19566 Federal Register / Vol. 72, No. 74 / Wednesday, April 18, 2007 / Notices 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5See Securities Exchange Act Release No. 55443 

(March 12, 2007), 72 FR 13325 (March 21, 2007). 

6 15 U.S.C. 78f. 

7 15 U.S.C. 78f(b)(4). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55610; File No. SR–

NASDAQ–2007–034] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Augment 

the TotalView Enterprise License 

April 10, 2007. 

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 March 30, 

2007, The NASDAQ Stock Market LLC 

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

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been 

substantially prepared by Nasdaq. The 

Exchange has filed the proposal as a 

‘‘non-controversial’’ rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(6) thereunder,4

which renders it 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 

Nasdaq is proposing to add Nasdaq 

OpenView, which contains full depth of 

book data for Nasdaq trading of NYSE 

and Amex stocks, to the TotalView 

Enterprise License set forth in Nasdaq 

Rule 7023(a). The text of the proposed 

rule change is available at Nasdaq, the 

Commission’s Public Reference Room, 

and www.nasdaq.com. 

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 

On February 12, 2007, Nasdaq 

completed the implementation of the 

new Nasdaq Market Center Execution 

System, commonly known as ‘‘Single 

Book.’’ The Single Book is the product 

of the integration of Nasdaq’s three 

separate execution platforms into a 

single platform trading all Nasdaq, 

NYSE, and Amex securities. 

A by-product of this integration and 

the new system is a re-alignment of 

Nasdaq data feeds. Under the previous 

systems, market data for Nasdaq 

securities was disseminated on one set 

of data feeds and market data for NYSE 

and Amex securities was disseminated 

on another. Because the Single Book 

processes Nasdaq, NYSE, and Amex 

securities on a single platform, the 

market data for all securities is 

disseminated on a single set of data 

feeds. For example, full depth of book 

data for Nasdaq securities was 

previously disseminated via one feed 

and full depth data for NYSE and Amex 

securities was disseminated via another. 

Starting February 12, 2007, market 

participants’ best bids and offers for all 

securities are disseminated together via 

various unified data feeds. Full depth of 

book data for Nasdaq securities and for 

NYSE and Amex securities are now also 

disseminated via a unified full depth of 

book feed, made available in various 

formats. 

Nasdaq has not received regulatory 

approval for the fee schedule for its new 

unified system and data feeds. In 

November 2006, Nasdaq filed SR–

NASDAQ–2006–048,5 a proposed rule 

change to lower the distributor fees 

applicable to the full depth feed 

emanating from the Single Book which 

has not yet been approved. Therefore, 

Nasdaq must continue to assess its 

previously-approved fees to its new data 

feeds. This situation results in economic 

continuity in that market data recipients 

will continue to pay the same amount 

if they continue to receive the same 

market data elements. Thus, for 

example, a professional user that 

receives full depth of book for both 

Nasdaq and NYSE/Amex stocks in the 

past paid $70 for the Nasdaq data and 

$6 for the NYSE/Amex data, and will 

continue to pay that amount in the 

future. 

With respect to purchasers of the 

TotalView Enterprise License, however, 

Nasdaq’s inability to gain approval of its 

unified fee schedule will cause 

economic harm. Nasdaq had intended 

that purchasers of the TotalView 

Enterprise License would, upon the 

launch of the Single Book on February 

12, 2007, have gained the ability to 

distribute the unified TotalView feed 

containing full depth of book for 

Nasdaq, NYSE, and Amex securities. 

Because Nasdaq has not received final 

approval of the unified feeds and fee 

schedule, it is unclear that the 

Enterprise License includes the ability 

to distribute market data for NYSE and 

Amex stocks. 

Accordingly, Nasdaq is proposing to 

add the current OpenView feed to the 

Enterprise License, thereby clearly 

establishing that purchasers of the 

Enterprise License have the ability to 

distribute full depth of book for Nasdaq, 

NYSE, and Amex securities for the same 

currently approved fee. This will be a 

benefit to purchasers of the Enterprise 

License in that they will be permitted to 

distribute more data for the same fee. 

2. Statutory Basis 

Nasdaq believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,6 in 

general, and with Section 6(b)(4) of the 

Act,7 in particular, in that adding 

OpenView to the TotalView Enterprise 

License will encourage broader 

dissemination of that data and thereby 

increase transparency in those 

securities. 

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. 

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 rule change 

does not: (1) Significantly affect the 

protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) become 

operative for 30 days after the date of 

this filing, or such shorter time as the 

Commission may designate, it has 


pwalker on PROD1PC71 with NOTICES
Federal Register / Vol. 72, No. 74 / Wednesday, April 18, 2007 / Notices 19567 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(6). 

10 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 

19b–4(f)(6)(iii) requires that a self-regulatory 

organization submit to the Commission written 

notice of its intent to file the proposed rule change, 

along with a brief description and text of the 

proposed rule change, at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has requested that the 

Commission waive the 5-day pre-filing notice 

requirement. The Commission has determined to 

grant this request. 

11 Id. 

12For the purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 13 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. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(6). 

become effective pursuant to Section 

19(b)(3)(A) of the Act 8 and Rule 19b–

4(f)(6) thereunder.9

A proposed rule change filed under 

19b–4(f)(6) normally may not become 

operative prior to 30 days after the date 

of filing.10 However, Rule 19b–

4(f)(6)(iii) 11 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay. The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because such waiver would permit 

Nasdaq to implement the proposed rule 

change on April 1, 2007, clarifying that 

the Enterprise License includes the 

ability to distribute market data for 

NYSE and Amex securities. For this 

reason, the Commission designates the 

proposed rule change to be operative 

upon filing with the Commission.12

At any time within 60 days of the 

filing of such 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 

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–2007–034 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–NASDAQ–2007–034. 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. 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 SR–NASDAQ–2007–034 and 

should be submitted on or before May 

9, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.13

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–7319 Filed 4–17–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55611; File No. SR–

NASDAQ–2007–035] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Create a 

Pilot Non-Professional Fee for Certain 

Market Data From the Nasdaq Market 

Center 

April 10, 2007. 

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 March 30, 

2007, The NASDAQ Stock Market LLC 

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

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been 

substantially prepared by Nasdaq. The 

Exchange has filed the proposal as a 

‘‘non-controversial’’ rule change 

pursuant to Section 19(b)(3)(A) of the 

Act3 and Rule 19b–4(f)(6) thereunder,4

which renders it 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 

Nasdaq is proposing to establish for a 

twelve-month pilot period a $1 per 

month fee for non-professional use of 

real-time quotation information from the 

Nasdaq Market Center trading of NYSE 

and Amex listed stocks. The text of the 

proposed rule change is available at 

Nasdaq, the Commission’s Public 

Reference Room, and www.nasdaq.com. 

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. 


pwalker on PROD1PC71 with NOTICES