48110 Federal Register / Vol. 74, No. 181 / Monday, September 21, 2009 / Notices 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78f(b). 

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

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

6 17 CFR 240.19b-4(f)(2). 

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 FINRA. 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–FINRA–2009–058 and 

should be submitted on or before 

October 13, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–22513 Filed 9–18–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60664; File No. SR– 

NYSEArca–2009–81] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Implementing Its 

Schedule of Fees and Charges for 

Exchange Services 

September 14, 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 

September 4, 2009, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ or ‘‘Exchange’’) 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 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 

section of its Schedule of Fees and 

Charges for Exchange Services (the 

‘‘Schedule’’) in order to establish a fee 

for its Risk Management Gateway 

(‘‘RMG’’) service. The amended section 

of the Schedule is included as Exhibit 

5 hereto. A copy of this filing is 

available on the Exchange’s Web site at 

http://www.nyse.com, at the Exchange’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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On August 28, 2009 the Exchange 

filed with the Securities and Exchange 

Commission to establish its RMG 

Service. RMG is a service designed to 

facilitate the ability of Sponsoring ETP 

Holders to monitor and oversee the 

sponsored access activity of their 

Sponsored Participants. NYXATS offers 

an order-verification service to 

Sponsoring ETP Holders that acts as a 

risk filter by causing the orders of 

Sponsored Participants to pass through 

RMG prior to entering the Exchange’s 

trading system for execution. When a 

Sponsored Participant’s order passes 

through RMG, RMG software determines 

whether the order complies with order 

criteria that the Sponsoring ETP Holder 

has established for that Sponsored 

Participant. The order criteria reviewed 

by RMG may include the size of the 

order or the credit limit that the 

Sponsoring ETP Holder has established 

for the Sponsored Participant. This 

proposed rule change establishes fees 

for the RMG service. 

The Exchange proposes to charge each 

RMG user Three Thousand Dollars 

($3,000) per month for the first 

Connection plus One Thousand Dollars 

($1,000) per month for each additional 

Connection. 

A ‘‘Connection’’ is defined as up to 

1000 messages per second inbound, 

regardless of the connection’s actual 

capacity (i.e., if the NYXT infrastructure 

allows any single End User connection 

to support more than 1000 messages per 

second inbound, such connection will 

be deemed to be multiple Connections). 

The Exchange believes that the 

proposed fee is fair and reasonable and 

reflects an equitable allocation of 

charges among its members. 

The fee compares favorably with the 

fees that the Exchange’s competitors 

charge for similar services, and is the 

same as the fee charged by the NYSE for 

its similar service. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),3 in general, and Section 6(b)(4) 

of the Act,4 in particular, in that it is 

designed to provide for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members and 

other persons using its facilities. The 

Exchange believes that RMG will 

promote marketplace efficiency by 

providing security safeguards to the 

trading of securities by means of 

sponsored access and believes that the 

proposed fee is fair and reasonable for 

the reasons cited above. 

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing proposed rule change is 

effective upon filing pursuant to Section 

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

4(f)(2) thereunder,6 because it 

establishes a due, fee, or other charge 

imposed by NYSE Arca on its members. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

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. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 74, No. 181 / Monday, September 21, 2009 / Notices 48111 

7 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4Securities Exchange Act Release No. 59254 

(January 15, 2009), 74 FR 4271 (January 23, 2009) 

(SR–FINRA–2008–054). 

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–NYSEArca–2009–81 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–NYSEArca–2009–81. 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 such filing will also 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 No. SR–NYSEArca– 

2009–81 and should be submitted on or 

before October 13, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–22515 Filed 9–18–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60661; File No. SR– 

NASDAQ–2009–083] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing of Proposed Rule Change To 

Amend IM–2110–4 To Reflect Changes 

to a Corresponding FINRA Rule 

September 11, 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 

September 1, 2009, The NASDAQ Stock 

Market LLC (the ‘‘Exchange’’ or 

‘‘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 the Exchange. The 

Exchange has designated the proposed 

rule change as constituting a noncontroversial rule change under Rule 

19b–4(f)(6) under the Act,3 which 

renders the proposal effective upon 

filing with the Commission. 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 to amend NASDAQ Rule 

IM–2110–4 to reflect recent changes to 

a corresponding rule of the Financial 

Industry Regulatory Authority 

(‘‘FINRA’’). NASDAQ will implement 

the proposed rule change thirty days 

after the date of the filing. The text of 

the proposed rule change is available at 

http://nasdaqomxbx.cchwallstreet.com, 

at the Exchange’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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Many of NASDAQ’s rules are based 

on rules of FINRA (formerly the 

National Association of Securities 

Dealers (‘‘NASD’’)). During 2008, FINRA 

embarked on an extended process of 

moving rules formerly designated as 

‘‘NASD Rules’’ into a consolidated 

FINRA rulebook. In most cases, FINRA 

has renumbered these rules, and in 

some cases has substantively amended 

them. Accordingly, NASDAQ also 

proposes to initiate a process of 

modifying its rulebook to ensure that 

NASDAQ rules corresponding to 

FINRA/NASD rules continue to mirror 

them as closely as practicable. In some 

cases, it will not be possible for the rule 

numbers of NASDAQ rules to mirror 

corresponding FINRA rules, because 

existing or planned NASDAQ rules 

make use of those numbers. However, 

wherever possible, NASDAQ plans to 

update its rules to reflect changes to 

corresponding FINRA rules. 

This filing addresses NASDAQ IM– 

2110–04, which bars trading ahead of 

research reports and which formerly 

corresponded to NASD IM–2110–04. In 

SR–FINRA–2008–054,4 FINRA 

redesignated that rule as FINRA Rule 

5280 and made substantive amendments 

to strengthen and simplify the rule. 

Notably, the amended FINRA rule 

requires FINRA members to establish, 

maintain and enforce policies and 

procedures reasonably designed to 

restrict or limit the flow of information 

between research department personnel 

or other persons with knowledge of the 

content or timing of a research report, 

and trading department personnel. Such 

policies and procedures had formerly 

been recommended but not required. 

NASDAQ is adopting the new FINRA 

rule in full (with minor modifications to 

reflect limits on its jurisdiction to 

regulate non-NASDAQ conduct), but is 

continuing to designate its rule as IM– 

2110–04 in order to maintain unused 

numbers of the 5000 Series of the 

NASDAQ Rules for possible future use. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

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