Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Minimum Quantity Order, 64411-64413 [2011-26856]

Download as PDF Federal Register / Vol. 76, No. 201 / Tuesday, October 18, 2011 / Notices exchange rebates offered for hidden liquidity by BATS (rebate of $0.0017 per share), Nasdsaq tiered rate of .0010/ .0015), and NYSE Arca (rebate of $0.0015 per share). The Exchange believes that the proposed rebate is nondiscriminatory in that it applies uniformly to all Members. The Exchange believes that the proposed elimination of the FIX (ECN Translator) logical port fee represents an equitable allocation of reasonable dues, fees, and other charges as the ECN Translator is no longer used by any Members and therefore, its elimination will not impact any Members. The proposed elimination of the fee also provides more simplicity to the fee schedule. The Exchange notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive. The proposed rule changes reflect a competitive pricing structure designed to incent market participants to direct their order flow to the Exchange. The Exchange believes that the proposed rates are nondiscriminatory in that they apply uniformly to all Members. The Exchange believes the fees and credits remain competitive with those charged by other venues and therefore continue to be reasonable and equitably allocated to Members. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. mstockstill on DSK4VPTVN1PROD with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. 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) [sic] of the Act 12 and Rule 19b–4(f)(2) 13 thereunder. At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if 12 15 13 17 U.S.C. 78s(b)(3)(A). CFR 19b–4(f)(2). VerDate Mar<15>2010 16:46 Oct 17, 2011 Jkt 226001 64411 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. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Elizabeth M. Murphy, Secretary. 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: [FR Doc. 2011–26857 Filed 10–17–11; 8:45 am] Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an E-mail to rulecomments@sec.gov. Please include File Number SR–EDGX–2011–31 on the subject line. Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Minimum Quantity Order BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65536; File No. SR– NASDAQ–2011–140] October 12, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Paper Comments notice is hereby given that on • Send paper comments in triplicate September 30, 2011, The NASDAQ to Elizabeth M. Murphy, Secretary, Stock Market LLC (‘‘NASDAQ’’) filed Securities and Exchange Commission, with the Securities and Exchange 100 F Street, NE., Washington, DC Commission (‘‘Commission’’) the 20549–1090. proposed rule change as described in All submissions should refer to File Items I, II, and III below, which Items Number SR–EDGX–2011–31 This file have been prepared by NASDAQ. The number should be included on the Commission is publishing this notice to subject line if e-mail is used. To help the solicit comments on the proposed rule Commission process and review your change from interested persons. comments more efficiently, please use only one method. The Commission will I. Self-Regulatory Organization’s post all comments on the Commission’s Statement of the Terms of Substance of Internet Web site (http://www.sec.gov/ the Proposed Rule Change rules/sro.shtml). Copies of the NASDAQ is filing this proposed rule submission, all subsequent change to modify the operation of its amendments, all written statements Minimum Quantity Order. NASDAQ with respect to the proposed rule proposes to implement the rule change change that are filed with the on a date that is at least thirty days after Commission, and all written the date of the filing, but prior to communications relating to the November 30, 2011. The text of the proposed rule change between the proposed rule change is available at Commission and any person, other than http://nasdaq.cchwallstreet.com/, at those that may be withheld from the NASDAQ’s principal office, and at the public in accordance with the Commission’s Public Reference Room. provisions of 5 U.S.C. 552, will be II. Self-Regulatory Organization’s available for Web site viewing and Statement of the Purpose of, and printing in the Commission’s Public Statutory Basis for, the Proposed Rule Reference Room, 100 F Street, NE., Change Washington, DC 20549, on official business days between the hours of 10 In its filing with the Commission, the a.m. and 3 p.m. Copies of the filing also Exchange included statements will be available for inspection and concerning the purpose of and basis for copying at the principal office of the the proposed rule change and discussed Exchange. All comments received will any comments it received on the be posted without change; the proposed rule change. The text of these Commission does not edit personal statements may be examined at the identifying information from places specified in Item IV below. The submissions. You should submit only Exchange has prepared summaries, set information that you wish to make forth in Sections A, B, and C below, of available publicly. All submissions should refer to File Number SR–EDGX– 14 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2011–31 and should be submitted on or 2 17 CFR 240.19b–4. before November 8, 2011. PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 E:\FR\FM\18OCN1.SGM 18OCN1 64412 Federal Register / Vol. 76, No. 201 / Tuesday, October 18, 2011 / Notices 2. Statutory Basis the most significant aspects of such statements. mstockstill on DSK4VPTVN1PROD with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose In order to provide enhanced functionality, NASDAQ is proposing to modify the functionality of its Minimum Quantity Order. Minimum Quantity Orders allow a market participant to specify a minimum share amount that the market participant seeks to obtain; accordingly, a Minimum Quantity Order will not execute unless the volume of liquidity available to execute against the order exceeds the designated minimum. A Minimum Quantity Order provides a means by which a market participant may avoid partial executions of orders at sizes that it considers inadequate to achieve its purposes. For example, a market participant seeking to sell a large position in a trading session with high volatility may use the order type to avoid selling only a small portion of the order at the price it considers acceptable. Currently, Minimum Quantity Orders must be designated with a time-in-force of System Hours Immediate or Cancel or Market Hours Immediate or Cancel. As a result, the order can only be used to ‘‘ping’’ the NASDAQ book to see if there is any posted liquidity that would allow the minimum execution. NASDAQ is proposing to remove this restriction so that a Minimum Quantity Order could post to the book if it cannot be executed immediately. Once posted, the order will execute if an incoming order that is marketable against it would satisfy its minimum quantity requirement. A Minimum Quantity Order that posts to the book is not displayed. Upon entry, a Minimum Quantity Order must have a size and a minimum quantity condition of at least one round lot. In the event that the shares remaining in the size of a Minimum Quantity Order following a partial execution are less than the minimum quantity specified by the market participant entering the order, the minimum quantity value of the order will be reduced to the number of shares remaining. Thus, for example, if a market participant entered a Minimum Quantity Order with a size of 1,000 and a minimum quantity of 500, and the order was marketable against a 600 share order on the book, the remaining 400 shares of the Minimum Quantity Order would post to the book with a minimum quantity restriction of 400 shares. VerDate Mar<15>2010 16:46 Oct 17, 2011 Jkt 226001 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)(5) of the Act,4 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. Specifically, NASDAQ believes that the change to the functioning of the Minimum Quantity Order will provide market participants with better control over their trading patterns, thereby providing them with greater potential to improve the quality of their order executions. 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. The changes to the Minimum Quantity Order will enhance the functionality offered by NASDAQ to its members, thereby promoting its competitiveness with other exchanges and non-exchange trading venues that already offer similar functionality. 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 5 and Rule 19b– 4(f)(6) thereunder.6 3 15 U.S.C. 78f. U.S.C. 78f(b)(5). 5 15 U.S.C. 78s(b)(3)(A). 6 17 CFR 240.19b–4(f)(6). 4 15 PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 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 change 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NASDAQ–2011–140 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–2011–140. 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 (http://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 NASDAQ. All comments received will E:\FR\FM\18OCN1.SGM 18OCN1 Federal Register / Vol. 76, No. 201 / Tuesday, October 18, 2011 / Notices Commission’s Public Reference Room and also on the Exchange’s Internet Web site at http:// nasdaqomxbx.cchwallstreet.com/ NASDAQOMXBX/Filings/. 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–2011–140 and should be submitted on or before November 8, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–26856 Filed 10–17–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65538; File No. SR–BX– 2011–070] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the BOX Fee Schedule October 12, 2011. mstockstill on DSK4VPTVN1PROD with NOTICES Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on October 5, 2011, NASDAQ OMX BX, Inc. (the ‘‘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 Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A)(ii) of the Act,3 and Rule 19b–4(f)(2) thereunder,4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change NASDAQ OMX BX, Inc. (the ‘‘Exchange’’) proposes to amend the Fee Schedule of the Boston Options Exchange Group, LLC (‘‘BOX’’). Changes to the BOX Fee Schedule pursuant to this proposal will be effective upon filing. The text of the proposed rule change is available from the principal office of the Exchange, at the 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 1 15 VerDate Mar<15>2010 16:46 Oct 17, 2011 Jkt 226001 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 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 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. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose As set forth in greater detail below, the Exchange proposes several changes to the BOX Fee Schedule to reflect the implementation of fees for Professional 5 accounts, and for the BOX Solicitation Auction and Facilitation Auction mechanisms.6 Section 1 Trading Fees for Public Customer Accounts Currently, the trading fee for Public Customers in Section 1a of the BOX Fee Schedule is $0.15 per executed contract of an Improvement Order for a Public Customer that is not submitted as a Customer Price Improvement Period Order for the Price Improvement Period (‘‘non-CPO’’ in the ‘‘PIP’’).7 The Exchange proposes to add to Section 1a the same $0.15 fee per executed contract for Responses in the Solicitation and Facilitation Auction mechanisms. Additionally, the fee in Section 1b is $0.25 per executed contract for Primary 5 See Securities Exchange Act Release No. 65036 (August 4, 2011) 76 FR 49517 (August 10, 2011) (SR–BX–2011–049) (Notice of Filing and Immediate Effectiveness To Adopt a Definition of ‘‘Professional’’ and Require That Professional Orders Be Appropriately Marked by BOX Options Participants). See also BOX Trading Rules Chapter I, Section 1(a)(52). The term ‘‘Professional’’ means any person or entity that (i) is not a broker or dealer in securities, and (ii) places more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). 6 See Securities Exchange Act Release No. 65387 (September 23, 2011) (SR–BX–2011–034) (Order Approving Amending the BOX Trading Rules to Establish Facilitation and Solicitation Auction Mechanisms). 7 See Price Improvement Period (‘‘PIP’’) in Chapter V, Section 18 of the BOX Trading Rules. PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 64413 Improvement Orders for a Public Customer. The Exchange proposes to add to Section 1b a $0.25 fee per executed contract for Facilitation Orders and Solicitation Orders for Public Customers. Currently, the fee for Public Customers in Section 1c is $0.07 per executed contract for all non-PIP transactions. The Exchange proposes to amend Section 1c to expand this applicable fee to all non-Auction Transactions and define the term ‘‘Auction Transactions’’ to include all transactions executed through PIP, the Solicitation Auction mechanism, and the Facilitation Auction mechanism. Section 2 Trading Fees for Professional Accounts The Exchange proposes to add the Trading Fees For Professional Accounts as Section 2 of the BOX Fee Schedule and renumber the Trading Fees For Broker Dealer Proprietary Accounts as Section 3 and Market Maker Trading Fees as Section 4. The Exchange proposes that Professional accounts pay the same fees as set forth for Public Customers in Section 1 of the Fee Schedule for all Auction Transactions. The Exchange also proposes that Professional accounts pay $0.20 per executed contract for all non-Auction Transactions.8 The Exchange also proposes to add Professional to the account types listed in Section 7a of the Fee Schedule that specifies the Fees for Adding Liquidity and Credits for Removing Liquidity in transactions on the BOX Book (nonAuction Transactions). These Fees and Credits for non-Auction Transactions are the same across all account types, now proposed to include Professional accounts, and the Exchange is not proposing any change to these Fees and Credits at this time. Section 3 Broker Dealer Fees and Section 4 Market Maker Fees The Exchange proposes to amend the Fee Schedule to correspond with the proposed change in Section 1c of the Fee Schedule to change references to PIP transactions to Auction Transactions so as to include transactions in the Solicitation and Facilitation Auction mechanisms. Additionally, the Exchange proposes that broker-dealers and market makers pay the same fees for non-Auction Transactions as they currently pay for non-PIP transactions. No change to 8 By comparison to Professional accounts, Trading Fees for non-Auction Transactions are $0.07 per executed contract for Public Customers and $0.40 per executed contract for Broker-Dealer Proprietary Accounts. E:\FR\FM\18OCN1.SGM 18OCN1

Agencies

[Federal Register Volume 76, Number 201 (Tuesday, October 18, 2011)]
[Notices]
[Pages 64411-64413]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-26856]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65536; File No. SR-NASDAQ-2011-140]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Modify the Minimum Quantity Order

October 12, 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 September 30, 2011, The NASDAQ Stock Market LLC (``NASDAQ'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared by NASDAQ. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NASDAQ is filing this proposed rule change to modify the operation 
of its Minimum Quantity Order. NASDAQ proposes to implement the rule 
change on a date that is at least thirty days after the date of the 
filing, but prior to November 30, 2011. The text of the proposed rule 
change is available at http://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

[[Page 64412]]

the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    In order to provide enhanced functionality, NASDAQ is proposing to 
modify the functionality of its Minimum Quantity Order. Minimum 
Quantity Orders allow a market participant to specify a minimum share 
amount that the market participant seeks to obtain; accordingly, a 
Minimum Quantity Order will not execute unless the volume of liquidity 
available to execute against the order exceeds the designated minimum. 
A Minimum Quantity Order provides a means by which a market participant 
may avoid partial executions of orders at sizes that it considers 
inadequate to achieve its purposes. For example, a market participant 
seeking to sell a large position in a trading session with high 
volatility may use the order type to avoid selling only a small portion 
of the order at the price it considers acceptable.
    Currently, Minimum Quantity Orders must be designated with a time-
in-force of System Hours Immediate or Cancel or Market Hours Immediate 
or Cancel. As a result, the order can only be used to ``ping'' the 
NASDAQ book to see if there is any posted liquidity that would allow 
the minimum execution. NASDAQ is proposing to remove this restriction 
so that a Minimum Quantity Order could post to the book if it cannot be 
executed immediately. Once posted, the order will execute if an 
incoming order that is marketable against it would satisfy its minimum 
quantity requirement. A Minimum Quantity Order that posts to the book 
is not displayed. Upon entry, a Minimum Quantity Order must have a size 
and a minimum quantity condition of at least one round lot.
    In the event that the shares remaining in the size of a Minimum 
Quantity Order following a partial execution are less than the minimum 
quantity specified by the market participant entering the order, the 
minimum quantity value of the order will be reduced to the number of 
shares remaining. Thus, for example, if a market participant entered a 
Minimum Quantity Order with a size of 1,000 and a minimum quantity of 
500, and the order was marketable against a 600 share order on the 
book, the remaining 400 shares of the Minimum Quantity Order would post 
to the book with a minimum quantity restriction of 400 shares.
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)(5) of the Act,\4\ 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. Specifically, NASDAQ 
believes that the change to the functioning of the Minimum Quantity 
Order will provide market participants with better control over their 
trading patterns, thereby providing them with greater potential to 
improve the quality of their order executions.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f.
    \4\ 15 U.S.C. 78f(b)(5).
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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. The changes to the 
Minimum Quantity Order will enhance the functionality offered by NASDAQ 
to its members, thereby promoting its competitiveness with other 
exchanges and non-exchange trading venues that already offer similar 
functionality.

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 \5\ and Rule 19b-
4(f)(6) thereunder.\6\
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    \5\ 15 U.S.C. 78s(b)(3)(A).
    \6\ 17 CFR 240.19b-4(f)(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 change 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NASDAQ-2011-140 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-2011-140. 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 (http://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 NASDAQ. 
All comments received will

[[Page 64413]]

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-2011-140 and should be submitted 
on or before November 8, 2011.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-26856 Filed 10-17-11; 8:45 am]
BILLING CODE 8011-01-P