11548 Federal Register / Vol. 76, No. 41 / Wednesday, March 2, 2011 / Notices 

5The MSRB notes that subscribers may be subject 

to proprietary rights of third parties in information 

provided by such third parties that is made 

available through the subscription. 6 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The MSRB does not believe the 

proposed rule change will impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. The proposed rule 

change would make the information and 

documents collected by the SHORT 

System available to all persons on an 

equal and non-discriminatory basis. The 

information and documents provided 

through the subscription service would 

be available to all subscribers 

simultaneously with the availability of 

the information and documents through 

the EMMA Web portal. In addition to 

making the information and documents 

available for free on the EMMA Web 

portal to all members of the public, the 

MSRB would make the information and 

documents collected by the SHORT 

System available by subscription on an 

equal and non-discriminatory basis 

without imposing restrictions on 

subscribers from, or imposing additional 

charges on subscribers for, redisseminating such information and 

documents or otherwise adding valueadded services and products based on 

such information and documents on 

terms determined by each subscriber.5

C. Self-Regulatory Organization’s 

Statement on Comments Received on 

the Proposed Rule Change by Members, 

Participants, or Others 

Written comments were neither 

solicited nor received on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–MSRB–2011–04 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–MSRB–2011–04. This file 

number should be included on the 

subject line if e-mail 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 (http://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 such filing 

also will be available for inspection and 

copying at the principal office of the 

MSRB. 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–MSRB–2011–04 and should 

be submitted on or before within March 

23, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–4583 Filed 3–1–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63959; File No. SR– 

NASDAQ–2011–031] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Regarding the 

NASDAQ Order Imbalance Snapshot 

February 24, 2011. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that, on February 

23, 2011, 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 NASDAQ. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing this proposed 

rule change regarding the NASDAQ 

Order Imbalance Snapshot, a data feed 

of electronic messages for newswire 

providers to monitor the NASDAQ 

Opening Cross, Closing Cross, IPO Cross 

and Halt Cross. The text of the proposed 

rule change is available at http:// 

nasdaq.cchwallstreet.com/, at 

NASDAQ’s principal office, 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

NASDAQ facilitates participation in 

electronic auctions by disseminating the 


emcdonald on DSK2BSOYB1PROD with NOTICES
Federal Register / Vol. 76, No. 41 / Wednesday, March 2, 2011 / Notices 11549 

3 15 U.S.C. 78f. 

4 15 U.S.C. 78f(b)(5). 

5 15 U.S.C. 78s(b)(3)(A). 

6 17 CFR 240.19b–4(f)(6). 

Order Imbalance Indicator, a data feed 

containing information regarding the 

status of the NASDAQ book just prior to 

a crossing auction. The data contained 

in the Order Imbalance Indicator is set 

forth in NASDAQ Rules governing the 

crosses for the Opening Cross (Rule 

4752), Halt/IPO Cross (Rule 4753), and 

Closing Cross (Rule 4754). 

The NASDAQ Order Imbalance 

Snapshot (‘‘NOIS’’) is a separate service 

that provides a snapshot version of the 

Order Imbalance Indicator that is 

streamlined and filtered for use by 

newswire services. Rather than 

providing continuous order imbalance 

data, NOIS provides the data for certain 

stocks at selected time intervals in a 

format designed to optimize systems 

used by newswire providers. In other 

words, NOIS contains a subset of 

information already approved to be 

disseminated via the Order Imbalance 

Indicator. 

Specifically, for the NASDAQ 

Opening and Closing Crosses, NOIS 

disseminates messages only for 

exchange-listed securities that show an 

imbalance shares amount equal to or 

more than 50,000 shares. For those 

messages NOIS disseminates, the 

message includes all imbalance 

information set forth in the Order 

Imbalance Indicator set forth in 

NASDAQ Rule 4752(a), 4753(a), and 

4754(a). NOIS disseminates messages 

for securities listed on any national 

securities exchange, not just those listed 

on NASDAQ. 

For NASDAQ IPO Crosses, NOIS 

messages are disseminated 

approximately 3 minutes and 13 

minutes after the ‘‘Trading Action— 

Quote Resumption’’ message, which 

signals imminent launch of trading, is 

disseminated for the issue. NOIS will 

also disseminate a message if the 

quotation window is extended for the 

IPO security. There is no share size filter 

for the IPO cross. NASDAQ currently 

disseminates IPO Cross messages only 

for NASDAQ-listed securities. 

For the NASDAQ Halt Cross, which 

NASDAQ uses to release securities 

subject to a regulatory trading halt or 

single security trading pause, NOIS 

messages will be disseminated 

approximately 3 minutes after the 

‘‘Trading Action—Quote resumption’’ 

message is transmitted for the issue. 

NOIS will also disseminate a message if 

the quotation window is extended for 

the halted or paused security. There is 

no share size filter for the Halt cross. For 

the Halt Cross, NOIS disseminates 

messages for NASDAQ-listed issues 

only. 

NOIS data elements are disseminated 

to newswires for further dissemination 

to newswire subscribers. Therefore, the 

NOIS feed is not directly actionable by 

investors for quoting, order entry or 

trade execution. 

2. Statutory Basis 

Nasdaq believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,3 in 

general and with Section 6(b)(5) of the 

Act,4 in particular, in that it is designed 

to prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with 

respect to, and facilitating transactions 

in securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

In adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations and broker-dealers 

increased authority and flexibility to 

offer new and unique market data to the 

public. It was believed that this 

authority would expand the amount of 

data available to consumers, and also 

spur innovation and competition for the 

provision of market data. Nasdaq 

believes that this proposal is in keeping 

with those principles by promoting 

increased transparency through the 

dissemination of more useful 

proprietary data and also by clarifying 

its availability to market participants. 

Additionally, NASDAQ is making a 

voluntary decision to make this data 

available. NASDAQ is not required by 

the Exchange Act in the first instance to 

make the data available, unlike the best 

bid and offer which must be made 

available under the Act. NASDAQ 

chooses to make the data available as 

proposed in order to improve market 

quality, to attract order flow, and to 

increase transparency. Once this filing 

becomes effective, NASDAQ will be 

required to continue making the data 

available until such time as NASDAQ 

changes its rule. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

NASDAQ 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. 

NASDAQ provides routing services in a 

highly competitive market in which 

participants may avail themselves of a 

wide variety of routing options offered 

by self-regulatory organizations, 

alternative trading systems, other 

broker-dealers, market participants’ own 

proprietary routing systems, and service 

bureaus. In such an environment, 

system enhancements such as the 

changes proposed in this rule filing do 

not burden competition, because they 

can succeed in attracting order flow to 

NASDAQ only if they offer investors 

higher quality and better value than 

services offered by others. Encouraging 

competitors to provide higher quality 

and better value is the essence of a wellfunctioning competitive marketplace. 

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 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 5 and Rule 19b– 

4(f)(6) thereunder.6

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 

change 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 (http://www.sec.gov/ 

rules/sro.shtml); or 


emcdonald on DSK2BSOYB1PROD with NOTICES
11550 Federal Register / Vol. 76, No. 41 / Wednesday, March 2, 2011 / Notices 

7 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3The symbols (‘‘Select Symbols’’) are listed in 

Section I of the Fee Schedule. 

4 15 U.S.C. 78f(b). 

5 15 U.S.C. 78f(b)(4). 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–NASDAQ–2011–031 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–2011–031. This 

file number should be included on the 

subject line if e-mail 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 (http://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 website 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–2011–031 and should be 

submitted on or before March 23, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–4691 Filed 3–1–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63958; File No. SR–Phlx– 

2011–24] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NASDAQ 

OMX PHLX LLC Relating to Rebates 

and Fees for Adding and Removing 

Liquidity in Select Symbols 

February 24, 2011. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on February 

17, 2011, NASDAQ OMX PHLX LLC 

(‘‘Phlx’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I, II, 

and III, below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

options in Section I of the Exchange’s 

Fee Schedule titled ‘‘Rebates and Fees 

for Adding and Removing Liquidity in 

Select Symbols.’’ 

While changes to the Fee Schedule 

pursuant to this proposal are effective 

upon filing, the Exchange has 

designated these changes to be operative 

on March 1, 2011. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://nasdaqtrader.com/ 

micro.aspx?id=PHLXfilings, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant 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 purpose of the proposed rule 

change is to amend the list of symbols 3

applicable to the Exchange’s Rebates 

and Fees for Adding and Removing 

Liquidity in Select Symbols in Section 

I of the Fee Schedule in order to attract 

additional order flow to the Exchange. 

The Exchange displays a list of Select 

Symbols in its Fee Schedule at Section 

I, ‘‘Rebates and Fees for Adding and 

Removing Liquidity in Select Symbols,’’ 

that are subject to the rebates and fees 

in that section. Among those symbols is 

BP p.l.c. Common Stock (‘‘BP’’). The 

Exchange is proposing to remove BP 

from the list of Select Symbols in 

Section I. The Exchange is also 

proposing to add PowerShares DB US 

Dollar Index Bullish (‘‘UUP’’) to the list 

of Select Symbols in Section I. 

While changes to the Fee Schedule 

pursuant to this proposal are effective 

upon filing, the Exchange has 

designated these changes to be operative 

on March 1, 2011. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its schedule of fees 

is consistent with Section 6(b) of the 

Act 4 in general, and furthers the 

objectives of Section 6(b)(4) of the Act 5

in particular, in that it is an equitable 

allocation of reasonable fees and other 

charges among Exchange members and 

other persons using its facilities. 

The Exchange believes that it is 

reasonable to remove BP from its list of 

Select Symbols and add UUP to its list 

of Select Symbols to attract additional 

order flow to the Exchange. 

The Exchange believes that it is 

equitable to amend the list of Select 

Symbols by removing BP and adding 

UUP because the list of Select Symbols 

would apply uniformly to all categories 

of participants in the same manner. All 

market participants who trade the Select 

Symbols would be subject to the rebates 

and fees in Section I of the Fee 

Schedule. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. 


emcdonald on DSK2BSOYB1PROD with NOTICES