Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Fee and Rebate Schedule, 81000-81002 [2011-33052]
Download as PDF
<![CDATA[
81000
Federal Register / Vol. 76, No. 248 / Tuesday, December 27, 2011 / Notices
charged for similar services by other
entities.11
The Exchange also proposed to
eliminate references to certain fee
waivers that expired July 31, 2011.12
III. Discussion and Commission’s
Findings
After careful review, the Commission
finds that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.13 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(4) of the Act,14 which requires that
the rules of a national securities
exchange provide for the equitable
allocation of reasonable dues, fees and
other charges among its members and
issuers and other persons using its
facilities, and with Section 6(b)(5) of the
Act,15 which requires, among other
things, that the rules of a national
securities exchange be 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, and
not be designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers.
In the Notice, the Exchange
represented that the low latency
network connections would be offered
to market participants in a manner that
is not unfairly discriminatory.16 The
Commission believes that this program
to offer low latency network
connectivity, in the manner described in
the proposal, is consistent with Section
6(b)(5) the Exchange Act insofar as
NASDAQ makes these connectivity
options uniformly available to all
members who voluntarily request them
and pay the associated fees.
Additionally, the Commission notes that
members may choose not to obtain low
latency network connectivity through
the Exchange and instead negotiate
connectivity options separately through
other vendors on site.
Regarding the associated fees, the
Exchange represented that they will be
sroberts on DSK5SPTVN1PROD with NOTICES
11 Id.
at 70189.
12 Id.; see also Securities Exchange Act Release
No. 64630 (June 8, 2011), 76 FR 34783 (June 14,
2011) (SR–NASDAQ–2011–074); and Securities
Exchange Act Release No. 64858 (July 12, 2011), 76
FR 42152 (July 18, 2011) (SR–NASDAQ–2011–094).
13 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
14 15 U.S.C. 78f(b)(4).
15 15 U.S.C. 78f(b)(5).
16 See Notice, 76 FR at 70189.
VerDate Mar<15>2010
22:00 Dec 23, 2011
Jkt 226001
applied uniformly and will not unfairly
discriminate between similarly situated
market participants that use such colocation services.17 The Exchange also
represented that the fees are reasonable
because, among other things, they
enable the Exchange to recoup its share
of the costs associated with the
proposed low latency network
telecommunication connections.18 The
Exchange further represented that the
fees and associated costs of the colocation services are comparable to the
costs and fees associated with
comparable services offered by other
trading venues.19 Finally, the Exchange
noted its expectation that this service
will result in a reduction in fees charged
to market participants due to enhanced
competition.20 In light of the Exchange’s
representations, the Commission
believes that the fees associated with the
low latency network connection
services are consistent with Section
6(b)(4) of the Exchange Act.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,21 that the
proposed rule change (SR–Phlx–2011–
142) be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–33118 Filed 12–23–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66007; File No. SR–NSX–
2011–15]
Self-Regulatory Organizations;
National Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Amend
Its Fee and Rebate Schedule
December 20, 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 December
15, 2011, National Stock Exchange, Inc.
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
17 Id.
18 Id.
19 Id.
20 Id.
at 70189–90.
U.S.C. 78s(b)(2).
22 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
21 15
PO 00000
Frm 00133
Fmt 4703
Sfmt 4703
Items I and II below, which Items have
been prepared by the Exchange. The
Commission is publishing this notice to
solicit comment on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
National Stock Exchange, Inc.
(‘‘NSX®’’ or ‘‘Exchange’’) is proposing to
continue to make available, without
charge, the Exchange’s data feed, the
NSX depth-of-book feed (‘‘DOB feed’’),
to authorized recipients.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.nsx.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 parts 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 purpose of the proposed rule
change is to continue to make available,
without charge, the Exchange’s data
feed, the NSX depth-of-book feed (‘‘DOB
feed’’), to authorized recipients.3 This
rule change also describes the
Exchange’s practices for distributing the
NSX DOB feed to authorized recipients.
The Exchange first established its
DOB feed in November, 2006. The
Exchange does not and has never
charged authorized recipients for receipt
of its DOB feed.4 The NSX DOB feed
3 An authorized recipient of the DOB feed must
execute required documentation with, and be
approved by, the Exchange prior to receiving the
service. Currently, the required documentation
consists of the NSX Market Data Feed License
Agreement, which is available on the Exchange
Web site (https://www.nsx.com/resources/content/2/
4/documents/MarketDataFeed062009.pdf).
4 Although the Exchange does not charge
authorized recipients for receipt of the NSX DOB
feed, an ETP Holder recipient may incur third party
costs associated with such feed, including pursuant
to the Exchange’s ability to pass through third party
costs to ETP Holders pursuant to section III.B of the
Fee Schedule.
E:\FR\FM\27DEN1.SGM
27DEN1
Federal Register / Vol. 76, No. 248 / Tuesday, December 27, 2011 / Notices
sroberts on DSK5SPTVN1PROD with NOTICES
provides the real-time quotation and
execution information, including price,
size, and buy or sell, for all displayed
orders in the NSX book. The DOB feed
does not disclose the source of any
order or identify any transaction party.
A more specific description of the NSX
DOB feed, including the type of data,
data elements and format, is contained
in two technical specification
documents available for review on the
NSX Web site (https://www.nsx.com/
content/connect-to-nsx). The NSX DOB
feed is available on a uniform basis to
all ETP Holders authorized to receive
the feed, as well as to any other
authorized recipients. Authorized
recipients must, before receiving the
DOB feed, execute required Exchange
documentation and be approved for
receipt of the feed. A recipient’s
continuing eligibility to receive the feed,
and the permitted uses of the data by a
recipient, among other things, is
governed by the Market Data Feed
License Agreement, available on the
NSX Web site, that must be executed by
each authorized DOB feed recipient.
Based on NSX system architecture,
market data contained in the NSX DOB
feed will not be distributed to
authorized recipients prior to the
equivalent data being transmitted to the
securities information processor
(‘‘SIP’’).5 In addition, the Exchange
monitors, in real time, its data
transmissions to the SIP such that, in
the event of delay or interruption, the
Exchange has policies and procedures
in place designed to delay transmission
of the equivalent data to NSX DOB feed
recipients.
By making clear on the Fee Schedule
that the DOB feed is available free of
charge, the Exchange believes that
market transparency is enhanced and
competition is promoted. Should the
Exchange determine at a later date to
charge fees associated with the DOB
feed, or develop and offer to qualified
recipients any other market data feed
product, the Exchange will submit a
proposed rule change to the
Commission concerning those subjects.
The absence of an Exchange charge to
recipients for receipt of the NSX DOB
feed is reflected in Section III.C of the
Fee Schedule under the header ‘‘Depth
of Book Feed’’ and in corresponding
Explanatory Endnote 13.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6(b) of the
Securities and Exchange Act of 1934
5 As measured, based on point in time that the
data passes through the NSX firewall.
VerDate Mar<15>2010
22:00 Dec 23, 2011
Jkt 226001
81001
(the ‘‘Act’’),6 in general, and Section
6(b)(5) of the Act,7 in particular, in that
it is designed to promote just and
equitable principles of trade, remove
impediments to, and perfect the
mechanism of, a free and open market
and a national market system, and, in
general, protect investors and the public
interest. Moreover, the proposed rule
change is not discriminatory in that all
qualified ETP Holders, and other
qualified recipients, are eligible to
receive this feed. The Exchange also
believes that the proposed change is
consistent with Section 6(b)(5) of the
Act,8 which requires, among other
things, that the Exchange’s rules are not
designed to unfairly discriminate
between customers, issuers, brokers or
dealers. Specially, the Exchange
believes that the proposed changes to
the Fee Schedule are equitable in that
they apply uniformly to all data
recipients.
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.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Exchange Act.
Paper Comments
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
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
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
8 15 U.S.C. 78f(b)(5).
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.
7 15
PO 00000
Frm 00134
Fmt 4703
Sfmt 4703
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–NSX–2011–15 on the
subject line.
• 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–NSX–2011–15. 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–NSX–
E:\FR\FM\27DEN1.SGM
27DEN1
81002
Federal Register / Vol. 76, No. 248 / Tuesday, December 27, 2011 / Notices
2011–15 and should be submitted on or
before January 17, 2012.
the most significant parts of such
statements.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2011–33052 Filed 12–23–11; 8:45 am]
1. Purpose
BILLING CODE 8011–01–P
The Penny Pilot Program is scheduled
to expire on December 31, 2011. C2
proposes to extend the Pilot Program
until June 30, 2012. C2 believes that
extending the Pilot Program will allow
for further analysis of the Pilot Program
and a determination of how the Pilot
Program should be structured in the
future.
During this extension of the Penny
Pilot Program, C2 proposes that it may
replace any option class that is currently
included in the Pilot Program and that
has been delisted with the next most
actively-traded, multiple-listed option
class that is not yet participating in the
Pilot Program (‘‘replacement class’’).
Any replacement class would be
determined based on national average
daily volume in the preceding six
months3, and would be added on the
second trading day following January 1,
2012. C2 will announce to its Permit
Holders by circular any replacement
classes in the Pilot Program.
C2 is specifically authorized to act
jointly with the other options exchanges
participating in the Penny Pilot Program
in identifying any replacement class. C2
will submit to the Securities and
Exchange Commission (the
‘‘Commission’’) reports that will analyze
the impact of the Pilot Program on
market quality and systems capacity for
the periods October 1, 2011 through
March 31, 2012 and April 1 through
June 30, 2012. Each report will include,
but not be limited to, the following: (1)
Data and analysis of the number of
quotations generated for options
included in the report; (2) an assessment
of the quotation spreads for the options
included in the report; (3) an assessment
of the impact of the Pilot Program on
C2’s automated systems; (4) data
reflecting the size and depth of markets;
and (5) any capacity problems or other
problems that arose related to the
operation of the Pilot Program and how
the Exchange addressed them.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66008; File No. SR–C2–
2011–40]
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Penny Pilot
Program
December 20, 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 December
15, 2011, C2 Options Exchange,
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
rules relating to the Penny Pilot
Program. The text of the proposed rule
change is available on the Exchange’s
Web site (https://www.c2exchange.com/
Legal/), at the Exchange’s Office of the
Secretary, and at the Commission.
sroberts on DSK5SPTVN1PROD with NOTICES
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
11 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
22:00 Dec 23, 2011
Jkt 226001
3 The month immediately preceding a
replacement class’s addition to the Pilot Program
(i.e. December) would not be used for purposes of
the six-month analysis. Thus, a replacement class
to be added on the second trading following January
1, 2012 would be identified based on The Option
Clearing Corporation’s trading volume data from
June 1, 2011 through November 30, 2011.
PO 00000
Frm 00135
Fmt 4703
Sfmt 4703
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with Section 6
of the Act4 and the rules and regulations
thereunder applicable to a national
securities exchange and, in particular,
the requirements of Section 6(b) of the
Act5. Specifically, the Exchange
believes that the proposed rule change
is consistent with the Section 6(b)(5) of
the Act6 requirements that the rules of
an exchange be designed to promote just
and equitable principles of trade, to
prevent fraudulent and manipulative
acts, to remove impediments to and to
perfect the mechanism for a free and
open market and a national market
system, and, in general, to protect
investors and the public interest. In
particular, the proposed rule change
allows for an extension of the Penny
Pilot Program for the benefit of market
participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
C2 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 solicited
or received with respect to the proposed
rule change.
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 Act7 and Rule 19b–
4(f)(6)(iii) thereunder.8
A proposed rule change filed under
Rule 19b–4(f)(6) 9 normally does not
become operative for 30 days after the
4 15
U.S.C. 78f.
U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
7 15 U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(6)(iii). 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 Commission notes that the
Exchange has satisfied this requirement.
9 17 CFR 240.19b–4(f)(6).
5 15
E:\FR\FM\27DEN1.SGM
27DEN1
]]>Agencies
[Federal Register Volume 76, Number 248 (Tuesday, December 27, 2011)]
[Notices]
[Pages 81000-81002]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-33052]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66007; File No. SR-NSX-2011-15]
Self-Regulatory Organizations; National Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Its Fee and Rebate Schedule
December 20, 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 December 15, 2011, National Stock Exchange, Inc. filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I and II below, which Items have been
prepared by the Exchange. The Commission is publishing this notice to
solicit comment 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
National Stock Exchange, Inc. (``NSX[supreg]'' or ``Exchange'') is
proposing to continue to make available, without charge, the Exchange's
data feed, the NSX depth-of-book feed (``DOB feed''), to authorized
recipients.
The text of the proposed rule change is available on the Exchange's
Web site at https://www.nsx.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 parts 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 purpose of the proposed rule change is to continue to make
available, without charge, the Exchange's data feed, the NSX depth-of-
book feed (``DOB feed''), to authorized recipients.\3\ This rule change
also describes the Exchange's practices for distributing the NSX DOB
feed to authorized recipients.
---------------------------------------------------------------------------
\3\ An authorized recipient of the DOB feed must execute
required documentation with, and be approved by, the Exchange prior
to receiving the service. Currently, the required documentation
consists of the NSX Market Data Feed License Agreement, which is
available on the Exchange Web site (https://www.nsx.com/resources/content/2/4/documents/MarketDataFeed062009.pdf).
---------------------------------------------------------------------------
The Exchange first established its DOB feed in November, 2006. The
Exchange does not and has never charged authorized recipients for
receipt of its DOB feed.\4\ The NSX DOB feed
[[Page 81001]]
provides the real-time quotation and execution information, including
price, size, and buy or sell, for all displayed orders in the NSX book.
The DOB feed does not disclose the source of any order or identify any
transaction party. A more specific description of the NSX DOB feed,
including the type of data, data elements and format, is contained in
two technical specification documents available for review on the NSX
Web site (https://www.nsx.com/content/connect-to-nsx). The NSX DOB feed
is available on a uniform basis to all ETP Holders authorized to
receive the feed, as well as to any other authorized recipients.
Authorized recipients must, before receiving the DOB feed, execute
required Exchange documentation and be approved for receipt of the
feed. A recipient's continuing eligibility to receive the feed, and the
permitted uses of the data by a recipient, among other things, is
governed by the Market Data Feed License Agreement, available on the
NSX Web site, that must be executed by each authorized DOB feed
recipient.
---------------------------------------------------------------------------
\4\ Although the Exchange does not charge authorized recipients
for receipt of the NSX DOB feed, an ETP Holder recipient may incur
third party costs associated with such feed, including pursuant to
the Exchange's ability to pass through third party costs to ETP
Holders pursuant to section III.B of the Fee Schedule.
---------------------------------------------------------------------------
Based on NSX system architecture, market data contained in the NSX
DOB feed will not be distributed to authorized recipients prior to the
equivalent data being transmitted to the securities information
processor (``SIP'').\5\ In addition, the Exchange monitors, in real
time, its data transmissions to the SIP such that, in the event of
delay or interruption, the Exchange has policies and procedures in
place designed to delay transmission of the equivalent data to NSX DOB
feed recipients.
---------------------------------------------------------------------------
\5\ As measured, based on point in time that the data passes
through the NSX firewall.
---------------------------------------------------------------------------
By making clear on the Fee Schedule that the DOB feed is available
free of charge, the Exchange believes that market transparency is
enhanced and competition is promoted. Should the Exchange determine at
a later date to charge fees associated with the DOB feed, or develop
and offer to qualified recipients any other market data feed product,
the Exchange will submit a proposed rule change to the Commission
concerning those subjects.
The absence of an Exchange charge to recipients for receipt of the
NSX DOB feed is reflected in Section III.C of the Fee Schedule under
the header ``Depth of Book Feed'' and in corresponding Explanatory
Endnote 13.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) of the Securities and Exchange Act
of 1934 (the ``Act''),\6\ in general, and Section 6(b)(5) of the
Act,\7\ in particular, in that it is designed to promote just and
equitable principles of trade, remove impediments to, and perfect the
mechanism of, a free and open market and a national market system, and,
in general, protect investors and the public interest. Moreover, the
proposed rule change is not discriminatory in that all qualified ETP
Holders, and other qualified recipients, are eligible to receive this
feed. The Exchange also believes that the proposed change is consistent
with Section 6(b)(5) of the Act,\8\ which requires, among other things,
that the Exchange's rules are not designed to unfairly discriminate
between customers, issuers, brokers or dealers. Specially, the Exchange
believes that the proposed changes to the Fee Schedule are equitable in
that they apply uniformly to all data recipients.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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 that is not necessary or appropriate
in furtherance of the purposes of the Exchange Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
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-NSX-2011-15 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-NSX-2011-15. 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-NSX-
[[Page 81002]]
2011-15 and should be submitted on or before January 17, 2012.
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. 2011-33052 Filed 12-23-11; 8:45 am]
BILLING CODE 8011-01-P
