Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fees for Certain Co-Location Services, 3945-3947 [2013-00867]
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Federal Register / Vol. 78, No. 12 / Thursday, January 17, 2013 / Notices
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.7 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–2013–009 on the
subject line.
pmangrum on DSK3VPTVN1PROD with
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–2013–009. 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
7 15
8 17
U.S.C. 78s(b)(3)(a)(ii).
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
14:19 Jan 16, 2013
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–2013–009 and should be
submitted on or before February 7, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–00922 Filed 1–16–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68624; File No. SR–
NASDAQ–2013–002]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Fees for Certain Co-Location Services
January 11, 2013.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 2 thereunder,
notice is hereby given that on January 2,
2013, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III, below, which Items
have been prepared by the 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 the Substance
of the Proposed Rule Change
The NASDAQ Stock Market LLC
proposes to reduce the fees assessed
under NASDAQ Rule 7034 for certain
1 15
2 17
Jkt 229001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00068
Fmt 4703
3945
co-location services. While the changes
proposed herein are effective upon
filing, the Exchange has designated that
the amendments be operative on
January 2, 2013.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://nasdaq.cchwallstreet.com, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change. The text of
these statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
NASDAQ Rule 7034 to reduce the
monthly recurring cabinet (‘‘MRC’’) fees
assessed for the installation of certain
new co-location cabinets. The reduced
MRC fees will apply to new cabinets
ordered by customers using the CoLo
Console 3 during the months of January
and February of 2013, provided that
such cabinets are fully operational by
May 31, 2013. The reduced fee shall
apply to any cabinet that increases the
number of dedicated cabinets beyond
the total number dedicated to that
customer as of December 31, 2012
(‘‘Baseline Number’’), for so long as the
total number of dedicated cabinets
exceeds that customer’s Baseline
Number. The reduced MRC fees will
apply for a period of 24 months from the
date the new cabinet becomes fully
operational under NASDAQ rules,
provided that the customer’s total
number of cabinets continues to exceed
the Baseline Number.
The Exchange proposes to reduce the
applicable fees as follows:
3 The ‘‘CoLo Console’’ is NASDAQ’s web-based
ordering tool, and it is the exclusive means for
ordering colocation services.
Sfmt 4703
E:\FR\FM\17JAN1.SGM
17JAN1
3946
Federal Register / Vol. 78, No. 12 / Thursday, January 17, 2013 / Notices
Current
ongoing
monthly fee
Cabinet type
Low Density .............................................................................................................................................................
Medium Density .......................................................................................................................................................
Medium-High Density ..............................................................................................................................................
High Density ............................................................................................................................................................
Super High Density ..................................................................................................................................................
New cabinets shall be assessed
standard installation fees.
NASDAQ proposes to reduce
colocation cabinet fees by different
amounts to maintain a sliding scale of
Cabinet type
Max kW
Low Density ...................................................................................................
Medium Density .............................................................................................
Medium-High Density ....................................................................................
High Density ..................................................................................................
Super High Density ........................................................................................
pmangrum on DSK3VPTVN1PROD with
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,4
in general, and with Section 6(b)(4) of
the Act,5 in particular, 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. The proposed reduced fee will
be assessed equally on all customers
that place an order for a new cabinet
during the designated period. The
proposed amendments will provide an
incentive for customers to avail
themselves of the designated co-location
services.
NASDAQ’s proposal to reduce fees by
differing amounts is fair and equitable
because it reflects the economic
efficiency of higher density colocation
cabinets. First, the underlying costs for
co-location cabinets consists [sic] of
certain fixed costs for the data center
facility (space, amortization, etc.) and
certain variable costs (electrical power
utilized and cooling required). The
variable costs are in total higher for the
higher power density cabinets, as
reflected in their higher current prices.
Second, the higher density cabinets
were introduced later than the lower
density cabinets (High Density cabinet
was introduced in 2009 and the Super
High Density cabinet was introduced in
2011). Due to the competitive pressures
that existed in 2011 and 2012, the fees
for Super High Density cabinets were
further reduced in 2012 to be more
4 15
5 15
U.S.C. 78f.
U.S.C. 78f(b)(4).
VerDate Mar<15>2010
14:19 Jan 16, 2013
Jkt 229001
Reduced MRC
fee
2.88
5
7
10
17
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 Exchange’s
voluntary fee reduction is a response to
increased competition for colocation
services by other exchanges and trading
venues. As more venues offer colocation
services, competition drives costs lower.
The Exchange, in order to retain existing
orders and to attract new orders, is
forced to offer a lower effective rate for
aggregate cabinet demand. This
competition benefits users, members.
[sic] and investors by lowering the
Frm 00069
Fmt 4703
Sfmt 4703
$4,000
5,000
6,000
7,000
13,000
$2,000
2,500
3,500
4,500
8,000
lower fees for higher density cabinets on
a per kilowatt basis. The chart below
reflects this scale:
comparable with the lower fee per
kilowatt of the High Density cabinet. As
a result of these already-reduced rates
on higher density cabinets, NASDAQ
has greater flexibility to discount fees
for lower density cabinets, on a per
kilowatt basis.
NASDAQ operates in a highly
competitive market in which market
participants can readily favor competing
venues if they deem fee levels at a
particular venue to be excessive. In such
an environment, NASDAQ must
continually adjust its fees to remain
competitive with other exchanges and
with alternative trading systems that
have been exempted from compliance
with the statutory standards applicable
to exchanges. NASDAQ believes that the
proposed rule change reflects this
competitive environment because it is
designed to ensure that the charges for
use of the NASDAQ colocation facility
remain competitive.
PO 00000
Reduced
ongoing
monthly fee
$2,000
2,500
3,500
4,500
8,000
Discount
(%)
Fee per KW
50.00
50.00
41.67
35.71
38.46
$694.44
500.00
500.00
450.00
470.59
average aggregate cost of trading on the
Exchange.
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)(ii) of
the Act,6 NASDAQ has designated this
proposal as establishing or changing a
due, fee, or other charge imposed by the
self-regulatory organization on any
person, whether or not the person is a
member of the self-regulatory
organization, which renders the
proposed rule change effective upon
filing.
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.
6 15
E:\FR\FM\17JAN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
17JAN1
Federal Register / Vol. 78, No. 12 / Thursday, January 17, 2013 / Notices
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–2013–002 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.
pmangrum on DSK3VPTVN1PROD with
All submissions should refer to File
Number SR–NASDAQ–2013–002. 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
printing in the Commission’s Public
Reference Room on official business
days between the hours of 10:00 a.m.
and 3:00 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–2013–002, and should be
submitted on or before February 7, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–00867 Filed 1–16–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
of the most significant parts of such
statements.
[Release No. 34–68630; File No. SR–
NYSEMKT–2013–01]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Its Price List
With Respect to Regulatory Fees
Related to the Central Registration
Depository, Which Are Collected by
the Financial Industry Regulatory
Authority, Inc.
January 11, 2013.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on January
2, 2013, NYSE MKT LLC (the
‘‘Exchange’’ or ‘‘NYSE MKT’’) 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 selfregulatory organization. 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
Price List (the ‘‘Price List’’) with respect
to regulatory fees related to the Central
Registration Depository (‘‘CRD system’’),
which are collected by the Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’). The Exchange proposes to
implement the fee changes on January 2,
2013. The text of the proposed rule
change is available on the Exchange’s
Web site at www.nyse.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
self-regulatory organization 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 those 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,
1 15
U.S.C.78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
7 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
14:19 Jan 16, 2013
Jkt 229001
3947
PO 00000
Frm 00070
Fmt 4703
1. Purpose
The Exchange proposes to amend the
Price List with respect to regulatory fees
related to the CRD system, which are
collected by FINRA.4 The Exchange
proposes to implement the fee changes
on January 2, 2013.
Certain of the regulatory fees provided
in the Price List are collected and
retained by FINRA via the CRD system
for the registration of employees of
member organizations of the Exchange
that are not FINRA members (‘‘NonFINRA Member Organizations’’). The
Exchange originally adopted fees for use
of the CRD system in 2003.5 FINRA
recently amended certain of the fees
assessed for use of the CRD system, and
those amendments will become effective
January 2, 2013.6
The CRD system fees are user-based
and there is no distinction in the cost
incurred by FINRA if the user is a
FINRA member or a Non-FINRA
Member Organization. Accordingly, the
Exchange is proposing to amend the fees
in the Price List to mirror those assessed
by FINRA, which will be implemented
concurrently with the amended FINRA
fees on January 2, 2013.7 The proposed
changes are as follows: 8
4 The CRD system is the central licensing and
registration system for the U.S. securities industry.
The CRD system enables individuals and firms
seeking registration with multiple states and selfregulatory organizations to do so by submitting a
single form, fingerprint card and a combined
payment of fees to FINRA. Through the CRD
system, FINRA maintains the qualification,
employment and disciplinary histories of registered
associated persons of broker-dealers.
5 See Securities Exchange Act Release No. 48066
(June 19, 2003), 68 FR 38409 (June 27, 2003) (SR–
Amex–2003–49).
6 See Securities Exchange Act Release No. 67247
(June 25, 2012), 77 FR 38866 (June 29, 2012) (SR–
FINRA–2012–030).
7 The Exchange notes that it has only adopted the
CRD system fees charged by FINRA to Non-FINRA
Member Organizations when such fees are
applicable. In this regard, certain FINRA CRD
system fees and requirements are specific to FINRA
members, but do not apply to NYSE MKT-only
member organizations.
8 The Exchange is proposing to delete the current
fees and descriptions in their entirety and replace
them with the updated fees and descriptions in a
separate table that will include all the fees
applicable to Non-FINRA Member Organizations, as
discussed further below (corresponding footnotes in
the Price List would also be designated as
‘‘reserved’’). In this regard, the Exchange is
proposing a new subheading in the ‘‘Regulatory
Fees’’ section of the Price List to differentiate
between those fees that are applicable to all member
organizations and those fees that are applicable
Continued
Sfmt 4703
E:\FR\FM\17JAN1.SGM
17JAN1
]]>Agencies
[Federal Register Volume 78, Number 12 (Thursday, January 17, 2013)]
[Notices]
[Pages 3945-3947]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-00867]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68624; File No. SR-NASDAQ-2013-002]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Fees for Certain Co-Location Services
January 11, 2013.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that on January 2, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III, below, which Items have been prepared by the
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 the
Substance of the Proposed Rule Change
The NASDAQ Stock Market LLC proposes to reduce the fees assessed
under NASDAQ Rule 7034 for certain co-location services. While the
changes proposed herein are effective upon filing, the Exchange has
designated that the amendments be operative on January 2, 2013.
The text of the proposed rule change is available on the Exchange's
Web site at https://nasdaq.cchwallstreet.com, at the principal office of
the Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend NASDAQ Rule 7034 to reduce the
monthly recurring cabinet (``MRC'') fees assessed for the installation
of certain new co-location cabinets. The reduced MRC fees will apply to
new cabinets ordered by customers using the CoLo Console \3\ during the
months of January and February of 2013, provided that such cabinets are
fully operational by May 31, 2013. The reduced fee shall apply to any
cabinet that increases the number of dedicated cabinets beyond the
total number dedicated to that customer as of December 31, 2012
(``Baseline Number''), for so long as the total number of dedicated
cabinets exceeds that customer's Baseline Number. The reduced MRC fees
will apply for a period of 24 months from the date the new cabinet
becomes fully operational under NASDAQ rules, provided that the
customer's total number of cabinets continues to exceed the Baseline
Number.
---------------------------------------------------------------------------
\3\ The ``CoLo Console'' is NASDAQ's web-based ordering tool,
and it is the exclusive means for ordering colocation services.
---------------------------------------------------------------------------
The Exchange proposes to reduce the applicable fees as follows:
[[Page 3946]]
------------------------------------------------------------------------
Current Reduced
Cabinet type ongoing ongoing
monthly fee monthly fee
------------------------------------------------------------------------
Low Density............................. $4,000 $2,000
Medium Density.......................... 5,000 2,500
Medium-High Density..................... 6,000 3,500
High Density............................ 7,000 4,500
Super High Density...................... 13,000 8,000
------------------------------------------------------------------------
New cabinets shall be assessed standard installation fees.
NASDAQ proposes to reduce colocation cabinet fees by different
amounts to maintain a sliding scale of lower fees for higher density
cabinets on a per kilowatt basis. The chart below reflects this scale:
----------------------------------------------------------------------------------------------------------------
Reduced MRC
Cabinet type Max kW fee Discount (%) Fee per KW
----------------------------------------------------------------------------------------------------------------
Low Density..................................... 2.88 $2,000 50.00 $694.44
Medium Density.................................. 5 2,500 50.00 500.00
Medium-High Density............................. 7 3,500 41.67 500.00
High Density.................................... 10 4,500 35.71 450.00
Super High Density.............................. 17 8,000 38.46 470.59
----------------------------------------------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\4\ in general, and with
Section 6(b)(4) of the Act,\5\ in particular, 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. The proposed reduced
fee will be assessed equally on all customers that place an order for a
new cabinet during the designated period. The proposed amendments will
provide an incentive for customers to avail themselves of the
designated co-location services.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
NASDAQ's proposal to reduce fees by differing amounts is fair and
equitable because it reflects the economic efficiency of higher density
colocation cabinets. First, the underlying costs for co-location
cabinets consists [sic] of certain fixed costs for the data center
facility (space, amortization, etc.) and certain variable costs
(electrical power utilized and cooling required). The variable costs
are in total higher for the higher power density cabinets, as reflected
in their higher current prices. Second, the higher density cabinets
were introduced later than the lower density cabinets (High Density
cabinet was introduced in 2009 and the Super High Density cabinet was
introduced in 2011). Due to the competitive pressures that existed in
2011 and 2012, the fees for Super High Density cabinets were further
reduced in 2012 to be more comparable with the lower fee per kilowatt
of the High Density cabinet. As a result of these already-reduced rates
on higher density cabinets, NASDAQ has greater flexibility to discount
fees for lower density cabinets, on a per kilowatt basis.
NASDAQ operates in a highly competitive market in which market
participants can readily favor competing venues if they deem fee levels
at a particular venue to be excessive. In such an environment, NASDAQ
must continually adjust its fees to remain competitive with other
exchanges and with alternative trading systems that have been exempted
from compliance with the statutory standards applicable to exchanges.
NASDAQ believes that the proposed rule change reflects this competitive
environment because it is designed to ensure that the charges for use
of the NASDAQ colocation facility remain competitive.
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 Exchange's voluntary fee reduction is a response to
increased competition for colocation services by other exchanges and
trading venues. As more venues offer colocation services, competition
drives costs lower. The Exchange, in order to retain existing orders
and to attract new orders, is forced to offer a lower effective rate
for aggregate cabinet demand. This competition benefits users, members.
[sic] and investors by lowering the average aggregate cost of trading
on the Exchange.
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)(ii) of the Act,\6\ NASDAQ has
designated this proposal as establishing or changing a due, fee, or
other charge imposed by the self-regulatory organization on any person,
whether or not the person is a member of the self-regulatory
organization, which renders the proposed rule change effective upon
filing.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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.
[[Page 3947]]
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-2013-002 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-2013-002. 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
printing in the Commission's Public Reference Room on official business
days between the hours of 10:00 a.m. and 3:00 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-2013-002, and should be submitted on or before
February 7, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-00867 Filed 1-16-13; 8:45 am]
BILLING CODE 8011-01-P
