43184 Federal Register / Vol. 74, No. 164 / Wednesday, August 26, 2009 / Notices 

21See supra note 9. See also NYSE Arca Equities 

Rule 5.2(j)(6)(v). 

22 15 U.S.C. 78s(b)(2). 

23 15 U.S.C. 78s(b)(2). 

24 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 60265 (July 

8, 2009), 74 FR 34613 (‘‘Notice’’). 

4 In approving this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

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

6 15 U.S.C. 78f(b)(4). 

7The Commission notes that NASDAQ will 

implement the increased port fees September 1, 

2009. See Notice, supra note 3. 

8 17 U.S.C. 78f(b)(5). 

9 15 U.S.C. 78s(b)(2). 

10 17 CFR 200.30–3(a)(12). 

settling, processing information with 

respect to, and facilitating transaction in 

securities, and, in general to protect 

investors and the public interest. The 

Commission notes that it has previously 

approved a proposal submitted by 

another exchange to similarly include 

VIX Futures as a Futures Reference 

Asset underlying Futures-Linked 

Securities.21

The Commission finds good cause, 

pursuant to Section 19(b)(2) of the 

Act,22 for approving the proposed rule 

change prior to the 30th day after the 

date of publication of notice in the 

Federal Register. The Commission 

believes that the Exchange’s proposal to 

add VIX Futures in the definition of 

Futures Reference Asset under Section 

107(H) of the NYSE Amex Company 

Guide does not present any novel or 

significant regulatory issues. The 

Commission believes that accelerating 

approval of this proposal should benefit 

investors by creating, without undue 

delay, additional competition in the 

market for Futures-Linked Securities 

based on VIX Futures. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,23 that the 

proposed rule change (SR–NYSEAmex– 

2009–55) be, and it hereby is, approved 

on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–20539 Filed 8–25–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60546; File No. SR– 

NASDAQ–2009–058] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Order 

Approving Proposed Rule Change To 

Modify Port Fees 

August 20, 2009. 

On June 24, 2009, The NASDAQ 

Stock Market LLC (‘‘NASDAQ’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to modify fees charged to 

members and non-members for ports 

used to enter orders into NASDAQ 

systems. The proposed rule change was 

published for comment in the Federal 

Register on July 16, 2009.3 The 

Commission received no comments 

regarding the proposal. 

NASDAQ proposes to increase the 

monthly fee that it charges for ports 

used to enter orders in NASDAQ trading 

systems such as the NASDAQ Market 

Center and the NASDAQ Options 

Market. The change, which would 

increase the charge from $400 to $500 

per month, would apply to ports using 

FIX, RASH, and OUCH and would not 

affect ports used to receive market data, 

to enter quotes, or to enter trade reports 

into the FINRA/NASDAQ Trade 

Reporting Facility. The change would 

apply to both members that obtain ports 

for direct access and non-member 

service bureaus that act as a conduit for 

orders entered by NASDAQ members 

that are their customers. 

NASDAQ also proposes to modify the 

language of Rule 7015 to make it clear 

that access service fees apply to access 

provided to all NASDAQ-operated 

systems, to replace references to NASD 

with references to FINRA, and remove 

obsolete language regarding a trial 

discount that ended in 2007. In 

addition, NASDAQ proposes to remove 

language regarding the applicability of 

the rule to members and non-members. 

NASDAQ believes that such language is 

unnecessary and potentially confusing 

to the reader. 

The Commission finds that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to a national securities 

exchange 4 and, in particular, the 

requirements of Section 6(b) of the Act 5

and the rules and regulations 

thereunder. Specifically, the 

Commission finds that the proposal to 

increase the fee that it charges for ports 

used to enter orders in NASDAQ trading 

systems is consistent with Section 

6(b)(4) of the Act,6 which requires the 

equitable allocation of reasonable dues, 

fees, and other charges among NASDAQ 

members and other persons using 

NASDAQ’s facilities.7 The Commission 

believes that the proposed increase in 

port fees is equitably allocated among 

members and non-members, as it is 

based on the number of access ports that 

they use to submit orders to the market. 

The Commission also believes that, if 

NASDAQ’s proposed port fees are set 

too high, given the competitive nature of 

the market for execution and routing 

services, market participants could 

simply opt to connect with market 

centers other than NASDAQ to access 

liquidity available on NASDAQ by 

directing order flow to the other market 

centers that are required to route to 

NASDAQ if it has posted the best 

available price. As such, the 

Commission believes that NASDAQ’s 

proposed increase in port fees is both 

equitably allocated and reasonable. 

In addition, the Commission believes 

that the clarifying changes to Rule 7015 

are consistent with the requirements of 

Section 6(b)(5) of the Act,8 which 

requires, among other things, that 

NASDAQ’s rules be designed to 

promote just and equitable principles of 

trade, 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. The 

Commission believes that updating and 

removing certain outdated or 

unnecessary references in Rule 7015 

would provide additional clarity to the 

rule text, for the benefit of market 

participants accessing NASDAQ’s 

facilities and the marketplace as a 

whole. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,9 that the 

proposed rule change (SR–NASDAQ– 

2009–058) be, and it hereby is, 

approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–20594 Filed 8–25–09; 8:45 am] 

BILLING CODE 8010–01–P 


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