Federal Register / Vol. 74, No. 18 / Thursday, January 29, 2009 / Notices 5193 

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

2 17 CFR 240.19b–4. 

3Changes are marked to the rule text that appears 

in the electronic manual of Nasdaq found at http:// 

nasdaq.complinet.com. 

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), (6), (7), 9(B) and 

(10) and 17 CFR 200.402(a)(3), (5), (6), 

(7), 9(ii) and (10), permit consideration 

of the scheduled matters at the Closed 

Meeting. 

Acting Chairman Walter, as duty 

officer, voted to consider the items 

listed for the Closed Meeting in closed 

session, and determined that no earlier 

notice thereof was possible. 

The subject matter of the Closed 

Meeting scheduled for Thursday, 

January 29, 2009 will be: 

Formal orders of investigation; 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings of an 

enforcement nature; 

A litigation matter; 

A collection matter; 

Adjudicatory matters; 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 

added, deleted or postponed, please 

contact: 

The Office of the Secretary at (202) 

551–5400. 

Dated: January 23, 2009. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–1883 Filed 1–28–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59199; File No. 

SR–DTC–2008–14] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify 

Existing Operational Arrangements 

Correction 

In notice document E9–349 beginning 

on page 1266 in the issue of Monday 

January 12, 2009 make the following 

correction: 

On page 1268, in the second column, 

in the last line of the first paragraph, 

‘‘January 29, 2009’’ should read 

‘‘February 2, 2009’’. 

[FR Doc. Z9–349 Filed 1–28–09; 8:45 am] 

BILLING CODE 1505–01–D 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59171; File No. 

SR–ISE–2008–98] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change to Fee Changes 

Correction 

In notice document E8–31351 

beginning on page 482 in the issue of 

Tuesday, January 6, 2009 make the 

following corrections: 

1. On page 482, the department 

docket number is corrected to read as 

set forth above. 

2. On page 483, in the second column, 

in the last line of the last paragraph, 

‘‘January 26, 2009’’ should read 

‘‘January 27, 2009’’. 

[FR Doc. Z8–31351 Filed 1–28–09; 8:45 am] 

BILLING CODE 1505–01–D 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59275; File No. SR– 

NASDAQ–2008–104] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing of Proposed Rule Change To 

Adopt a Modified Sponsored Access 

Rule 

January 22, 2009. 

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 December 

30, 2008, The NASDAQ Stock Market 

LLC (‘‘Nasdaq’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by Nasdaq. On January 8, 

2009, Nasdaq filed Amendment No. 1 to 

the proposed rule change. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change, as amended, from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Nasdaq proposes to adopt a proposed 

rule change to modify the requirements 

for members that provide ‘‘Sponsored 

Access’’ to Nasdaq’s execution system. 

The text of the proposed rule change 

is below. Proposed new language is 

italicized; proposed deletions are in 

brackets.3

* * * * * 

4611. Nasdaq Market Center Participant 

Registration 

(a)–(c) No change. 

(d) Members may provide ‘‘Sponsored 

Access’’ to the Nasdaq Market Center in 

accordance with the provisions below: 

[Sponsored Participants. A Sponsored 

Participant may obtain authorized 

access to the Nasdaq Market Center only 

if such access is authorized in advance 

by one or more Nasdaq members as 

follows:] 

[(1) Sponsored Participants must enter 

into and maintain customer agreements 

with one or more Sponsoring Members 

establishing proper relationship(s) and 

account(s) through which the Sponsored 

Participant may trade on the Nasdaq 

Market Center. Such customer 

agreement(s) must incorporate the 

Sponsorship Provisions set forth in 

paragraph (2) below.] 

[(2) For a Sponsored Participant to 

obtain and maintain authorized access 

to the Nasdaq Market Center, a 

Sponsored Participant and its 

Sponsoring Member must agree in 

writing to the following Sponsorship 

Provisions: 

(A) Sponsored Participant and its 

Sponsoring Member must have entered 

into and maintained a User Agreement 

with The NASDAQ Stock Market LLC. 

The Sponsoring Member must designate 

the Sponsored Participant by name in 

its User Agreement as such. 

(B) Sponsoring Member acknowledges 

and agrees that 

(i) All orders entered by the 

Sponsored Participants and any person 

acting on behalf of or in the name of 

such Sponsored Participant and any 

executions occurring as a result of such 

orders are binding in all respects on the 

Sponsoring Member and 

(ii) Sponsoring Member is responsible 

for any and all actions taken by such 

Sponsored Participant and any person 

acting on behalf of or in the name of 

such Sponsored Participant. 

(C) Sponsoring Member shall comply 

with the Nasdaq Certificate of 

Incorporation, Bylaws, Rules and 

procedures with regard to the Nasdaq 

Market Center and Sponsored 

Participant shall comply with Nasdaq 

Certificate of Incorporation, Bylaws, 

Rules and procedures with regard to the 

Nasdaq Market Center, as if Sponsored 

Participant were a Nasdaq Member. 

(D) Sponsored Participant shall 

maintain, keep current and provide to 


rmajette on PRODPC74 with NOTICES
5194 Federal Register / Vol. 74, No. 18 / Thursday, January 29, 2009 / Notices 

the Sponsoring Member a list of 

individuals authorized to obtain access 

to the Nasdaq Market Center on behalf 

of the Sponsored Participant. 

(E) Sponsored Participant shall 

familiarize its authorized individuals 

with all of the Sponsored Participant’s 

obligations under this Rule and will 

assure that they receive appropriate 

training prior to any use or access to the 

Nasdaq Market Center. 

(F) Sponsored Participant may not 

permit anyone other than authorized 

individuals to use or obtain access to 

the Nasdaq Market Center. 

(G) Sponsored Participant shall take 

reasonable security precautions to 

prevent unauthorized use or access to 

the Nasdaq Market Center, including 

unauthorized entry of information into 

the Nasdaq Market Center, or the 

information and data made available 

therein. Sponsored Participant 

understands and agrees that Sponsored 

Participant is responsible for any and all 

orders, trades and other messages and 

instructions entered, transmitted or 

received under identifiers, passwords 

and security codes of authorized 

individuals, and for the trading and 

other consequences thereof. 

(H) Sponsored Participant 

acknowledges its responsibility to 

establish adequate procedures and 

controls that permit it to effectively 

monitor its employees’, agents’ and 

customers’ use and access to the Nasdaq 

Market Center for compliance with the 

terms of this agreement. 

(I) Sponsored Participant shall pay 

when due all amounts, if any, payable 

to Sponsoring Member, Nasdaq, or any 

other third parties that arise from the 

Sponsored Participant’s access to and 

use of the Nasdaq Market Center. Such 

amounts include, but are not limited to 

applicable exchange and regulatory 

fees.] 

[(3) The Sponsoring Member must 

provide Nasdaq with a Notice of 

Consent acknowledging its 

responsibility for the orders, executions 

and actions of its Sponsored Participant 

at issue.] 

(1) Definition. Sponsored Access is 

the practice by a member firm 

(‘‘Sponsoring Member’’) of providing 

access to Nasdaq to another firm or 

customer (‘‘Sponsored Participant’’). 

Sponsored Access takes multiple forms, 

including but not limited to: (a) Direct 

market access, where the Sponsored 

Participant’s orders pass through the 

Sponsoring Member’s systems prior to 

reaching Nasdaq (‘‘Direct Market 

Access’’), (b) sponsored access, where 

the Sponsored Participant enters orders 

directly into Nasdaq via a dedicated 

port provided by the Sponsoring 

Member (‘‘Direct Sponsored Access’’), 

and (c) direct access where a service 

bureau or other third party provides 

Sponsored Participants with technology 

to access Nasdaq under the auspices of 

and via an arrangement with the 

Sponsoring Member (‘‘Third Party 

Sponsored Access’’). 

(2) Compliance. Irrespective of the 

form of Sponsored Access provided, 

Sponsoring Members are responsible for 

the conduct of their Sponsored 

Participants as if the conduct were their 

own. To ensure that Sponsored Access 

is consistent with high market quality 

and the protection of investors, 

Sponsoring Members shall at a 

minimum comply with the Contractual 

Provisions, Financial Controls, and 

Regulatory Controls set forth in sections 

(3), (4), and (5) below. 

(3) Contractual Provisions. A 

Sponsoring Member that provides Direct 

Sponsored Access or Third Party 

Sponsored Access shall execute and 

maintain agreements with each 

Sponsored Participant containing the 

commitments below. A Sponsoring 

Member that provides Third Party 

Sponsored Access must execute and 

maintain agreements with each service 

bureau or other entity that facilitates 

such Third Party Sponsored Access 

providing that such entity will execute 

and maintain agreements with each 

Sponsored Participant containing the 

commitments below for the benefit of 

the Sponsoring Member. 

(A) All trading activity by the 

Sponsored Participant shall comply 

with all applicable federal securities 

laws and rules and Exchange rules, 

including but not limited to the Nasdaq 

Certificate of Incorporation, Bylaws, 

Rules and procedures with regard to the 

Nasdaq Market Center (‘‘Regulatory 

Requirements’’). 

(B) Sponsored Participant shall 

provide Sponsoring Member with access 

to its books and records promptly upon 

request, and otherwise cooperate with 

the Sponsoring Member in furtherance 

of Sponsoring Member’s compliance 

with applicable Regulatory 

Requirements. 

(C) Sponsored Participant shall 

maintain its trading activity within the 

credit, product or other financial limits 

specified by the Sponsoring Member. 

(D) Sponsored Participant shall 

maintain all technology permitting 

sponsored access to Nasdaq in a 

physically secure manner and may not 

permit unauthorized individuals to use 

or obtain access to Nasdaq. Sponsored 

Participant shall familiarize its 

authorized individuals with the 

Regulatory Requirements and will 

provide appropriate training prior to use 

or access to Nasdaq. 

(E) Sponsored Participant shall 

provide the Sponsoring Member 

complete and current corporate and 

financial information about the 

Sponsored Participant. 

(F) Sponsored Participant shall agree 

that the Sponsoring Member or Nasdaq 

may immediately terminate the 

Sponsored Access if the Sponsored 

Participant or third party access 

provider fails to abide by its 

commitments. 

(4) Financial Controls. Each 

Sponsoring Member shall establish 

adequate procedures and controls that 

permit it to effectively monitor and 

control the Sponsored Access to 

systemically limit the Sponsoring 

Member’s financial exposure. At 

minimum, the Sponsored Access system 

shall: 

(A) Prevent each Sponsored 

Participant from entering orders that in 

aggregate exceed appropriate pre-set 

credit thresholds. Sponsoring Members 

may also set finely-tuned credit 

thresholds by sector, security or 

otherwise. 

(B) Prevent Sponsored Participants 

from trading products that the 

Sponsored Participant or Sponsoring 

Member is restricted from trading. 

(C) Prevent Sponsored Participants 

from submitting erroneous orders by 

providing for the rejection of orders that 

exceed certain price or size parameters, 

on an order-by-order basis or over a 

short period of time, or that indicate 

duplicative orders. 

(5) Regulatory Controls. 

(A) Each Sponsoring Member shall 

have systemic controls to ensure 

compliance by the Sponsored 

Participant with applicable Regulatory 

Requirements, including but not limited 

to compliance with rules relating to 

short selling; trading halts; proper uses 

of order types; proper use of Intermarket 

Sweep Orders; trading ahead of 

customer limit orders; prohibitions 

against manipulative trading practices, 

including wash sales and marking the 

close; restricted lists of securities for 

purposes of SEC Rule 10b–18; and 

applicable margin rules. 

(B) Each Sponsoring Member shall 

ensure that compliance personnel 

receive timely reports of all trading 

activity by its Sponsored Participants 

sufficient to permit the Sponsoring 

Member to comply with applicable 

Regulatory Requirements, and to 

monitor for illegal activity such as 

market manipulation or insider trading. 

At minimum, the member firm’s 

compliance unit should receive 

immediate post-trade execution reports 


rmajette on PRODPC74 with NOTICES
Federal Register / Vol. 74, No. 18 / Thursday, January 29, 2009 / Notices 5195 

of trading activity of its Sponsored 

Participants, including their identities; 

all required audit trail information by 

no later than the end of the trading day; 

all information necessary to create and 

maintain the trading records required by 

Regulatory Requirements by no later 

than the end of the trading day. 

* * * * * 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

Nasdaq 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. Nasdaq has prepared 

summaries, set forth in Sections A, B, 

and C below, of the most significant 

aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Nasdaq proposes to modify Rule 

4611(d) which sets forth the 

requirements applicable to Nasdaq 

members that provide ‘‘Sponsored 

Access’’ by providing customers with 

electronic access to Nasdaq’s execution 

system using the member’s market 

participant identifier (‘‘MPID’’). 

Currently, Rule 4611(d) is substantially 

similar to Sponsored Access rules 

adopted by other national securities 

exchanges, including New York Stock 

Exchange Rule 123B and NYSE Arca 

Exchange Rule 7.29(b). Nasdaq is 

proposing to amend Rule 4611(d) to 

ensure that member firms that are 

assuming responsibility for their 

customers’ trading activity have 

effective financial and regulatory 

oversight of the Sponsored Participant, 

and that Nasdaq has access to all 

information necessary to provide 

effective exchange oversight. 

The proposal defines Sponsored 

Access as taking one of three general 

structures. First, ‘‘direct market access’’ 

occurs where the Sponsored 

Participant’s orders pass-through the 

member’s systems prior to reaching the 

exchange. Member firms routinely offer 

this form of access in the ordinary 

course of business presumably with 

effective regulatory and financial 

controls in place that are equivalent to 

those applied to the member firm’s own 

orders. Second, ‘‘direct sponsored 

access’’ occurs where the Sponsored 

Participant is provided a dedicated line 

or port to Nasdaq, so that its orders do 

not first pass through the member’s 

systems. As explained in more detail 

below, each port that permits entry of 

quotes and orders into Nasdaq is 

registered to and affiliated with a 

unique Nasdaq member firm but Nasdaq 

is not able to control or determine what 

external controls exist to ensure that 

quotes and orders entered into that port 

comply with applicable regulatory 

requirements, Third, ‘‘third party 

sponsored access’’ occurs where a 

service bureau, such as LAVA Trading, 

provides Sponsored Participants the 

technology to access the exchange and 

arranges for use of the member’s MPID 

in connection with that arrangement 

under the auspices and via an 

arrangement with the Sponsoring 

Member. These definitions are nonexhaustive and designed to address the 

changing needs of the marketplace with 

flexibility while maintaining rigorous 

oversight. 

The proposed rule re-affirms that 

member firms that offer any form of 

Sponsored Access assume responsibility 

for their Sponsored Participants’ trading 

activity. The member firm must 

effectively assure compliance by each 

Sponsored Participant with appropriate 

financial controls and applicable 

regulatory requirements. As described 

more fully below, this would be 

accomplished through a combination of 

contractual commitments, financial and 

regulatory controls, and the monitoring 

of current activity reports that is 

designed to limit financial exposure and 

bolster regulatory compliance. 

To facilitate effective oversight of 

Sponsored Access arrangements by 

Nasdaq and the member firms, Nasdaq 

is proposing to require members to 

obtain a contractual commitment from 

each Sponsored Access Participant that 

is provided direct access to Nasdaq 

through a dedicated port (‘‘Direct 

Sponsored Access’’). Access to Nasdaq’s 

system is available through 

telecommunications ports that Nasdaq’s 

offers exclusively to Nasdaq members. 

Each port is uniquely identified and is 

registered to one and only one Nasdaq 

member. Each message delivered to that 

port, delivered from that port into 

Nasdaq’s systems, or delivered to the 

port by Nasdaq is tagged with the 

unique identifier for that port. As a 

result, every quotation, order, or 

execution that interacts with or is 

processed by Nasdaq’s systems is 

attributable to a single Nasdaq member. 

That member is responsible for all 

trading activity occurring via that port, 

including activity of Sponsored 

Participants. 

Where Sponsored Access is provided 

through a third party such as a service 

bureau (‘‘Third Party Sponsored 

Access’’), the member registers for a port 

but enables the service bureau to 

manage access to and activity of that 

port. In that case, the member firm will 

be required to obtain a contractual 

commitment from the service bureau 

that would include a commitment by 

the service bureau to obtain from each 

of its Sponsored Participant an 

appropriate contractual commitment for 

the benefit of the member firm. Through 

these contractual arrangements, Nasdaq 

will have the ability to obtain from its 

members any information necessary 

properly to monitor and address trading 

activity of Sponsored Participants. 

Pursuant to Rule 8210, members are 

required to comply with all requests for 

information, such as those stemming 

from investigations and enforcement 

actions, which may require the 

provision of information regarding 

individual Sponsored Participants. 

To satisfy the proposed Contractual 

Provisions requirement, the Sponsored 

Participant or service bureau, as 

appropriate, will be required at 

minimum to commit to the following: 

• All trading activity by the 

Sponsored Participant shall comply 

with all applicable federal securities 

laws and rules and Exchange rules, 

including but not limited to the Nasdaq 

Certificate of Incorporation, Bylaws, 

Rules and procedures with regard to the 

Nasdaq Market Center (‘‘Regulatory 

Requirements’’). 

• Sponsored Participant shall provide 

Sponsoring Member with access to its 

books and records promptly upon 

request, and otherwise cooperate with 

the Sponsoring Member in furtherance 

of Sponsoring Member’s compliance 

with applicable Regulatory 

Requirements. 

• Sponsored Participant shall 

maintain its trading activity within the 

credit, product or other financial limits 

specified by the Sponsoring Member. 

• Sponsored Participant shall 

maintain all technology permitting 

sponsored access to Nasdaq in a 

physically secure manner and may not 

permit unauthorized individuals to use 

or obtain access to Nasdaq. Sponsored 

Participant shall familiarize its 

authorized individuals with the 

Regulatory Requirements and will 

provide appropriate training prior to use 

or access to Nasdaq. 

• Sponsored Participant shall provide 

the Sponsoring Member complete and 

current corporate and financial 

information about the Sponsored 

Participant. 


rmajette on PRODPC74 with NOTICES
5196 Federal Register / Vol. 74, No. 18 / Thursday, January 29, 2009 / Notices 

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

5 15 U.S.C. 78f–3(6) [sic]. 6 17 CFR 200.30–3(a)(12). 

• Sponsored Participant shall agree 

that the Sponsoring Member or Nasdaq 

may immediately terminate the 

Sponsored Access if the Sponsored 

Participant or third party access 

provider fails to abide by its 

commitments. 

Nasdaq is also proposing that member 

firms be required to assure that the 

Sponsored Access front-end or other 

functionality includes controls that 

systemically limit the member firm’s 

financial exposure. At minimum, the 

Sponsored Access system must: 

• Prevent each Sponsored Participant 

from entering orders that in aggregate 

exceed appropriate pre-set credit 

thresholds. Sponsoring Members may 

also set finely-tuned credit thresholds 

by sector, security or otherwise. 

• Prevent Sponsored Participants 

from trading products that the 

Sponsored Participant or Sponsoring 

Member is restricted from trading. 

• Prevent Sponsored Participants 

from submitting erroneous orders by 

providing for the rejection of orders that 

exceed certain price or size parameters, 

on an order-by-order basis or over a 

short period of time, or that indicate 

duplicative orders. 

The member firm would be required 

to assure that the Sponsored Access 

front-end or other functionality includes 

controls that assure compliance with 

SEC and Nasdaq rules that can be 

systemically enforced. At minimum, the 

Sponsored Access system should assure 

compliance with: Rules relating to short 

selling; trading halts; proper uses of 

order types; proper use of Intermarket 

Sweep Orders; trading ahead of 

customer limit orders; prohibitions 

against manipulative trading practices, 

including wash sales and marking the 

close; restricted lists of securities for 

purposes of SEC Rule 10b-18; and 

applicable margin rules. 

Finally, Nasdaq is proposing that 

member firms be required to assure that 

its compliance unit receives timely 

reports of all trading activity by its 

Sponsored Participants sufficient to 

permit the member firm to comply with 

applicable SEC and Nasdaq 

recordkeeping and reporting 

requirements, and to monitor for illegal 

activity such as market manipulation or 

insider trading. At minimum, the 

member firm’s compliance unit should 

receive immediate post-trade execution 

reports of trading activity of its 

Sponsored Participants, including their 

identities; all required audit trail 

information no later than the end of the 

trading day; all information necessary to 

create and maintain the trading records 

required by Regulatory Requirements, 

no later than the end of the trading day. 

2. Statutory Basis 

Nasdaq 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)(5) of the 

Act,5 in particular, in that it is designed 

to promote just and equitable principles 

of trade and to protect investors and the 

public interest. The proposal is 

consistent with these obligations 

because it updates the standards for 

providing Sponsored Access, and 

clearly articulates the obligations in the 

Nasdaq’s rules. 

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. 

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 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding, or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve 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–NASDAQ–2008–104 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–2008–104. 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 inspection and copying in 

the Commission’s Public Reference 

Room, on official business days between 

the hours of 10 a.m. and 3 p.m. Copies 

of the filing also will be available for 

inspection and copying at the principal 

office of Nasdaq. All comments received 

will be posted without change; the 

Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SRNASDAQ–2008–104 and should be 

submitted on or before February 19, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–1871 Filed 1–28–09; 8:45 am] 

BILLING CODE 8011–01–P 


rmajette on PRODPC74 with NOTICES