Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Option Fee Disputes, 71088-71089 [2011-29507]
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71088
Federal Register / Vol. 76, No. 221 / Wednesday, November 16, 2011 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65718; File No. SR–
NASDAQ–2011–147]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Option Fee Disputes
November 9, 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 November
1, 2011, The NASDAQ Stock Market
LLC (‘‘NASDAQ’’ 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 NASDAQ. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
mstockstill on DSK4VPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The NASDAQ Stock Market LLC
proposes to create a new Rule 7056
entitled ‘‘NASDAQ Options Fee
Disputes’’ to specify the requirements to
dispute fees. The Exchange also
proposes to rename Rule 7050 entitled
‘‘NASDAQ Options Market.’’
While fee changes pursuant to this
proposal are effective upon filing, the
Exchange has designated these changes
to be operative on January 3, 2012.
The text of the proposed rule change
is set forth below. Proposed new text is
in italics and deleted text is in brackets.
*
*
*
*
*
7050. NASDAQ Options Market—Fees
The following charges shall apply to
the use of the order execution and
routing services of the NASDAQ
Options Market for all securities.
*
*
*
*
*
7056. NASDAQ Options Fee Disputes
(a) All fee disputes concerning fees
which are billed by the Exchange must
be submitted to the Exchange in writing
and must be accompanied by
supporting documentation.
(b) All fee disputes must be submitted
no later than sixty (60) days after receipt
of a billing invoice.
(c) This Rule applies to the following
NASDAQ Options Market fees:
(1) Rule 7050 ‘‘NASDAQ Options
Market—Fees’’; and
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Mar<15>2010
17:45 Nov 15, 2011
Jkt 226001
(2) Rule 7053 ‘‘NASDAQ Options
Market—Access Services,’’ with the
exception of the TradeInfo Fee.
*
*
*
*
*
The text of the proposed rule change
is available on the Exchange’s Web site
at https://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. 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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The proposes a new Rule 7056
entitled ‘‘NASDAQ Options Fee
Disputes’’ to require all fee disputes to
be submitted to the Exchange in
writing 3 and accompanied by
supporting documentation within sixty
days of receipt of an invoice. The sixty
days would first apply to invoices
related to transactional billing in
January 2012 and would apply
thereafter.4 The Exchange proposes to
apply this new Rule 7056 to the fees in
Rule 7050 entitled ‘‘NASDAQ Options
Market’’ and Rule 7053 entitled
‘‘NASDAQ Options Market—Access
Services’’ with the exception of the
TradeInfo Fee. The Exchange believes
that this practice will conserve
Exchange resources which are expended
when untimely billing disputes require
staff to research applicable fees and
order information beyond two months
after the transaction occurred.
The Exchange believes that NOM
Participants should be aware of any
billing errors within two months of
receiving an invoice. The Exchange
provides NOM Participants with the
ability to sign-up to receive certain daily
reports.5 These reports allow NOM
3 The Exchange invoice specifies the Exchange
contact persons with whom to dispute the invoice.
4 This proposal would not apply to invoices
related to December 2011 billing.
5 These reports include, but are not limited to,
daily traded against report and daily cancel fee
reports.
PO 00000
Frm 00135
Fmt 4703
Sfmt 4703
Participants to view trade data and fees
prior to receiving a billing invoice. In
addition, NOM Participants have access
to a password protected Web site, which
provides NOM Participants an
electronic copy of current and historical
invoices, as well as the supporting
details for assessed charges.6 NOM
Participants have the ability to retrieve
trade information from this Web site on
a T +1 basis. The Exchange is excluding
the TradeInfo Fee, which is billed
separately to NOM Participants and is
not included in the reports described
herein.
In addition, the Exchange proposes to
amend the title of Exchange Rule 7050
from ‘‘NASDAQ Options Market’’ to
‘‘NASDAQ Options Market—Fees.’’ The
Exchange believes that the proposed
title provides a more specific
description of Rule 7050 and will assist
NOM Participants in locating these fees
within the Rules.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 7 in general, and furthers the
objectives of Section 6(b)(5) of the Act 8
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
providing a uniform practice for
disputing fees.
The Exchange believes the
requirement that all fee disputes, for
certain specified fees, must be
submitted to the Exchange within sixty
days from receipt of the invoice will
provide its members with guidance on
disputing fees. The Exchange’s members
are provided with ample tools to
properly and timely monitor and
account for various charges incurred in
a given month. The proposal equally
applies to all NOM Participants who
have the ability to access the
aforementioned reports. Also, the
Exchange’s administrative costs would
be lowered as a result of this policy.
The Exchange believes that the
proposal to rename Rule 7050 from
‘‘NASDAQ Options Market’’ to
‘‘NASDAQ Options Market—Fees’’ will
assist NOM Participants in locating
those fees within the Rules.
6 The Web site is MyNASDAQOMX.com. See
Options Trader Alert #2011–60.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
E:\FR\FM\16NON1.SGM
16NON1
Federal Register / Vol. 76, No. 221 / Wednesday, November 16, 2011 / Notices
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
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 19(b)(3)(A)
of the Act 9 and Rule 19b–4(f)(6) 10
thereunder.
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 email to rulecomments@sec.gov. Please include File
Number SR–NASDAQ–2011–147 on the
subject line.
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–NASDAQ–2011–147. This
file number should be included on the
subject line if email 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–2011–147 and should be
submitted on or before December 7,
2011.
[Release No. 34–65720; File No. SR–Phlx–
2011–147]
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–29507 Filed 11–15–11; 8:45 am]
BILLING CODE 8011–01–P
mstockstill on DSK4VPTVN1PROD with NOTICES
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
9 15
10 17
VerDate Mar<15>2010
17:45 Nov 15, 2011
Jkt 226001
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Complex Order Rebates and Fees for
Adding and Removing Liquidity
November 9, 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 November
1, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
Complex Order Fees in Section I of its
Fee Schedule entitled ‘‘Rebates and Fees
for Adding and Removing Liquidity in
Select Symbols.’’
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://
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.
Paper Comments
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
71089
1 15
11 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00136
Fmt 4703
Sfmt 4703
2 17
E:\FR\FM\16NON1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
16NON1
Agencies
[Federal Register Volume 76, Number 221 (Wednesday, November 16, 2011)]
[Notices]
[Pages 71088-71089]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-29507]
[[Page 71088]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65718; File No. SR-NASDAQ-2011-147]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Option Fee Disputes
November 9, 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 November 1, 2011, The NASDAQ Stock Market LLC (``NASDAQ'' 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 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
The NASDAQ Stock Market LLC proposes to create a new Rule 7056
entitled ``NASDAQ Options Fee Disputes'' to specify the requirements to
dispute fees. The Exchange also proposes to rename Rule 7050 entitled
``NASDAQ Options Market.''
While fee changes pursuant to this proposal are effective upon
filing, the Exchange has designated these changes to be operative on
January 3, 2012.
The text of the proposed rule change is set forth below. Proposed
new text is in italics and deleted text is in brackets.
* * * * *
7050. NASDAQ Options Market--Fees
The following charges shall apply to the use of the order execution
and routing services of the NASDAQ Options Market for all securities.
* * * * *
7056. NASDAQ Options Fee Disputes
(a) All fee disputes concerning fees which are billed by the
Exchange must be submitted to the Exchange in writing and must be
accompanied by supporting documentation.
(b) All fee disputes must be submitted no later than sixty (60)
days after receipt of a billing invoice.
(c) This Rule applies to the following NASDAQ Options Market fees:
(1) Rule 7050 ``NASDAQ Options Market--Fees''; and
(2) Rule 7053 ``NASDAQ Options Market--Access Services,'' with the
exception of the TradeInfo Fee.
* * * * *
The text of the proposed rule change is available on the Exchange's
Web site at https://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. 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The proposes a new Rule 7056 entitled ``NASDAQ Options Fee
Disputes'' to require all fee disputes to be submitted to the Exchange
in writing \3\ and accompanied by supporting documentation within sixty
days of receipt of an invoice. The sixty days would first apply to
invoices related to transactional billing in January 2012 and would
apply thereafter.\4\ The Exchange proposes to apply this new Rule 7056
to the fees in Rule 7050 entitled ``NASDAQ Options Market'' and Rule
7053 entitled ``NASDAQ Options Market--Access Services'' with the
exception of the TradeInfo Fee. The Exchange believes that this
practice will conserve Exchange resources which are expended when
untimely billing disputes require staff to research applicable fees and
order information beyond two months after the transaction occurred.
---------------------------------------------------------------------------
\3\ The Exchange invoice specifies the Exchange contact persons
with whom to dispute the invoice.
\4\ This proposal would not apply to invoices related to
December 2011 billing.
---------------------------------------------------------------------------
The Exchange believes that NOM Participants should be aware of any
billing errors within two months of receiving an invoice. The Exchange
provides NOM Participants with the ability to sign-up to receive
certain daily reports.\5\ These reports allow NOM Participants to view
trade data and fees prior to receiving a billing invoice. In addition,
NOM Participants have access to a password protected Web site, which
provides NOM Participants an electronic copy of current and historical
invoices, as well as the supporting details for assessed charges.\6\
NOM Participants have the ability to retrieve trade information from
this Web site on a T +1 basis. The Exchange is excluding the TradeInfo
Fee, which is billed separately to NOM Participants and is not included
in the reports described herein.
---------------------------------------------------------------------------
\5\ These reports include, but are not limited to, daily traded
against report and daily cancel fee reports.
\6\ The Web site is MyNASDAQOMX.com. See Options Trader Alert
2011-60.
---------------------------------------------------------------------------
In addition, the Exchange proposes to amend the title of Exchange
Rule 7050 from ``NASDAQ Options Market'' to ``NASDAQ Options Market--
Fees.'' The Exchange believes that the proposed title provides a more
specific description of Rule 7050 and will assist NOM Participants in
locating these fees within the Rules.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \7\ in general, and furthers the objectives of Section
6(b)(5) of the Act \8\ 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 providing a uniform practice for disputing fees.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes the requirement that all fee disputes, for
certain specified fees, must be submitted to the Exchange within sixty
days from receipt of the invoice will provide its members with guidance
on disputing fees. The Exchange's members are provided with ample tools
to properly and timely monitor and account for various charges incurred
in a given month. The proposal equally applies to all NOM Participants
who have the ability to access the aforementioned reports. Also, the
Exchange's administrative costs would be lowered as a result of this
policy.
The Exchange believes that the proposal to rename Rule 7050 from
``NASDAQ Options Market'' to ``NASDAQ Options Market--Fees'' will
assist NOM Participants in locating those fees within the Rules.
[[Page 71089]]
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
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 19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) \10\
thereunder.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
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 email to rule-comments@sec.gov. Please include
File Number SR-NASDAQ-2011-147 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-2011-147. This
file number should be included on the subject line if email 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-2011-147 and should
be submitted on or before December 7, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-29507 Filed 11-15-11; 8:45 am]
BILLING CODE 8011-01-P