Self-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Options Fees, 3024-3026 [2012-1068]
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3024
Federal Register / Vol. 77, No. 13 / Friday, January 20, 2012 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange consents,
the Commission will: (a) By order
approve or disapprove such proposed
rule change, or (b) institute proceedings
to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–NASDAQ–2012–002 on the
subject line.
wreier-aviles on DSK5TPTVN1PROD with NOTICES
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–2012–002. 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
33 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
14:12 Jan 19, 2012
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.33
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–1045 Filed 1–19–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66158; File No. SR–
NASDAQ–2012–006]
Self-Regulatory Organizations;
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Options Fees
January 13, 2012.
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 January 6,
2012, 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 NASDAQ. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The NASDAQ Stock Market LLC
proposes to relocate certain rules in the
NASDAQ Rulebook. Specifically, the
Exchange proposes to relocate the
following Rules: (i) Rule 7007,
Collection of Exchange Fees and Other
Claims—NASDAQ Options Market; (ii)
3 The Exchange is proposing to create two Sales
Fee Rules, one for equities and one for options. Rule
7002 will be relocated in part. The Exchange
proposes to create a new ‘‘Sales Fee—Options’’ Rule
in Section 8 of Chapter XV which Rule would
1 15
VerDate Mar<15>2010
printing in the Commission’s Public
Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of
Nasdaq. All comments received will 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–2012–002 and
should be submitted on or before
February 10, 2012.
Jkt 226001
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
Rule 7046, Nasdaq Options
Maintenance Tool, (iii) Rule 7050,
NASDAQ Options Market—Fees; (iv)
Rule 7053, NASDAQ Options Market—
Access Services; (v) Rule 7054,
NASDAQ Options Market Data
Distributor Fees; (vi) Rule 7056,
NASDAQ Options Fee Disputes; and
(vii) Rule 7059, NASDAQ Options
Regulatory Fee. The Exchange is also
proposing to relocate a portion of Rule
7002, Sales Fee, which applies to
options, by replicating that fee in the
new ‘‘Options Fees’’ Chapter. The
Exchange is proposing to relocate these
Rules to a new Chapter under the
Options Rules.
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. 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
NASDAQ proposes to create a new
Chapter in the NASDAQ Rulebook and
relocate certain options fees, which
apply only to Options Participants, to
this new Chapter to further clarify its
fees. Specifically, the Exchange
proposes to create a new ‘‘Chapter XV,’’
entitled ‘‘Options Fees’’ under the
Options Rules portion of the Rulebook.
The Exchange proposes to relocate the
below listed Rules, currently in the 7000
Series of the Rulebook, to this new
Chapter under the Options Rules.3 This
is not a substantive change, but rather
merely a relocation of Rule text within
the Rulebook.
The Exchange proposes to specifically
relocate the following Rules to the
replicate the Sales Fee Rule, specifically relocating
paragraphs 7002(b) and (d), applicable to options.
Rule 7002(a) and (c) would remain in Rule 7002,
as those paragraphs apply to equities.
E:\FR\FM\20JAN1.SGM
20JAN1
Federal Register / Vol. 77, No. 13 / Friday, January 20, 2012 / Notices
3025
corresponding Sections of new Chapter
XV as follows:
wreier-aviles on DSK5TPTVN1PROD with NOTICES
Rule
Rule
Rule
Rule
Rule
Rule
Rule
Rule
7007.
7050.
7053.
7054.
7059.
7046.
7056.
7002.
Collection of Exchange Fees and Other Claims—NASDAQ Options Market ................................
NASDAQ Options Market—Fees ......................................................................................................
NASDAQ Options Market—Access Services ...................................................................................
NASDAQ Options Market Data Distributor Fees .............................................................................
Options Regulatory Fee .....................................................................................................................
NASDAQ Options Maintenance Tool ..............................................................................................
NASDAQ Options Fee Disputes .......................................................................................................
Sales Fee, excluding paragraphs (a) and (c) ....................................................................................
Options Participants are required,
pursuant to Exchange Rules, to become
members of the NASDAQ Stock Market
LLC.4 An entity desiring to transact
options may apply to become an
Options Participant, in addition to a
NASDAQ Stock Market member.5
Because participation in NOM requires
Options Participants to also be members
of the NASDAQ Stock Market, Options
Participants are subject to the charges
for membership, services and
equipment in the Rule 7000 Series.
Certain fees in the Rule 7000 Series
apply only to NASDAQ Stock Market
members that are Options Participants.
In order to distinguish fees applicable to
members transacting equities from fees
applicable to members transacting
options, the Exchange is proposing to
relocate the aforementioned Rules to the
Options Rules section of the Rulebook.
With respect to Rule 7002, the Exchange
is proposing to create a new Sales Fee
Rule titled ‘‘Sales Fee—Options’’ which
would be applicable only to options and
which replicates the language in Rule
7002(b) and (d) specifically in new
Section 8. Current Rule 7002 will
remain in the Rulebook without
paragraphs 7002(b) and (d) and the
lettering will be changed to (a) and (b)
only.
In addition, the Exchange proposes to
add the following language at the
beginning of the Chapter to clarify that
certain fees in the Rule 7000 series may
also be applicable to Options
Participants: ‘‘NASDAQ Options Market
Participants may be subject to the
Charges for Membership, Services and
Equipment in the Rule 7000 Series as
well as the fees in this Chapter XV.’’
The Exchange also proposes to make
corresponding changes to Rules 1002,
Qualifications of Nasdaq Members and
Associated Persons, 7015, Access
Services, and 8320, Payment of Fines,
Other Monetary Sanctions, or Costs;
Summary Action for Failure to Pay, to
provide updated cross-references to
relocated Rules.
4 See
5 See
Chapter II, Section 1(b)(iii) of Options Rules.
Chapter II, Section 1 of Options Rules.
VerDate Mar<15>2010
14:12 Jan 19, 2012
Jkt 226001
2. Statutory Basis
The Exchange 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
organizing its Rules in such a way as to
distinguish charges applicable to equity
members from fees applicable to
Options Participants.
The Exchange believes that its
proposal to relocate fees applicable only
to Options Participants, and not
applicable to NASDAQ members
transacting equities, to a new Chapter in
the Rulebook specific to Options will
assist members in locating fees. The
Exchange believes that creating a new
section and relocating the fees will add
greater clarity to NASDAQ’s Rules and
provide members further guidance on
the applicability of those Rules. The
Exchange also believes that adding a
clarifying sentence to the new Chapter
to indicate that the Rule 7000 Series
may also be applicable to Options
Participants provides a cross-reference
for Options Participants to readily locate
other charges applicable to them as
NASDAQ Stock Market members.
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.
6 15
7 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00079
Fmt 4703
‘‘Sales
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Pursuant to Section 19(b)(3)(A) of the
Act 8 and Rule 19b–4(f)(1) 9 thereunder,
the Exchange has designated this
proposal as one that constitutes a stated
policy, practice or interpretation with
respect to the meaning, administration,
or enforcement of an existing rule of the
SRO, and therefore has become
effective.
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–NASDAQ–2012–006 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–2012–006. This
file number should be included on the
8 15
9 17
Sfmt 4703
Section 1.
Section 2.
Section 3.
Section 4.
Section 5.
Section 6.
Section 7.
Section
8—renamed
Fees—Options’’.
E:\FR\FM\20JAN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(1).
20JAN1
3026
Federal Register / Vol. 77, No. 13 / Friday, January 20, 2012 / Notices
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–2012–006 and should be
submitted on or before February 10,
2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–1068 Filed 1–19–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66062; File No. SR–
NYSEArca–2011–98]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Deleting NYSE Arca
Equities Rule 7.31(w)(1) To Remove the
PNP Plus Order Type
wreier-aviles on DSK5TPTVN1PROD with NOTICES
December 28, 2011.
Correction
In notice document 2011–33715
appearing on pages 313 through 315 in
the issue of Wednesday, January 4,
2012, make the following correction:
On page 315, in the second column,
in the first paragraph, in the last line
10 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
14:12 Jan 19, 2012
Jkt 226001
‘‘January 25, 2011’’ should read
‘‘January 25, 2012’’.
[FR Doc. C1–2011–33715 Filed 1–19–12; 8:45 am]
BILLING CODE 8011–01–D
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66155; File No. SR–Phlx–
2012–01]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Routing Fees
January 13, 2012.
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 January 3,
2012, 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
Customer and Professional Routing Fees
governing pricing for Exchange
members using the Phlx XL II system,3
for routing standardized equity and
index option Customer and Professional
orders to the BATS Exchange, Inc.
(‘‘BATS’’) for execution.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
nasdaqomxphlx.cchwallstreet.com/
NASDAQOMXPHLX/Filings/, 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
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 For a complete description of Phlx XL II, see
Securities Exchange Act Release No. 59995 (May
28, 2009), 74 FR 26750 (June 3, 2009) (SR–Phlx–
2009–32). The instant proposed fees will apply only
to option orders entered into, and routed by, the
Phlx XL II system.
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to recoup costs that the
Exchange incurs for routing and
executing Customer and Professional
orders in equity and index options to
BATS. The Exchange’s Fee Schedule
includes Routing Fees for routing and
executing Customer and Professional
orders to away markets. The Exchange
currently assesses a Customer Routing
Fee of $0.36 per contract and a
Professional Routing Fee of $0.48 per
contract for option orders that are
routed to BATS. Recently, BATS
announced that it would amend its
customer and professional fees to
remove liquidity to $0.44 per contract
on January 3, 2012.4 The Exchange is
proposing to amend its Customer and
Professional Routing Fees to BATS to
$0.50 per contract to recoup this fee.
In May 2009, the Exchange adopted
Rule 1080(m)(iii)(A) to establish Nasdaq
Options Services LLC (‘‘NOS’’), a
member of the Exchange, as the
Exchange’s exclusive order router.5 NOS
is utilized by the Phlx XL II system
solely to route orders in options listed
and open for trading on the Phlx XL II
system to destination markets. Each
time NOS routes to away markets NOS
is charged a $0.06 clearing fee and, in
the case of certain exchanges, a
transaction fee is also charged in certain
symbols, which fees are passed through
to the Exchange. The Exchange is
proposing this amendment in order to
recoup clearing and transaction charges
incurred by the Exchange when
Customer and Professional orders are
routed to BATS. The Exchange proposes
to recoup the $0.44 per contract
customer and professional taker fee for
option orders that are routed to BATS
along with the $0.06 clearing fee which
1 15
2 17
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
4 See BATS (BZX) Exchange Fee Schedule. See
also BATS Options Exchange Pricing Update
Effective January 3, 2012 (dated December 15,
2011).
5 See Securities Exchange Act Release No. 59995
(May 28, 2009), 74 FR 26750 (June 3, 2009) (SR–
Phlx–2009–32).
E:\FR\FM\20JAN1.SGM
20JAN1
]]>Agencies
[Federal Register Volume 77, Number 13 (Friday, January 20, 2012)]
[Notices]
[Pages 3024-3026]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-1068]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66158; File No. SR-NASDAQ-2012-006]
Self-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Options Fees
January 13, 2012.
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 January 6, 2012, 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 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 relocate certain rules in
the NASDAQ Rulebook. Specifically, the Exchange proposes to relocate
the following Rules: (i) Rule 7007, Collection of Exchange Fees and
Other Claims--NASDAQ Options Market; (ii) Rule 7046, Nasdaq Options
Maintenance Tool, (iii) Rule 7050, NASDAQ Options Market--Fees; (iv)
Rule 7053, NASDAQ Options Market--Access Services; (v) Rule 7054,
NASDAQ Options Market Data Distributor Fees; (vi) Rule 7056, NASDAQ
Options Fee Disputes; and (vii) Rule 7059, NASDAQ Options Regulatory
Fee. The Exchange is also proposing to relocate a portion of Rule 7002,
Sales Fee, which applies to options, by replicating that fee in the new
``Options Fees'' Chapter. The Exchange is proposing to relocate these
Rules to a new Chapter under the Options Rules.
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. 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
NASDAQ proposes to create a new Chapter in the NASDAQ Rulebook and
relocate certain options fees, which apply only to Options
Participants, to this new Chapter to further clarify its fees.
Specifically, the Exchange proposes to create a new ``Chapter XV,''
entitled ``Options Fees'' under the Options Rules portion of the
Rulebook. The Exchange proposes to relocate the below listed Rules,
currently in the 7000 Series of the Rulebook, to this new Chapter under
the Options Rules.\3\ This is not a substantive change, but rather
merely a relocation of Rule text within the Rulebook.
---------------------------------------------------------------------------
\3\ The Exchange is proposing to create two Sales Fee Rules, one
for equities and one for options. Rule 7002 will be relocated in
part. The Exchange proposes to create a new ``Sales Fee--Options''
Rule in Section 8 of Chapter XV which Rule would replicate the Sales
Fee Rule, specifically relocating paragraphs 7002(b) and (d),
applicable to options. Rule 7002(a) and (c) would remain in Rule
7002, as those paragraphs apply to equities.
---------------------------------------------------------------------------
The Exchange proposes to specifically relocate the following Rules
to the
[[Page 3025]]
corresponding Sections of new Chapter XV as follows:
Rule 7007. Collection of Section 1.
Exchange Fees and Other
Claims--NASDAQ Options
Market.
Rule 7050. NASDAQ Options Section 2.
Market--Fees.
Rule 7053. NASDAQ Options Section 3.
Market--Access Services.
Rule 7054. NASDAQ Options Section 4.
Market Data Distributor Fees.
Rule 7059. Options Regulatory Section 5.
Fee.
Rule 7046. NASDAQ Options Section 6.
Maintenance Tool.
Rule 7056. NASDAQ Options Fee Section 7.
Disputes.
Rule 7002. Sales Fee, Section 8--renamed ``Sales Fees--
excluding paragraphs (a) and Options''.
(c).
Options Participants are required, pursuant to Exchange Rules, to
become members of the NASDAQ Stock Market LLC.\4\ An entity desiring to
transact options may apply to become an Options Participant, in
addition to a NASDAQ Stock Market member.\5\ Because participation in
NOM requires Options Participants to also be members of the NASDAQ
Stock Market, Options Participants are subject to the charges for
membership, services and equipment in the Rule 7000 Series. Certain
fees in the Rule 7000 Series apply only to NASDAQ Stock Market members
that are Options Participants. In order to distinguish fees applicable
to members transacting equities from fees applicable to members
transacting options, the Exchange is proposing to relocate the
aforementioned Rules to the Options Rules section of the Rulebook. With
respect to Rule 7002, the Exchange is proposing to create a new Sales
Fee Rule titled ``Sales Fee--Options'' which would be applicable only
to options and which replicates the language in Rule 7002(b) and (d)
specifically in new Section 8. Current Rule 7002 will remain in the
Rulebook without paragraphs 7002(b) and (d) and the lettering will be
changed to (a) and (b) only.
---------------------------------------------------------------------------
\4\ See Chapter II, Section 1(b)(iii) of Options Rules.
\5\ See Chapter II, Section 1 of Options Rules.
---------------------------------------------------------------------------
In addition, the Exchange proposes to add the following language at
the beginning of the Chapter to clarify that certain fees in the Rule
7000 series may also be applicable to Options Participants: ``NASDAQ
Options Market Participants may be subject to the Charges for
Membership, Services and Equipment in the Rule 7000 Series as well as
the fees in this Chapter XV.'' The Exchange also proposes to make
corresponding changes to Rules 1002, Qualifications of Nasdaq Members
and Associated Persons, 7015, Access Services, and 8320, Payment of
Fines, Other Monetary Sanctions, or Costs; Summary Action for Failure
to Pay, to provide updated cross-references to relocated Rules.
2. Statutory Basis
The Exchange 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 organizing its Rules in such a way as to distinguish charges
applicable to equity members from fees applicable to Options
Participants.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that its proposal to relocate fees applicable
only to Options Participants, and not applicable to NASDAQ members
transacting equities, to a new Chapter in the Rulebook specific to
Options will assist members in locating fees. The Exchange believes
that creating a new section and relocating the fees will add greater
clarity to NASDAQ's Rules and provide members further guidance on the
applicability of those Rules. The Exchange also believes that adding a
clarifying sentence to the new Chapter to indicate that the Rule 7000
Series may also be applicable to Options Participants provides a cross-
reference for Options Participants to readily locate other charges
applicable to them as NASDAQ Stock Market members.
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
Pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(1)
\9\ thereunder, the Exchange has designated this proposal as one that
constitutes a stated policy, practice or interpretation with respect to
the meaning, administration, or enforcement of an existing rule of the
SRO, and therefore has become effective.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(1).
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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. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NASDAQ-2012-006 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-2012-006. This
file number should be included on the
[[Page 3026]]
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-2012-006 and should be submitted on or before
February 10, 2012.
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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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-1068 Filed 1-19-12; 8:45 am]
BILLING CODE 8011-01-P
