Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Assess a Fee for the QView Service, 18280-18282 [2012-7246]

Download as PDF mstockstill on DSK4VPTVN1PROD with NOTICES 18280 Federal Register / Vol. 77, No. 59 / Tuesday, March 27, 2012 / Notices discretion of the then-existing Independent Trustees. 7. Whenever a Subadviser change is proposed for a Subadvised Fund with an Affiliated Subadviser, the Board, including a majority of the Independent Trustees, will make a separate finding, reflected in the Board minutes, that the change is in the best interests of the Subadvised Fund and its shareholders, and does not involve a conflict of interest from which the Adviser or the Affiliated Subadviser derives an inappropriate advantage. 8. Whenever a Subadviser is hired or terminated, the Adviser will provide the Board with information showing the expected impact on the profitability of the Adviser. 9. Each Adviser will provide the Board, no less frequently than quarterly, with information about the profitability of the Adviser on a per Subadvised Fund basis. The information will reflect the impact on profitability of the hiring or termination of any Subadviser during the applicable quarter. 10. The Adviser will provide general management services to each Subadvised Fund, including overall supervisory responsibility for the general management and investment of the Subadvised Fund’s assets and, subject to review and approval of the Board, will: (i) Set the Subadvised Fund’s overall investment strategies; (ii) evaluate, select, and recommend Subadvisers to manage all or a portion of the Subadvised Fund’s assets; (iii) allocate and, when appropriate, reallocate the Subadvised Fund’s assets among Subadvisers; (iv) monitor and evaluate the Subadvisers’ performance; and (v) implement procedures reasonably designed to ensure that Subadvisers comply with the Subadvised Fund’s investment objective, policies and restrictions. 11. No Trustee or officer of the Trust or of a Subadvised Fund or director or officer of the Adviser, will own directly or indirectly (other than through a pooled investment vehicle that is not controlled by such person) any interest in a Subadviser except for (i) ownership of interests in the Adviser or any entity that controls, is controlled by or is under common control with the Adviser; or (ii) ownership of less than 1% of the outstanding securities of any class of equity or debt of any publicly traded company that is either a Subadviser or an entity that controls, is controlled by or is under common control with a Subadviser. 12. Each Subadvised Fund will disclose in its registration statement the Aggregate Fee Disclosure. VerDate Mar<15>2010 17:14 Mar 26, 2012 Jkt 226001 13. In the event the Commission adopts a rule under the Act providing substantially similar relief to that in the order requested in the Application, the requested order will expire on the effective date of that rule. 14. For Subadvised Funds that pay fees to a Subadviser directly from fund assets, any changes to a Subadvisory Agreement that would result in an increase in the total management and advisory fees payable by a Subadvised Fund will be required to be approved by the shareholders of the Subadvised Fund. For the Commission, by the Division of Investment Management, under delegated authority. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–7282 Filed 3–26–12; 8:45 am] added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. Dated: March 22, 2012. Elizabeth M. Murphy, Secretary. [FR Doc. 2012–7385 Filed 3–23–12; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–66636; File No. SR– NASDAQ–2012–035] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Assess a Fee for the QView Service BILLING CODE 8011–01–P March 21, 2012. SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold a Closed Meeting on Thursday, March 29, 2012 at 2 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matters at the Closed Meeting. Commissioner Gallagher, as duty officer, voted to consider the items listed for the Closed Meeting in a closed session. The subject matter of the Closed Meeting scheduled for Thursday, March 29, 2012 will be: Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings; An adjudicatory matter; and Other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 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 March 15, 2012, The NASDAQ Stock Market LLC (the ‘‘Exchange’’ or ‘‘NASDAQ’’) filed with the Securities and Exchange Commission (the ‘‘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 assess a fee for the QView service, which provides a subscribing member firm with increased transparency over its trading activity on the Exchange by allowing the member to track its Exchange order flow. The Exchange will implement the proposed fee effective March 15, 2012. The text of the proposed rule change is below. Proposed new language is in italics; proposed deletions are in brackets. 7058. QView QView is a web-based tool designed to give a subscribing member the ability to track its order flow on Nasdaq, and create both realtime and historical reports of such order flow. Members may subscribe to QView for a fee of $600 per month, per member firm [at no cost]. * * 1 15 2 17 E:\FR\FM\27MRN1.SGM * * U.S.C. 78s(b)(1). CFR 240.19b–4. 27MRN1 * Federal Register / Vol. 77, No. 59 / Tuesday, March 27, 2012 / 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 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 mstockstill on DSK4VPTVN1PROD with NOTICES 1. Purpose The Exchange is proposing to assess a fee of $600 per month, per member firm for subscription to QView effective March 15, 2012. The Exchange initially adopted QView on December 1, 2011 at no cost to subscribers.3 QView is a Webbased, front-end application, which provides a subscribing member firm with increased transparency over its trading activity on the Exchange by allowing the member firm to track its Exchange order flow.4 In particular, a QView subscriber is able to track all of its trading activity on the Exchange through detailed order and execution summaries. QView provides a subscribing member with statistics concerning the total number of executions, total volume, dollar value of executions, executions by symbol, add versus remove, buy versus sell, display versus non-display, number of open orders, use of routing strategies and liquidity code designation. QView also provides information concerning how the subscribing member firm ranks in NASDAQ market activity as compared to other NASDAQ participants. The data 3 Securities Exchange Act Release No. 65851 (November 30, 2011), 76 FR 75924 (December 5, 2011) (SR–NASDAQ–2011–157). 4 A subscribing member possessing multiple MPIDs must designate the MPIDs for which it would like to receive QView information. A subscribing member, however, may elect to monitor only the activity occurring through certain ports associated with a subscribed MPID. A member firm seeking to subscribe to QView that accesses the Exchange through a sponsored arrangement with another Exchange member must provide the Exchange with an executed sponsored access data agreement prior to subscribing to QView. The sponsored access data agreement makes clear that the subscribing member firm is permitted to designate the sponsoring firm’s MPID for subscription to QView. A copy of this form may be found here: https://www.nasdaqtrader.com/content/ productsservices/trading/QView/ QView_SponsoredAccessAgreement.pdf. VerDate Mar<15>2010 17:14 Mar 26, 2012 Jkt 226001 provided by QView is available to the subscribing member both in real-time and historically. Subscribing member firms are also able to export such data from QView to other systems. A member firm must subscribe to NASDAQ TradeInfo 5 to subscribe to QView. QView was developed to work in conjunction with TradeInfo, so that a subscriber to QView is able to seamlessly filter down to the specific order or execution information of the orders and executions provided in the QView dashboard interface. The dashboard also allows a QView subscriber to track its executions and open orders in real-time, as well as view its executions and open orders as an overall summary, with all totals displayed by quantity, share volume, or dollar value. As such, QView provides both an overall summary of a subscribing member firm’s activity, as well as detailed order and execution information, thus providing the subscriber a comprehensive tool to track its trading activity.6 A member firm that is a subscriber to QView as of March 14, 2012 may cancel its subscription to QView at any time prior to close of business March 30, 2012 and not pay the proposed subscription fee.7 2. Statutory Basis The Exchange believes the proposed rule change is consistent with Section 6(b)(4) of the Act 8 in that 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 which the Exchange operates or controls, and it does not unfairly discriminate between customers, issuers, brokers or dealers. The Exchange believes that the proposed fee is equitable and not unfairly discriminatory because member firms that voluntarily elect to subscribe to this service will be charged the same fee. QView provides subscribing member firms with a top down view of their trading activity on the Exchange and the proposed fee is assessed on a 5 TradeInfo is a web-based tool that, among other things, allows users access to all of the NASDAQ order and execution information for their entire firm for both equities and options through a single interface. TradeInfo is offered complimentary as part of the NASDAQ Workstation or separately for a fee of $95 per user per month. See Rule 7015(f) (Securities Exchange Act Release No. 55135 (January 19, 2007), 72 FR 3893 (January 26, 2007) (SR–NASDAQ–2006–062)). 6 For example, QView will inform a subscribing member of its executions in a particular day and provide a link to the details of those executions, which is provided by TradeInfo. 7 NASDAQ has provided notice to member firms of the March 30, 2012 cancelation date. 8 15 U.S.C. 78f(b)(4). PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 18281 per member firm basis. The value of QView to a subscribing member firm is the convenience of aggregating and displaying the firm’s data in a single interface regardless of the amount of data (executions, open orders, etc.) or the number of MPIDs that the firm has. In this regard, the Exchange notes that the number of MPIDs that a subscribing member firm possesses is not indicative of quantity and value of the data provided by QView. In many cases, a firm with a single MPID may in fact have more data than a firm with multiple MPIDs. As such, the Exchange believes that it is equitable to assess the fee on a per firm basis, as opposed to a per MPID basis. The Exchange also believes that the proposed fee does not unfairly discriminate because it is available to all member firms on equal terms and there is no differentiation among member firms in regard to the fee assessed to subscribers. In addition, the Exchange believes that it is not unfair discrimination to limit the service to broker-dealers that are members of the Exchange because it provides information solely concerning a subscribing member firm’s trading activity on the Exchange. The Exchange determined that the proposed fee is reasonable based on member firm interest in QView, costs associated with developing and supporting QView, and the value that QView provides to subscribing member firms. The information provided by QView relates to the subscribing member firm’s activity on the Exchange and the member firm may access and aggregate this information by other means, including its own internal systems. As such, the Exchange believes that if a member firm determines that the fee is not cost-efficient for its needs, it may decline to subscribe to QView and access such information from other sources. Finally, the maximum fee for a member that elects to subscribe to this service, regardless of the number of MPIDs held by the firm, is $600 per month. Subscription to QView is per member firm, therefore a firm must subscribe only once to QView to receive the service for as many of its MPIDs as it wishes. 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. To the contrary, the proposed rule change is pro-competitive in that it will allow the Exchange to disseminate a new service on a voluntary basis. QView E:\FR\FM\27MRN1.SGM 27MRN1 18282 Federal Register / Vol. 77, No. 59 / Tuesday, March 27, 2012 / Notices is voluntary on the part of the Exchange which is not required to offer such products and services, and voluntary on the part of prospective users that are not required to use it and may obtain the information from other sources. 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.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: mstockstill on DSK4VPTVN1PROD with NOTICES 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–2012–035 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–2012–035. 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–2012–035 and should be submitted on or before April 17, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–7246 Filed 3–26–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–66637; File No. SR–CBOE– 2012–028] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule March 21, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on March 19, 2012, the Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) filed with the Securities and Exchange Commission (the ‘‘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 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. U.S.C. 78s(b)(3)(A)(ii). VerDate Mar<15>2010 17:14 Mar 26, 2012 Jkt 226001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its Fees Schedule. The text of the proposed rule change is available on the Exchange’s Web site (https:// www.cboe.com/AboutCBOE/ CBOELegalRegulatoryHome.aspx), at the Exchange’s Office of the Secretary, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange currently lists on its Fees Schedule the fingerprint processing fees that are collected and retained by the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) via its Web CRDSM registration system for the registration of associated persons of Exchange Trading Permit Holder (‘‘TPH’’) and TPH organizations that are not also FINRA members. The Exchange was recently notified by FINRA that, effective March 19, 2012, FINRA is decreasing the per card Initial Submission and Third Submission fees from $30.25 to $27.50. As such, the Exchange proposes to amend its Fees Schedule to reflect this change. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.3 Specifically, the Exchange believes the proposed rule change is consistent with Section 6(b)(4) of the Act,4 which provides that 10 17 1 15 9 15 solicit comments on the proposed rule change from interested persons. PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 3 15 4 15 E:\FR\FM\27MRN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(4). 27MRN1

Agencies

[Federal Register Volume 77, Number 59 (Tuesday, March 27, 2012)]
[Notices]
[Pages 18280-18282]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-7246]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66636; File No. SR-NASDAQ-2012-035]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Assess a Fee for the QView Service

March 21, 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 March 15, 2012, The NASDAQ Stock Market LLC (the ``Exchange'' 
or ``NASDAQ'') filed with the Securities and Exchange Commission (the 
``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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to assess a fee for the QView service, which 
provides a subscribing member firm with increased transparency over its 
trading activity on the Exchange by allowing the member to track its 
Exchange order flow. The Exchange will implement the proposed fee 
effective March 15, 2012.
    The text of the proposed rule change is below. Proposed new 
language is in italics; proposed deletions are in brackets.

7058. QView

    QView is a web-based tool designed to give a subscribing member 
the ability to track its order flow on Nasdaq, and create both real-
time and historical reports of such order flow. Members may 
subscribe to QView for a fee of $600 per month, per member firm [at 
no cost].
* * * * *

[[Page 18281]]

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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is proposing to assess a fee of $600 per month, per 
member firm for subscription to QView effective March 15, 2012. The 
Exchange initially adopted QView on December 1, 2011 at no cost to 
subscribers.\3\ QView is a Web-based, front-end application, which 
provides a subscribing member firm with increased transparency over its 
trading activity on the Exchange by allowing the member firm to track 
its Exchange order flow.\4\ In particular, a QView subscriber is able 
to track all of its trading activity on the Exchange through detailed 
order and execution summaries. QView provides a subscribing member with 
statistics concerning the total number of executions, total volume, 
dollar value of executions, executions by symbol, add versus remove, 
buy versus sell, display versus non-display, number of open orders, use 
of routing strategies and liquidity code designation. QView also 
provides information concerning how the subscribing member firm ranks 
in NASDAQ market activity as compared to other NASDAQ participants. The 
data provided by QView is available to the subscribing member both in 
real-time and historically. Subscribing member firms are also able to 
export such data from QView to other systems.
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 65851 (November 30, 
2011), 76 FR 75924 (December 5, 2011) (SR-NASDAQ-2011-157).
    \4\ A subscribing member possessing multiple MPIDs must 
designate the MPIDs for which it would like to receive QView 
information. A subscribing member, however, may elect to monitor 
only the activity occurring through certain ports associated with a 
subscribed MPID. A member firm seeking to subscribe to QView that 
accesses the Exchange through a sponsored arrangement with another 
Exchange member must provide the Exchange with an executed sponsored 
access data agreement prior to subscribing to QView. The sponsored 
access data agreement makes clear that the subscribing member firm 
is permitted to designate the sponsoring firm's MPID for 
subscription to QView. A copy of this form may be found here: https://www.nasdaqtrader.com/content/productsservices/trading/QView/QView_SponsoredAccessAgreement.pdf.
---------------------------------------------------------------------------

    A member firm must subscribe to NASDAQ TradeInfo \5\ to subscribe 
to QView. QView was developed to work in conjunction with TradeInfo, so 
that a subscriber to QView is able to seamlessly filter down to the 
specific order or execution information of the orders and executions 
provided in the QView dashboard interface. The dashboard also allows a 
QView subscriber to track its executions and open orders in real-time, 
as well as view its executions and open orders as an overall summary, 
with all totals displayed by quantity, share volume, or dollar value. 
As such, QView provides both an overall summary of a subscribing member 
firm's activity, as well as detailed order and execution information, 
thus providing the subscriber a comprehensive tool to track its trading 
activity.\6\
---------------------------------------------------------------------------

    \5\ TradeInfo is a web-based tool that, among other things, 
allows users access to all of the NASDAQ order and execution 
information for their entire firm for both equities and options 
through a single interface. TradeInfo is offered complimentary as 
part of the NASDAQ Workstation or separately for a fee of $95 per 
user per month. See Rule 7015(f) (Securities Exchange Act Release 
No. 55135 (January 19, 2007), 72 FR 3893 (January 26, 2007) (SR-
NASDAQ-2006-062)).
    \6\ For example, QView will inform a subscribing member of its 
executions in a particular day and provide a link to the details of 
those executions, which is provided by TradeInfo.
---------------------------------------------------------------------------

    A member firm that is a subscriber to QView as of March 14, 2012 
may cancel its subscription to QView at any time prior to close of 
business March 30, 2012 and not pay the proposed subscription fee.\7\
---------------------------------------------------------------------------

    \7\ NASDAQ has provided notice to member firms of the March 30, 
2012 cancelation date.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section 6(b)(4) of the Act \8\ in that 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 which the 
Exchange operates or controls, and it does not unfairly discriminate 
between customers, issuers, brokers or dealers. The Exchange believes 
that the proposed fee is equitable and not unfairly discriminatory 
because member firms that voluntarily elect to subscribe to this 
service will be charged the same fee. QView provides subscribing member 
firms with a top down view of their trading activity on the Exchange 
and the proposed fee is assessed on a per member firm basis. The value 
of QView to a subscribing member firm is the convenience of aggregating 
and displaying the firm's data in a single interface regardless of the 
amount of data (executions, open orders, etc.) or the number of MPIDs 
that the firm has. In this regard, the Exchange notes that the number 
of MPIDs that a subscribing member firm possesses is not indicative of 
quantity and value of the data provided by QView. In many cases, a firm 
with a single MPID may in fact have more data than a firm with multiple 
MPIDs. As such, the Exchange believes that it is equitable to assess 
the fee on a per firm basis, as opposed to a per MPID basis. The 
Exchange also believes that the proposed fee does not unfairly 
discriminate because it is available to all member firms on equal terms 
and there is no differentiation among member firms in regard to the fee 
assessed to subscribers. In addition, the Exchange believes that it is 
not unfair discrimination to limit the service to broker-dealers that 
are members of the Exchange because it provides information solely 
concerning a subscribing member firm's trading activity on the 
Exchange.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange determined that the proposed fee is reasonable based 
on member firm interest in QView, costs associated with developing and 
supporting QView, and the value that QView provides to subscribing 
member firms. The information provided by QView relates to the 
subscribing member firm's activity on the Exchange and the member firm 
may access and aggregate this information by other means, including its 
own internal systems. As such, the Exchange believes that if a member 
firm determines that the fee is not cost-efficient for its needs, it 
may decline to subscribe to QView and access such information from 
other sources. Finally, the maximum fee for a member that elects to 
subscribe to this service, regardless of the number of MPIDs held by 
the firm, is $600 per month. Subscription to QView is per member firm, 
therefore a firm must subscribe only once to QView to receive the 
service for as many of its MPIDs as it wishes.

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. To 
the contrary, the proposed rule change is pro-competitive in that it 
will allow the Exchange to disseminate a new service on a voluntary 
basis. QView

[[Page 18282]]

is voluntary on the part of the Exchange which is not required to offer 
such products and services, and voluntary on the part of prospective 
users that are not required to use it and may obtain the information 
from other sources.

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.\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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

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-2012-035 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-2012-035. 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-2012-035 and should 
be submitted on or before April 17, 2012.
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    \10\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-7246 Filed 3-26-12; 8:45 am]
BILLING CODE 8011-01-P
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