Register / Vol. 76, No. 175 / Friday, September 9, 2011 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Bidville,
Inc. (n/k/a PrimEdge, Inc.) because it
has not filed any periodic reports since
the period ended September 30, 2005.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Bio-Warm
Corp. (n/k/a PHI Gold Corp.) because it
has not filed any periodic reports since
the period ended May 31, 2005.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Black Rock
Gold Corp. (a/k/a Aurus Corp.) because
it has not filed any periodic reports
since the period ended March 31, 1998.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Broadband
Wireless International Corp. because it
has not filed any periodic reports since
the period ended March 31, 2006.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of BSK &
Tech, Inc. because it has not filed any
periodic reports since it filed a
registration statement on January 23,
2009.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Buffalo
Gold Ltd. because it has not filed any
periodic reports since the period ended
December 31, 2007.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
companies.
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the
securities of the above-listed companies
is suspended for the period from
9:30 a.m. E.D.T. on September 7, 2011,
through 11:59 p.m. E.D.T. on September
20, 2011.
SECURITIES AND EXCHANGE
COMMISSION
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
[Release No. 34–65246; File No. SR–
NASDAQ–2011–120]
Astralis Ltd., Cavit Sciences, Inc.,
Crystal International Travel Group,
Inc., and Tasker Products Corp.; Order
of Suspension of Trading
September 7, 2011.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Astralis Ltd.
because it has not filed any periodic
reports since the period ended
September 30, 2007.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Cavit
Sciences, Inc. because it has not filed
any periodic reports since the period
ended September 30, 2008.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Crystal
International Travel Group, Inc. because
it has not filed any periodic reports
since the period ended July 31, 2007.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Tasker
Products Corp. because it has not filed
any periodic reports since the period
ended June 30, 2008.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
companies. Therefore, it is ordered,
pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that
trading in the securities of the abovelisted companies is suspended for the
period from 9:30 a.m. E.D.T. on
September 7, 2011 through 11:59 p.m.
E.D.T. on September 20, 2011.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–23233 Filed 9–7–11; 4:15 pm]
BILLING CODE 8011–01–P
By the Commission.
Jill M. Peterson,
Assistant Secretary.
Self-Regulatory Organizations; the
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify Fees
for Members Using the NASDAQ
Market Center
September 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 August
25, 2011, The NASDAQ Stock Market
LLC (the ‘‘Exchange’’ or ‘‘NASDAQ’’)
filed with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III, below, which Items
have been prepared by NASDAQ. 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
NASDAQ proposes to modify pricing
for NASDAQ members using the
NASDAQ Market Center. NASDAQ will
implement the proposed change on
September 1, 2011. The text of the
proposed rule change is available at
https://nasdaq.cchwallstreet.com/, at
NASDAQ’s principal office, at the
Commission’s Public Reference Room,
and at the Commission’s Web site at
https://www.sec.gov.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
NASDAQ included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below.
NASDAQ has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
[FR Doc. 2011–23224 Filed 9–7–11; 4:15 pm]
BILLING CODE 8011–01–P
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U.S.C. 78s(b)(1).
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Federal Register / Vol. 76, No. 175 / Friday, September 9, 2011 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
mstockstill on DSK4VPTVN1PROD with NOTICES
1. Purpose
NASDAQ is amending Rule 7018 to
make two modifications to its pricing
schedule for routing and execution of
quotes/orders through the NASDAQ
Market Center of securities priced at $1
or more. First, NASDAQ is proposing to
extend and modify, for one month the
Attributable Market Provider pilot
program to continue to encourage more
extensive market making activity on
NASDAQ. Under the pilot, set forth in
NASDAQ Rule 7018(a)(4), a market
maker with an MPID through which it
has registered as a market maker in a
daily average of more than 5,000
securities during the month will receive
an additional credit of $0.0004 per share
executed with respect to attributable
quotes/orders that provide liquidity
through such MPID, in addition to the
credit that it is otherwise entitled to
receive under Rule 7018. Currently, the
maximum additional rebate that a
member can receive under this pilot
program is $250,000 per month.
NASDAQ is reducing the maximum
from $250,000 to $100,000 during the
one-month extension of the pilot.
The cap applies on a per member
basis, regardless of the number of MPIDs
through which the member qualifies for
the program. Through the program,
NASDAQ hopes to see a continuation of
increased market maker participation
and contribution of attributable
liquidity in order to enhance price
discovery. Throughout the pilot period,
NASDAQ will evaluate the costs and
benefits of the program, and will then
either allow the pilot to lapse or file to
extend, modify, or make the program
permanent.
Second, NASDAQ is raising from
$0.0027 to $0.0029 the charge for
members entering Directed Orders sent
to NASDAQ OMX PSX. The current
charge of $0.0027 reflects a premium of
$0.0002 above the standard charge for
removing liquidity at NASDAQ OMX
PSX. Effective September 1, 2011,
NASDAQ OMX PSX will be increasing
by $0.0002 the charge for removing
liquidity. Therefore, to maintain the
$0.0002 premium above that rate,
NASDAQ is increasing the rate for
Directed Orders sent to NASDAQ OMX
PSX by $0.0002 to $0.0029.
2. Statutory Basis
NASDAQ believes that the proposed
rule change is consistent with the
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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
NASDAQ operates or controls. All
similarly situated members are subject
to the same fee structure, and access to
NASDAQ is offered on fair and nondiscriminatory terms.
Extending the proposed Attributable
Market Provider program is reasonable
because it will continue a fee reduction
for members that qualify for the
program, without increasing the costs
borne by other members. It is reasonable
that NASDAQ lowers the maximum
credit due to its analysis of the current
mix of usage of the pilot program by its
various members. Moreover, the
proposed program is consistent with an
equitable allocation of fees because it
allocates a higher rebate to members
that make significant contributions to
NASDAQ market quality by making
markets in a large number of stocks and
that contribute to price discovery by
posting attributable quotes/orders.
Although members qualifying for the
program may use non-attributed and
non-displayed orders, the enhanced
rebate will be paid only with respect to
attributable, displayed liquidity. Based
on three months of experience with the
pilot, NASDAQ believes that the
program does encourage some market
makers to become active in more stocks
and display more shares of liquidity,
thereby benefiting other market
participants that will receive a more
complete understanding of the supply
and demand for particular stocks and
that will be able to access the liquidity
displayed by such market makers.
With respect to the charge for sending
Directed Orders to NASDAQ OMX PSX,
NASDAQ believes that raising the fee by
$0.0002 is reasonable and an equitable
allocation of fees in that this increase
maintains a stable premium of $0.0002
over the charge for removing liquidity
on NASDAQ OMX PSX. This premium
represents a fee for usage of NASDAQ’s
state-of-the-art routing service.
Finally, NASDAQ notes that it
operates in a highly competitive market
in which market participants can
readily favor competing venues if they
deem fee levels at a particular venue to
be excessive. In such an environment,
NASDAQ must continually adjust its
fees to remain competitive with other
exchanges and with alternative trading
systems that have been exempted from
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U.S.C. 78f.
U.S.C. 78f(b)(4).
Frm 00089
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compliance with the statutory standards
applicable to exchanges.
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.
Because the market for order execution
and routing is extremely competitive,
members may readily opt to disfavor
NASDAQ’s execution services if they
believe that alternatives offer them
better value. For this reason and the
reasons discussed in connection with
the statutory basis for the proposed rule
change, NASDAQ does not believe that
the proposed changes will impair the
ability of members or competing order
execution venues to maintain their
competitive standing in the financial
markets.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.5 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
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55955
E:\FR\FM\09SEN1.SGM
U.S.C. 78s(b)(3)(a)(ii).
09SEN1
55956
Federal Register / Vol. 76, No. 175 / Friday, September 9, 2011 / Notices
Number SR–NASDAQ–2011–120 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.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65249; File No. SR–
NYSEArca–2011–63]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change To List and Trade Shares
of the United States Metals Index Fund,
All submissions should refer to File
the United States Agriculture Index
Number SR–NASDAQ–2011–120. This
Fund and the United States Copper
file number should be included on the
Index Fund Under NYSE Arca Equities
subject line if e-mail is used. To help the Rule 8.200
Commission process and review your
September 2, 2011.
comments more efficiently, please use
only one method. The Commission will
Pursuant to Section 19(b)(1) of the
post all comments on the Commission’s Securities Exchange Act of 1934 (the
Internet Web site (https://www.sec.gov/
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
rules/sro.shtml). Copies of the
notice is hereby given that, on August
submission, all subsequent
19, 2011, NYSE Arca, Inc. (the
amendments, all written statements
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
with respect to the proposed rule
the Securities and Exchange
change that are filed with the
Commission (the ‘‘Commission’’) the
Commission, and all written
proposed rule change as described in
communications relating to the
Items I, II, and III below, which Items
proposed rule change between the
have been prepared by the Exchange.
Commission and any person, other than The Commission is publishing this
those that may be withheld from the
notice to solicit comments on the
public in accordance with the
proposed rule change from interested
provisions of 5 U.S.C. 552, will be
persons.
available for Web site viewing and
I. Self-Regulatory Organization’s
printing in the Commission’s Public
Statement of the Terms of Substance of
Reference Room, 100 F Street, NE.,
the Proposed Rule Change
Washington, DC 20549, on official
business days between the hours of 10
The Exchange proposes to list and
a.m. and 3 p.m. Copies of the filing also trade shares of the United States Metals
will be available for inspection and
Index Fund (‘‘USMI’’), the United States
copying at the principal office of the
Agriculture Index Fund (‘‘USAI’’) and
Exchange. All comments received will
the United States Copper Index Fund
be posted without change; the
(‘‘USCUI’’) (together, the ‘‘Funds’’)
Commission does not edit personal
under NYSE Arca Equities Rule 8.200.
identifying information from
The text of the proposed rule change is
submissions. You should submit only
available at the Exchange, the
information that you wish to make
Commission’s Public Reference Room,
available publicly. All submissions
and https://www.nyse.com.
should refer to File Number SR–
II. Self-Regulatory Organization’s
NASDAQ–2011–120 and should be
Statement of the Purpose of, and
submitted on or before September 30,
Statutory Basis for, the Proposed Rule
2011.
Change
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Dated: September 1, 2011
Elizabeth M. Murphy
Secretary
mstockstill on DSK4VPTVN1PROD with NOTICES
[FR Doc. 2011–23034 Filed 9–8–11; 8:45 am]
BILLING CODE 8011–01–P
In its filing with the Commission, the
self-regulatory organization 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 those 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.
1 15
6 17
CFR 200.30–3(a)(12).
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16:58 Sep 08, 2011
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
NYSE Arca Equities Rule 8.200,
Commentary .02 permits the trading of
Trust Issued Receipts either by listing or
pursuant to unlisted trading privileges
(‘‘UTP’’).3 The Exchange proposes to list
and trade shares (‘‘Units’’) of the Funds
pursuant to NYSE Arca Equities Rule
8.200.
The Exchange notes that the
Commission has previously approved
the listing and trading of other issues of
Trust Issued Receipts on the American
Stock Exchange LLC,4 trading on NYSE
Arca pursuant to unlisted trading
privileges (‘‘UTP’’),5 and listing on
NYSE Arca.6 Among these is the United
States Commodity Index Fund, which,
like the Funds, is a series of the United
States Commodity Index Funds Trust
(‘‘Trust’’).7 In addition, the Commission
has approved the listing and trading of
other exchange-traded fund-like
products linked to the performance of
underlying commodities.8
The Units represent beneficial
ownership interests in the Funds, as
described in the Registration
Statement.9 The Funds are commodity
3 Commentary .02 to NYSE Arca Equities Rule
8.200 applies to Trust Issued Receipts that invest
in ‘‘Financial Instruments.’’ The term ‘‘Financial
Instruments,’’ as defined in Commentary .02(b)(4) to
NYSE Arca Equities Rule 8.200, means any
combination of investments, including cash;
securities; options on securities and indices; futures
contracts; options on futures contracts; forward
contracts; equity caps, collars and floors; and swap
agreements.
4 See, e.g., Securities Exchange Act Release No.
58161 (July 15, 2008), 73 FR 42380 (July 21, 2008)
(SR–Amex–2008–39).
5 See, e.g., Securities Exchange Act Release No.
58163 (July 15, 2008), 73 FR 42391 (July 21, 2008)
(SR–NYSEArca–2008–73).
6 See, e.g., Securities Exchange Act Release No.
58457 (September 3, 2008), 73 FR 52711 (September
10, 2008) (SR–NYSEArca–2008–91).
7 See Securities Exchange Act Release No. 62527
(July 19, 2010), 75 FR 43606 (July 26, 2010) (SR–
NYSEArca–2010–44) (order approving listing on the
Exchange of United States Commodity Index Fund).
8 See, e.g., Securities Exchange Act Release Nos.
57456 (March 7, 2008), 73 FR 13599 (March 13,
2008) (SR–NYSEArca–2007–91) (order granting
accelerated approval for NYSE Arca listing the
iShares GS Commodity Trusts); 59781 (April 17,
2009), 74 FR 18771 (April 24, 2009) (SR–
NYSEArca–2009–28) (order granting accelerated
approval for NYSE Arca listing the ETFS Silver
Trust); 59895 (May 8, 2009), 74 FR 22993 (May 15,
2009) (SR–NYSEArca–2009–40) (order granting
accelerated approval for NYSE Arca listing the
ETFS Gold Trust); 61219 (December 22, 2009), 74
FR 68886 (December 29, 2009) (order approving
listing on NYSE Arca of the ETFS Platinum Trust).
9 See the Funds’ registration statement on Form
S–1 for the United States Commodity Index Funds
Trust, dated November 24, 2010 (File No. 333–
170844) relating to the Funds (‘‘Registration
E:\FR\FM\09SEN1.SGM
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]]>Agencies
[Federal Register Volume 76, Number 175 (Friday, September 9, 2011)]
[Notices]
[Pages 55954-55956]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-23034]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65246; File No. SR-NASDAQ-2011-120]
Self-Regulatory Organizations; the NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify Fees for Members Using the NASDAQ Market Center
September 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 August 25, 2011, The NASDAQ Stock Market LLC (the ``Exchange''
or ``NASDAQ'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III, below, which Items have been prepared by NASDAQ. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NASDAQ proposes to modify pricing for NASDAQ members using the
NASDAQ Market Center. NASDAQ will implement the proposed change on
September 1, 2011. The text of the proposed rule change is available at
https://nasdaq.cchwallstreet.com/, at NASDAQ's principal office, at the
Commission's Public Reference Room, and at the Commission's Web site at
https://www.sec.gov.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NASDAQ included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. NASDAQ has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.
[[Page 55955]]
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
NASDAQ is amending Rule 7018 to make two modifications to its
pricing schedule for routing and execution of quotes/orders through the
NASDAQ Market Center of securities priced at $1 or more. First, NASDAQ
is proposing to extend and modify, for one month the Attributable
Market Provider pilot program to continue to encourage more extensive
market making activity on NASDAQ. Under the pilot, set forth in NASDAQ
Rule 7018(a)(4), a market maker with an MPID through which it has
registered as a market maker in a daily average of more than 5,000
securities during the month will receive an additional credit of
$0.0004 per share executed with respect to attributable quotes/orders
that provide liquidity through such MPID, in addition to the credit
that it is otherwise entitled to receive under Rule 7018. Currently,
the maximum additional rebate that a member can receive under this
pilot program is $250,000 per month. NASDAQ is reducing the maximum
from $250,000 to $100,000 during the one-month extension of the pilot.
The cap applies on a per member basis, regardless of the number of
MPIDs through which the member qualifies for the program. Through the
program, NASDAQ hopes to see a continuation of increased market maker
participation and contribution of attributable liquidity in order to
enhance price discovery. Throughout the pilot period, NASDAQ will
evaluate the costs and benefits of the program, and will then either
allow the pilot to lapse or file to extend, modify, or make the program
permanent.
Second, NASDAQ is raising from $0.0027 to $0.0029 the charge for
members entering Directed Orders sent to NASDAQ OMX PSX. The current
charge of $0.0027 reflects a premium of $0.0002 above the standard
charge for removing liquidity at NASDAQ OMX PSX. Effective September 1,
2011, NASDAQ OMX PSX will be increasing by $0.0002 the charge for
removing liquidity. Therefore, to maintain the $0.0002 premium above
that rate, NASDAQ is increasing the rate for Directed Orders sent to
NASDAQ OMX PSX by $0.0002 to $0.0029.
2. Statutory Basis
NASDAQ 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 NASDAQ operates or controls. All similarly situated members are
subject to the same fee structure, and access to NASDAQ is offered on
fair and non-discriminatory terms.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f.
\4\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
Extending the proposed Attributable Market Provider program is
reasonable because it will continue a fee reduction for members that
qualify for the program, without increasing the costs borne by other
members. It is reasonable that NASDAQ lowers the maximum credit due to
its analysis of the current mix of usage of the pilot program by its
various members. Moreover, the proposed program is consistent with an
equitable allocation of fees because it allocates a higher rebate to
members that make significant contributions to NASDAQ market quality by
making markets in a large number of stocks and that contribute to price
discovery by posting attributable quotes/orders. Although members
qualifying for the program may use non-attributed and non-displayed
orders, the enhanced rebate will be paid only with respect to
attributable, displayed liquidity. Based on three months of experience
with the pilot, NASDAQ believes that the program does encourage some
market makers to become active in more stocks and display more shares
of liquidity, thereby benefiting other market participants that will
receive a more complete understanding of the supply and demand for
particular stocks and that will be able to access the liquidity
displayed by such market makers.
With respect to the charge for sending Directed Orders to NASDAQ
OMX PSX, NASDAQ believes that raising the fee by $0.0002 is reasonable
and an equitable allocation of fees in that this increase maintains a
stable premium of $0.0002 over the charge for removing liquidity on
NASDAQ OMX PSX. This premium represents a fee for usage of NASDAQ's
state-of-the-art routing service.
Finally, NASDAQ notes that it operates in a highly competitive
market in which market participants can readily favor competing venues
if they deem fee levels at a particular venue to be excessive. In such
an environment, NASDAQ must continually adjust its fees to remain
competitive with other exchanges and with alternative trading systems
that have been exempted from compliance with the statutory standards
applicable to exchanges.
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. Because the market
for order execution and routing is extremely competitive, members may
readily opt to disfavor NASDAQ's execution services if they believe
that alternatives offer them better value. For this reason and the
reasons discussed in connection with the statutory basis for the
proposed rule change, NASDAQ does not believe that the proposed changes
will impair the ability of members or competing order execution venues
to maintain their competitive standing in the financial markets.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\5\ At any time within 60 days of the filing
of the proposed rule change, the Commission summarily may temporarily
suspend such rule change if it appears to the Commission that such
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act. If the Commission takes such action, the Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.
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\5\ 15 U.S.C. 78s(b)(3)(a)(ii).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File
[[Page 55956]]
Number SR-NASDAQ-2011-120 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-2011-120. 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 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
available publicly. All submissions should refer to File Number SR-
NASDAQ-2011-120 and should be submitted on or before September 30,
2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(12).
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Dated: September 1, 2011
Elizabeth M. Murphy
Secretary
[FR Doc. 2011-23034 Filed 9-8-11; 8:45 am]
BILLING CODE 8011-01-P
