Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Establishment of a Direct Market Data Product, NASDAQ Options Trade Outline (“NOTO”), 65765-65767 [2011-27379]
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Federal Register / Vol. 76, No. 205 / Monday, October 24, 2011 / Notices
tkelley on DSK3SPTVN1PROD with NOTICES
III. Discussion
Section 19(b)(2)(B) of the Act directs
the Commission to approve a proposed
rule change of a self-regulatory
organization if it finds that such
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to such organization.7 For
example, Section 17A(b)(3)(F) of the
Act 8 requires, among other things, that
the rules of a clearing agency be
designed to remove impediments to and
perfect the mechanism of a national
system for the prompt and accurate
clearance and settlement of securities
transactions and to assure the
safeguarding of securities and funds in
the custody or control of the clearing
agency or for which it is responsible.
If approved, the proposed rule change
would for the first time permit a
Commission-registered clearing agency
to clear sovereign CDS contracts, and
ICC has informed the Commission that
it intends to introduce clearing of SES
Contracts on four sovereign reference
entities (the Federative Republic of
Brazil, the United Mexican States, the
Bolivian Republic of Venezuela, and the
Argentine Republic) products promptly
after obtaining Commission approval.
By bringing additional products into
clearing, the Commission believes the
proposed rule change is consistent with
the requirements of the Act in that it
would contribute to the national system
for the prompt and accurate clearance
and settlement of securities
transactions.
Given the particular characteristics of
the products proposed to be cleared, the
Commission also carefully considered
ICC’s ability to clear SES Contracts in a
safe and sound manner. After
considering the representations made by
ICC regarding its belief that the
clearance of SES Contracts will
contribute to the safeguarding of
securities and funds associated with
security-based swap transactions based
on its analysis,9 the Commission
believes that the proposed rule change
is consistent with Section 17A(b)(3)(F)
of the Act, including ICC’s obligation to
ensure that its rules be designed to
assure the safeguarding of securities and
funds in the custody or control of the
clearing agency or for which it is
responsible.
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the proposal is
consistent with the requirements of the
7 15
U.S.C. 78s(b)(2)(B).
U.S.C. 78q–1(b)(3)(F).
9 Supra note 6.
8 15
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Jkt 226001
Act and in particular with the
requirements of Section 17A of the
Act 10 and the rules and regulations
thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,11 that the
proposed rule change (File No. SR–ICC–
2011–01) be, and hereby is, approved.12
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–27380 Filed 10–21–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65587; File No. SR–
NASDAQ–2011–144]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Establishment of a Direct Market Data
Product, NASDAQ Options Trade
Outline (‘‘NOTO’’)
October 18, 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 October
12, 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 establish a
direct market data product, NASDAQ
Options Trade Outline (‘‘NOTO’’).
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
www.nasdaq.cchwallstreet.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
10 15
U.S.C. 78q–1.
U.S.C. 78s(b)(2).
12 In approving the proposed rule change, the
Commission considered the proposal’s impact on
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
13 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
11 15
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65765
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to establish the NOTO market
data product. NOTO is a market data
product offered by the Exchange that is
designed to provide proprietary
electronic trade data to subscribers.
NOTO is available as either an ‘‘End-ofDay’’ data product or an ‘‘Intra-Day’’
data product, as described more fully
below. NOTO is available to any person
who wishes to subscribe to it, regardless
of whether or not they are a member of
the Exchange. NOTO is available only
for internal use and distribution by
subscribers.
Data Included in NOTO
NOTO provides information about the
activity of a particular option series
during a particular trading session.
NOTO subscribers will receive the
following data:
• Aggregate number of buy and sell
transactions in the affected series;
• Aggregate volume traded
electronically on the Exchange in the
affected series;
• Aggregate number of trades effected
on the Exchange to open a position; 3
• Aggregate number of trades effected
on the Exchange to close a position; 4
3 NOTO will provide subscribers with the
aggregate number of ‘‘opening purchase
transactions’’ in the affected series. An opening
purchase transaction is an Exchange options
transaction in which the purchaser’s intention is to
create or increase a long position in the series of
options involved in such transaction. NOTO will
also provide subscribers with the aggregate number
of ‘‘opening writing transactions.’’ An opening
writing transaction is an Exchange options
transaction in which the seller’s (writer’s) intention
is to create or increase a short position in the series
of options involved in such transaction.
4 NOTO will provide subscribers with the
aggregate number of ‘‘closing purchase
transactions’’ in the affected series. A closing
E:\FR\FM\24OCN1.SGM
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24OCN1
65766
Federal Register / Vol. 76, No. 205 / Monday, October 24, 2011 / Notices
• Origin of the orders involved in
trades on the Exchange in the affected
series during a particular trading
session, specifically aggregated in the
following categories of participants:
customers, broker-dealers, and market
makers.
End of Day Product
The End of Day product includes the
aggregate data described above
representing the entire trading session.
It is calculated during an overnight
process after each trading session and is
available to subscribers for download
the following morning at approximately
7 a.m., E.T.
The Exchange will establish a
monthly subscriber fee for the End of
Day product by way of a separate
proposed rule change, which the
Exchange will submit after the NOTO
market data product is established.
tkelley on DSK3SPTVN1PROD with NOTICES
Intra-Day Product
The Intra-Day product includes
periodic, cumulative data for a
particular trading session. The Intra-Day
product is produced and updated every
ten minutes during the trading day. Data
is captured in ‘‘snapshots’’ taken every
10 minutes throughout the trading day
and is available to subscribers within 5
minutes of the conclusion of each 10
minute period. For example, subscribers
to the Intra-Day product will receive the
first calculation of intra-day data by 9:44
a.m. E.T., which represents data
captured from 9:30 a.m. to 9:39 a.m.
Subscribers will receive the next update
at 9:54 a.m., representing the data
previously provided together with data
captured from 9:40 a.m. through 9:49
a.m., and so forth. Each update will
represent the aggregate data captured
from the current ‘‘snapshot’’ and all
previous ‘‘snapshots.’’
The Exchange will establish a
monthly subscriber fee for the Intra-Day
product by way of a separate proposed
rule change, which the Exchange will
submit after the NOTO market data
product is established.
NOTO provides subscribers data that
should enhance their ability to analyze
option trade and volume data, and to
create and test trading models and
analytical strategies. The Exchange
believes that NOTO is a valuable tool
purchase transaction is an Exchange options
transaction in which the purchaser’s intention is to
reduce or eliminate a short position in the series of
options involved in such transaction. NOTO will
also provide subscribers with the aggregate number
of ‘‘closing sale transactions.’’ A closing sale
transaction is an Exchange options transaction an
Exchange options transaction in which the seller’s
intention is to reduce or eliminate a long position
in the series of options involved in such
transaction.
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15:34 Oct 21, 2011
Jkt 226001
that subscribers can use to gain
comprehensive insight into the trading
activity in a particular option series.
NOTO is virtually identical to a
market data product currently available
on NASDAQ OMX PHLX LLC (‘‘PHLX’’)
known as the PHLX Options Trade
Outline (‘‘PHOTO’’) market data
product.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.
2. Statutory Basis
NASDAQ believes that its proposal is
consistent with Section 6(b) of the Act 6
in general, and furthers the objectives of
Section 6(b)(5) of the Act 7 in particular,
in that it is designed to promote just and
equitable principles of trade, 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, by establishing a market
data product that enhances subscribers’
ability to make decisions on trading
strategy, and by providing option trade
and volume data that should help bring
about such decisions in a timely
manner.
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:
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NASDAQ does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were either
solicited or 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 after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) 9 thereunder.
5 See Securities Exchange Act Release No. 62887
(September 10, 2010), 75 FR 57092 (September 17,
2010) (SR–Phlx–2010–121).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
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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–2011–144 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–2011–144. This
file number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro/shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
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
Commission. The Exchange has satisfied this
requirement.
E:\FR\FM\24OCN1.SGM
24OCN1
Federal Register / Vol. 76, No. 205 / Monday, October 24, 2011 / Notices
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File No. SR–NASDAQ–
2011–144 and should be submitted on
or before November 14, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–27379 Filed 10–21–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65586; File No. SR–Phlx–
2011–135]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Tether Monthly Service Fee
October 18, 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 October
5, 2011, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III, below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
tkelley on DSK3SPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to eliminate
the Tether Monthly Service Fee from the
Fee Schedule. The Exchange also
proposes to make other minor
amendments to the Fee Schedule.
While changes to the Fee Schedule
pursuant to this proposal are effective
upon filing, the Exchange has
designated the elimination of the Tether
Monthly Service Fee to be operative on
November 1, 2011.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://nasdaqtrader.com/
micro.aspx?id=PHLXfilings, at the
principal office of the Exchange, on the
Commission’s Web site at https://
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
15:34 Oct 21, 2011
Jkt 226001
www.sec.gov, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to eliminate the Tether
Monthly Service Fee. A tether is a
hardwire connection to an existing
Exchange communication network
(local areas network) on the Exchange’s
options trading floor. It allows users on
the options floor to connect their
handheld devices to the existing
Exchange communication network and
thereby interface with member firm
communication networks via a wireless
network.
The Exchange currently assesses
Registered Options Traders 3 and floor
brokers on the options trading floor a
Tether Monthly Service Fee of $150.4
The number of users of the tether
service on the options trading floor has
diminished significantly since the
tethers were first put into place in
2001.5 While the Exchange will
continue to offer its members the ability
to use the tethers, it will no longer
assess a fee as of November 1, 2011.
The Exchange also proposes an
amendment to eliminate an unnecessary
reference to the Market Access Provider
Subsidy (‘‘MAP’’). The Exchange
3 A Registered Options Trader (‘‘ROT’’) includes
a SQT, a RSQT and a Non-SQT ROT, which by
definition is neither a SQT nor a RSQT. A ROT is
defined in Exchange Rule 1014(b) as a regular
member or a foreign currency options participant of
the Exchange located on the trading floor who has
received permission from the Exchange to trade in
options for his own account. See Exchange Rule
1014(b)(i) and (ii).
4 Specialists are not assessed this fee. The fee was
initially assessed in 2001 and based on actual and
estimated expenses incurred in installing and
maintaining the tethered connections.
5 See Securities Exchange Act Release No. 44963
(October 19, 2001), 66 FR 54317 (October 19, 2011)
(SR–Phlx–2001–84).
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65767
previously eliminated this subsidy from
the Fee Schedule.6 The remaining
reference to the MAP in Section I of the
Fee Schedule, entitled ‘‘Rebates and
Fees for Adding and Removing
Liquidity in Select Symbols’’ is
outdated. The Exchange also proposes
to replace the word ‘‘charges’’ in the Fee
Schedule with the word ‘‘fees’’, in order
to conform the verbiage in the Fee
Schedule to maintain clarity.
2. Statutory Basis
The Exchange believes that its
proposal to amend its Fee Schedule is
consistent with Section 6(b) of the Act 7
in general, and furthers the objectives of
Section 6(b)(4) of the Act 8 in particular,
in that it is an equitable allocation of
reasonable fees and other charges among
Exchange members and other persons
using its facilities.
The Exchange believes that the
proposed elimination of the Tether
Monthly Service Fee is reasonable,
equitable and not unfairly
discriminatory because members will
still have the ability to tether on the
options trading floor, but will not be
assessed a fee. In 2001, the Exchange
installed tethers due to an increase in
bandwidth demands and the use of
applications by traders. All floor
members will still have access to this
service, however no member will be
assessed a fee for this service.
The Exchange believes that other
proposed modifications to the Fee
Schedule to eliminate outdated
references in the Fee Schedule and
amend certain verbiage are reasonable
and equitable to clarify the Fee
Schedule.
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
6 See Securities Exchange Act Release No. 64539
(May 24, 2011), 76 FR 31384 (May 31, 2011) (SR–
Phlx–2011–68).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4).
E:\FR\FM\24OCN1.SGM
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]]>Agencies
[Federal Register Volume 76, Number 205 (Monday, October 24, 2011)]
[Notices]
[Pages 65765-65767]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-27379]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65587; File No. SR-NASDAQ-2011-144]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Establishment of a Direct Market Data Product, NASDAQ
Options Trade Outline (``NOTO'')
October 18, 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 October 12, 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 establish a direct market data product,
NASDAQ Options Trade Outline (``NOTO'').
The text of the proposed rule change is available on the Exchange's
Web site at https://www.nasdaq.cchwallstreet.com, at the principal
office of the Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to establish the NOTO
market data product. NOTO is a market data product offered by the
Exchange that is designed to provide proprietary electronic trade data
to subscribers. NOTO is available as either an ``End-of-Day'' data
product or an ``Intra-Day'' data product, as described more fully
below. NOTO is available to any person who wishes to subscribe to it,
regardless of whether or not they are a member of the Exchange. NOTO is
available only for internal use and distribution by subscribers.
Data Included in NOTO
NOTO provides information about the activity of a particular option
series during a particular trading session. NOTO subscribers will
receive the following data:
Aggregate number of buy and sell transactions in the
affected series;
Aggregate volume traded electronically on the Exchange in
the affected series;
Aggregate number of trades effected on the Exchange to
open a position; \3\
---------------------------------------------------------------------------
\3\ NOTO will provide subscribers with the aggregate number of
``opening purchase transactions'' in the affected series. An opening
purchase transaction is an Exchange options transaction in which the
purchaser's intention is to create or increase a long position in
the series of options involved in such transaction. NOTO will also
provide subscribers with the aggregate number of ``opening writing
transactions.'' An opening writing transaction is an Exchange
options transaction in which the seller's (writer's) intention is to
create or increase a short position in the series of options
involved in such transaction.
---------------------------------------------------------------------------
Aggregate number of trades effected on the Exchange to
close a position; \4\
---------------------------------------------------------------------------
\4\ NOTO will provide subscribers with the aggregate number of
``closing purchase transactions'' in the affected series. A closing
purchase transaction is an Exchange options transaction in which the
purchaser's intention is to reduce or eliminate a short position in
the series of options involved in such transaction. NOTO will also
provide subscribers with the aggregate number of ``closing sale
transactions.'' A closing sale transaction is an Exchange options
transaction an Exchange options transaction in which the seller's
intention is to reduce or eliminate a long position in the series of
options involved in such transaction.
---------------------------------------------------------------------------
[[Page 65766]]
Origin of the orders involved in trades on the Exchange in
the affected series during a particular trading session, specifically
aggregated in the following categories of participants: customers,
broker-dealers, and market makers.
End of Day Product
The End of Day product includes the aggregate data described above
representing the entire trading session. It is calculated during an
overnight process after each trading session and is available to
subscribers for download the following morning at approximately 7 a.m.,
E.T.
The Exchange will establish a monthly subscriber fee for the End of
Day product by way of a separate proposed rule change, which the
Exchange will submit after the NOTO market data product is established.
Intra-Day Product
The Intra-Day product includes periodic, cumulative data for a
particular trading session. The Intra-Day product is produced and
updated every ten minutes during the trading day. Data is captured in
``snapshots'' taken every 10 minutes throughout the trading day and is
available to subscribers within 5 minutes of the conclusion of each 10
minute period. For example, subscribers to the Intra-Day product will
receive the first calculation of intra-day data by 9:44 a.m. E.T.,
which represents data captured from 9:30 a.m. to 9:39 a.m. Subscribers
will receive the next update at 9:54 a.m., representing the data
previously provided together with data captured from 9:40 a.m. through
9:49 a.m., and so forth. Each update will represent the aggregate data
captured from the current ``snapshot'' and all previous ``snapshots.''
The Exchange will establish a monthly subscriber fee for the Intra-
Day product by way of a separate proposed rule change, which the
Exchange will submit after the NOTO market data product is established.
NOTO provides subscribers data that should enhance their ability to
analyze option trade and volume data, and to create and test trading
models and analytical strategies. The Exchange believes that NOTO is a
valuable tool that subscribers can use to gain comprehensive insight
into the trading activity in a particular option series.
NOTO is virtually identical to a market data product currently
available on NASDAQ OMX PHLX LLC (``PHLX'') known as the PHLX Options
Trade Outline (``PHOTO'') market data product.\5\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 62887 (September 10,
2010), 75 FR 57092 (September 17, 2010) (SR-Phlx-2010-121).
---------------------------------------------------------------------------
2. Statutory Basis
NASDAQ believes that its proposal is consistent with Section 6(b)
of the Act \6\ in general, and furthers the objectives of Section
6(b)(5) of the Act \7\ in particular, in that it is designed to promote
just and equitable principles of trade, 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,
by establishing a market data product that enhances subscribers'
ability to make decisions on trading strategy, and by providing option
trade and volume data that should help bring about such decisions in a
timely manner.
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\6\ 15 U.S.C. 78f(b).
\7\ 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.
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
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 after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) \9\
thereunder.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
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-2011-144 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-2011-144. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (https://www.sec.gov/rules/sro/shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written 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
[[Page 65767]]
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File No. SR-NASDAQ-2011-144 and should be submitted on
or before November 14, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-27379 Filed 10-21-11; 8:45 am]
BILLING CODE 8011-01-P
