Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify Fees Assessed for Subscription to WebLink ACT under Rule 7015(e), 6164-6165 [2012-2681]
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6164
Federal Register / Vol. 77, No. 25 / Tuesday, February 7, 2012 / Notices
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–Phlx–2012–04 on the
subject line.
Paper Comments
tkelley on DSK3SPTVN1PROD with NOTICES
• 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–Phlx–2012–04. 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
10a.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–Phlx–
2012–04 and should be submitted on or
before February 28, 2012.
VerDate Mar<15>2010
17:34 Feb 06, 2012
Jkt 226001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Kevin M. O’Neill,
Deputy Secretary.
CTCI fee ....................
WebLink ACT or
Nasdaq
Workstation Post
Trade.
[FR Doc. 2012–2641 Filed 2–6–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66288; File No. SR–
NASDAQ–2012–017]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to Modify Fees
Assessed for Subscription to WebLink
ACT under Rule 7015(e)
February 1, 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
24, 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 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
NASDAQ is proposing to modify the
fees assessed for subscription to
WebLink ACT under NASDAQ Rule
7015(e). NASDAQ will implement the
proposed fees on February 1, 2012.
The text of the proposed rule change
is below. Proposed new language is
italicized; proposed deletions are in
brackets.
7015. Access Services
The following charges are assessed by
Nasdaq for connectivity to systems
operated by NASDAQ, including the
Nasdaq Market Center, the FINRA/
NASDAQ Trade Reporting Facility, and
FINRA’s OTCBB Service. The following
fees are not applicable to the NASDAQ
Options Market LLC. For related options
fees for Access Services refer to Rule
7053.
(a)–(d) No change.
(e) Specialized Services Related to
FINRA/NASDAQ Trade Reporting
Facility
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
ACT Workstation .......
*
$575/month.
[$375.00]$425/month
(full functionality) or
[$200.00]$225/month
(up to an average
of twenty transactions per day
each month) (For
the purposes of this
service only, a
transaction is defined as an original
trade entry, either
on trade date or asof transactions per
month.)
$525/logon/month.
(f)–(h) No change.
*
*
*
*
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
NASDAQ is proposing to amend the
fees assessed under Rule 7015(e) for
WebLink ACT. WebLink ACT, also
referred to as Nasdaq Workstation Post
Trade, is a web-based application used
for submission of trade reports.
WebLink ACT provides basic front-end
access to the Trade Reporting Facility
(‘‘TRF’’) operated by NASDAQ and the
Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’),3 FINRA’s
OTC Reporting Facility, as well as
access to ACT functionality still offered
by NASDAQ under authority delegated
by FINRA.
NASDAQ proposes to increase the
monthly fee assessed for greater than
twenty trades per day by $50, so that the
fee will be $425, and increase the
monthly fee assessed for less than
twenty trades a day by $25, so that the
3 NASDAQ notes that most FINRA members
seeking access to the TRF use a proprietary frontend system developed by the broker-dealer or a
product offered by a service bureau. WebLink ACT
is designed as a basic front-end system for low
volume users.
E:\FR\FM\07FEN1.SGM
07FEN1
Federal Register / Vol. 77, No. 25 / Tuesday, February 7, 2012 / Notices
fee will be $225. NASDAQ notes that
the WebLink ACT fees have not
increased since September 2006.4 Over
that time, NASDAQ has experienced
rising infrastructure and support costs
associated with the service, including
the addition of useful enhancements.
For example, NASDAQ added two new
additional levels of permissions, for a
total of three (i.e., Full Access, ClearingOnly Access and Read-Only Access),
which allows a subscribing member
firm to better tailor the subscription
commensurate with the role of the
intended user. NASDAQ also added a
‘‘Match’’ feature to the trade scan
window in order to provide contra
parties with a matching trade entry to
keep for their records.5 Another
enhancement NASDAQ made to
WebLink ACT is the addition of three
new WebLink scans. The Eligibility scan
allows customers to look up a symbol or
CUSIP to check whether it is eligible for
reporting to ACT. The Clearing scan
allows customers to look up a firm and
see their clearing firm or whether they
are self clearing. The AGU/QSR scan
provides a list of all the Automatic Give
Up and Qualified Service
Representative agreements the customer
has on file and with which firm.
Given the increased costs incurred
since NASDAQ last increased its fee in
September 2006, NASDAQ believes that
it is appropriate to now increase the fees
assessed for this service to allow
recovery of NASDAQ’s costs. NASDAQ
anticipates that the proposed fees may
provide NASDAQ with a profit, in
addition to covering costs.
tkelley on DSK3SPTVN1PROD with NOTICES
2. Statutory Basis
NASDAQ believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,6 in
general, and Section 6(b)(4) of the Act,7
in particular, because it provides for the
equitable allocation of reasonable dues,
fees and other charges among members
and issuers and other persons using any
facility or system that NASDAQ
operates or controls, and it does not
unfairly discriminate between
customers, issuers, brokers or dealers.
NASDAQ believes that the proposal
constitutes an equitable allocation of
fees because all similarly-situated
4 Securities Exchange Act Release No. 54500
(September 25, 2006), 71 FR 58026 (October 2,
2006) (SR–NASDAQ–2006–025) (increasing both
the monthly fee assessed for greater than twenty
trades per day by $75 and the monthly fee assessed
for less than twenty trades a day by $50).
5 This offers an alternative to the ‘‘Accept Trade’’
action, which does not give contra parties a copy
of the entry, and provides the contra the ability to
edit the trade record.
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(4).
VerDate Mar<15>2010
17:34 Feb 06, 2012
Jkt 226001
member firms would be charged the
same amount. In addition, access to
NASDAQ will continue to be offered on
fair and non-discriminatory terms.
NASDAQ believes that the proposal is
reasonable because the fee increase will
realign the cost of administering and
enhancing the service with the revenue
generated by the fee, which have
diverged since the fee was last increased
in September 2006. As a consequence of
adding enhancements, such as those
noted above, the value of the service has
incrementally increased over time and
NASDAQ believes that it is appropriate
to now raise the fees to better align them
with the increased value of the service.
In addition, NASDAQ believes that the
proposed fees will cover the costs
associated with responding to customer
requests, configuring NASDAQ’s
systems, programming to user
specifications, and administering the
service, among other things, and may
provide NASDAQ with a profit.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange 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
Written comments were neither
solicited nor 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
19(b)(3)(A)(ii) of the Act 8 and
subparagraph (f)(2) of Rule 19b–4
thereunder.9 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–2012–017 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–2012–017. 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 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 offices 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–2012–017, and
should be submitted on or before
February 28, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–2681 Filed 2–6–12; 8:45 am]
BILLING CODE 8011–01–P
U.S.C. 78s(b)(3)(a)(ii). [sic]
9 17 CFR 240.19b–4(f)(2).
8 15
PO 00000
Frm 00111
Fmt 4703
Sfmt 9990
6165
10 17
E:\FR\FM\07FEN1.SGM
CFR 200.30–3(a)(12).
07FEN1
]]>Agencies
[Federal Register Volume 77, Number 25 (Tuesday, February 7, 2012)]
[Notices]
[Pages 6164-6165]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-2681]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66288; File No. SR-NASDAQ-2012-017]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Modify Fees Assessed for Subscription to WebLink ACT under Rule 7015(e)
February 1, 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 24, 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 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
NASDAQ is proposing to modify the fees assessed for subscription to
WebLink ACT under NASDAQ Rule 7015(e). NASDAQ will implement the
proposed fees on February 1, 2012.
The text of the proposed rule change is below. Proposed new
language is italicized; proposed deletions are in brackets.
7015. Access Services
The following charges are assessed by Nasdaq for connectivity to
systems operated by NASDAQ, including the Nasdaq Market Center, the
FINRA/NASDAQ Trade Reporting Facility, and FINRA's OTCBB Service. The
following fees are not applicable to the NASDAQ Options Market LLC. For
related options fees for Access Services refer to Rule 7053.
(a)-(d) No change.
(e) Specialized Services Related to FINRA/NASDAQ Trade Reporting
Facility
------------------------------------------------------------------------
------------------------------------------------------------------------
CTCI fee.................................. $575/month.
WebLink ACT or Nasdaq Workstation Post [$375.00]$425/month (full
Trade. functionality) or
[$200.00]$225/month (up to
an average of twenty
transactions per day each
month) (For the purposes of
this service only, a
transaction is defined as
an original trade entry,
either on trade date or as-
of transactions per month.)
ACT Workstation........................... $525/logon/month.
------------------------------------------------------------------------
(f)-(h) No change.
* * * * *
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
NASDAQ is proposing to amend the fees assessed under Rule 7015(e)
for WebLink ACT. WebLink ACT, also referred to as Nasdaq Workstation
Post Trade, is a web-based application used for submission of trade
reports. WebLink ACT provides basic front-end access to the Trade
Reporting Facility (``TRF'') operated by NASDAQ and the Financial
Industry Regulatory Authority, Inc. (``FINRA''),\3\ FINRA's OTC
Reporting Facility, as well as access to ACT functionality still
offered by NASDAQ under authority delegated by FINRA.
---------------------------------------------------------------------------
\3\ NASDAQ notes that most FINRA members seeking access to the
TRF use a proprietary front-end system developed by the broker-
dealer or a product offered by a service bureau. WebLink ACT is
designed as a basic front-end system for low volume users.
---------------------------------------------------------------------------
NASDAQ proposes to increase the monthly fee assessed for greater
than twenty trades per day by $50, so that the fee will be $425, and
increase the monthly fee assessed for less than twenty trades a day by
$25, so that the
[[Page 6165]]
fee will be $225. NASDAQ notes that the WebLink ACT fees have not
increased since September 2006.\4\ Over that time, NASDAQ has
experienced rising infrastructure and support costs associated with the
service, including the addition of useful enhancements. For example,
NASDAQ added two new additional levels of permissions, for a total of
three (i.e., Full Access, Clearing-Only Access and Read-Only Access),
which allows a subscribing member firm to better tailor the
subscription commensurate with the role of the intended user. NASDAQ
also added a ``Match'' feature to the trade scan window in order to
provide contra parties with a matching trade entry to keep for their
records.\5\ Another enhancement NASDAQ made to WebLink ACT is the
addition of three new WebLink scans. The Eligibility scan allows
customers to look up a symbol or CUSIP to check whether it is eligible
for reporting to ACT. The Clearing scan allows customers to look up a
firm and see their clearing firm or whether they are self clearing. The
AGU/QSR scan provides a list of all the Automatic Give Up and Qualified
Service Representative agreements the customer has on file and with
which firm.
---------------------------------------------------------------------------
\4\ Securities Exchange Act Release No. 54500 (September 25,
2006), 71 FR 58026 (October 2, 2006) (SR-NASDAQ-2006-025)
(increasing both the monthly fee assessed for greater than twenty
trades per day by $75 and the monthly fee assessed for less than
twenty trades a day by $50).
\5\ This offers an alternative to the ``Accept Trade'' action,
which does not give contra parties a copy of the entry, and provides
the contra the ability to edit the trade record.
---------------------------------------------------------------------------
Given the increased costs incurred since NASDAQ last increased its
fee in September 2006, NASDAQ believes that it is appropriate to now
increase the fees assessed for this service to allow recovery of
NASDAQ's costs. NASDAQ anticipates that the proposed fees may provide
NASDAQ with a profit, in addition to covering costs.
2. Statutory Basis
NASDAQ believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\6\ in general, and Section
6(b)(4) of the Act,\7\ in particular, because it provides for the
equitable allocation of reasonable dues, fees and other charges among
members and issuers and other persons using any facility or system that
NASDAQ operates or controls, and it does not unfairly discriminate
between customers, issuers, brokers or dealers. NASDAQ believes that
the proposal constitutes an equitable allocation of fees because all
similarly-situated member firms would be charged the same amount. In
addition, access to NASDAQ will continue to be offered on fair and non-
discriminatory terms.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
NASDAQ believes that the proposal is reasonable because the fee
increase will realign the cost of administering and enhancing the
service with the revenue generated by the fee, which have diverged
since the fee was last increased in September 2006. As a consequence of
adding enhancements, such as those noted above, the value of the
service has incrementally increased over time and NASDAQ believes that
it is appropriate to now raise the fees to better align them with the
increased value of the service. In addition, NASDAQ believes that the
proposed fees will cover the costs associated with responding to
customer requests, configuring NASDAQ's systems, programming to user
specifications, and administering the service, among other things, and
may provide NASDAQ with a profit.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange 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
Written comments were neither solicited nor 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
19(b)(3)(A)(ii) of the Act \8\ and subparagraph (f)(2) of Rule 19b-4
thereunder.\9\ 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(a)(ii). [sic]
\9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-2012-017 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-2012-017. 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 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 offices 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-2012-017, and should be submitted on or before
February 28, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-2681 Filed 2-6-12; 8:45 am]
BILLING CODE 8011-01-P
