Federal Register / Vol. 77, No. 5 / Monday, January 9, 2012 / Notices 1125 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 54002 

(June 16, 2006), 71 FR 36143 (June 23, 2006) (SR– 

NASD–2006–072) (increasing each of the fees by 

$30 per month); see also Securities Exchange Act 

Release No. 54260 (August 1, 2006), 71 FR 45084 

(August 8, 2006) (SR–NASDAQ–2006–024). 

4Since 2006, the Data Package has been updated 

to include necessary enhancements based on new 

market structure rules, as well as new fields added 

to the Equity Trade Journal based on new 

functionality offered by the FINRA/NASDAQ Trade 

Reporting Facility. These enhancements, in 

conjunction with three new compliance reports, 

have added significant value to the Data Package. 

In addition, the ‘‘front-end’’ of the service has been 

redesigned to simplify report requests and increase 

usability. 

5 15 U.S.C. 78f. 

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

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66078; File No. SR– 

NASDAQ–2011–173] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify Fees 

for the Trading and Compliance Data 

Package 

January 3, 2012. 

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 

23, 2011, 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, 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 the Substance 

of the Proposed Rule Change 

NASDAQ is proposing to modify the 

fees for trading and compliance reports 

available to member firms via 

NasdaqTrader.com Trading and 

Compliance Data Package under 

NASDAQ Rule 7021. 

The text of the proposed rule change 

is below. Proposed new language is 

italicized; proposed deletions are in 

brackets. 

7021. NasdaqTrader.com Trading and 

Compliance Data Package Fee 

The charge to be paid by a Nasdaq 

Member for each entitled user receiving 

Nasdaq Trading and Compliance Data 

Package via NasdaqTrader.com is 

[$130]$175 per month (monthly 

maximum of 25 Historical Research 

Reports) or [$160]$225 per month 

(monthly maximum of 100 Historical 

Research Reports). The Nasdaq Trading 

and Compliance Data Package includes: 

(a)–(c) No Change 

Nasdaq may modify the contents of 

the Nasdaq Trading and Compliance 

Data Package from time to time based on 

subscriber interest. 

* * * * * 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

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 is proposing to modify the 

fees for trading and compliance reports 

available to member firms via 

NasdaqTrader.com Trading and 

Compliance Data Package under 

NASDAQ Rule 7021 (‘‘Data Package’’). 

[sic] Data Package allows member firms 

to obtain information regarding their 

own historical quoting and trading 

activity on NASDAQ. Data Package also 

provides member firms with 

information concerning their 

compliance with NASDAQ and FINRA 

rules. In this regard, member firms that 

subscribe to the Data Package can obtain 

the following reports: (1) Monthly 

Compliance Report Cards, which 

outline firm’s own compliance with 

various FINRA rules; (2) Monthly 

Summaries, which provide monthly 

trading volume statistics for the top 50 

market participants broken down by 

industry sector, security or type of 

trading; and (3) Historical Research 

Reports, which provide a variety of 

historical trading data such as a market 

maker’s quote updates, order activity, 

and detailed trade reporting 

information. Additionally, subscribers 

can elect to receive the detailed trade 

report (Equity Trade Journal) via a 

secure FTP dissemination option. These 

reports offered by NASDAQ are based 

on the subscribing member’s historical 

trade information taken from NASDAQ 

and the FINRA/NASDAQ Trade 

Reporting Facility, thus providing firms 

with a comprehensive compliance 

picture. 

Use of this service is voluntary and 

member firms have the option of 

subscribing to whichever level they 

choose. The Data Package is offered in 

two levels: the ‘‘basic’’ level, which has 

a fee of $130 per month, allows access 

to a maximum of 25 Historical Research 

Reports per month; and the ‘‘premium’’ 

level, which has a fee of $160 per 

month, allows access to a maximum of 

100 Historical Research Reports per 

month. These fees have not increased 

since June 2006, 3 notwithstanding that 

NASDAQ subsequently developed and 

implemented enhancements to the 

service.4

In order to help cover the costs 

associated with the maintenance of the 

Data Package service, as well as the cost 

of implementing enhancements to the 

service, NASDAQ proposes to increase 

the ‘‘basic’’ level subscription fee from 

$130 to $175 per month, and increase 

the ‘‘premium’’ level subscription fee 

from $160 to $225 per month. NASDAQ 

anticipates that the proposed fees may 

provide NASDAQ with a profit, in 

addition to covering costs discussed 

above. 

2. Statutory Basis 

NASDAQ believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,5 in 

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

in particular, because it provides for the 

equitable allocation of reasonable dues, 

fees and other charges among members 

and issuers and other persons using any 

facility or system that NASDAQ 

operates or controls, and it does not 

unfairly discriminate between 

customers, issuers, brokers or dealers. 

NASDAQ believes that the proposed 

fees are reasonable because NASDAQ 

has made several enhancements to the 

service since it last increased fees 

assessed for the service in June 2006. As 

a consequence of adding these 

enhancements, the value of the service 

has incrementally increased over time 

and NASDAQ believes that it is 

appropriate to now raise the fees to 

better align them with the increased 

value of the service. In addition, 

NASDAQ believes that the proposed 

fees will cover the costs associated with 

responding to customer requests, 

configuring NASDAQ’s systems, 


tkelley on DSK3SPTVN1PROD with NOTICES
1126 Federal Register / Vol. 77, No. 5 / Monday, January 9, 2012 / Notices 

7 15 U.S.C. 78s(b)(3)(a)(ii). 

8 17 CFR 240.19b–4(f)(2). 9 17 CFR 200.30–3(a)(12). 

1The Board will grant a stay if an informed 

decision on environmental issues (whether raised 

by a party or by the Board’s Office of Environmental 

Analysis (OEA) in its independent investigation) 

cannot be made before the exemption’s effective 

date. See Exemption of Out-of-Serv. Rail Lines, 5 

I.C.C.2d 377 (1989). Any request for a stay should 

be filed as soon as possible so that the Board may 

take appropriate action before the exemption’s 

effective date. 

2Each OFA must be accompanied by the filing 

fee, which is currently set at $1,500. See 49 CFR 

1002.2(f)(25). 

programming to user specifications, and 

administering the service, among other 

things, and may provide NASDAQ with 

a profit. NASDAQ also believes that the 

fees are equitably allocated, since use of 

the Data Package service is voluntary 

and the subscription fees will be 

imposed on all purchasers equally based 

on the number of users and the level of 

service subscribed. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange 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 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act 7 and 

subparagraph (f)(2) of Rule 19b–4 

thereunder.8 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 

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 

• Send an email to rulecomments@sec.gov. Please include File 

Number SR–NASDAQ–2011–173 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–2011–173. This 

file number should be included on the 

subject line if email 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 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 offices 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–2011–173, and 

should be submitted on or before 

January 30, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–94 Filed 1–6–12; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Surface Transportation Board 

[Docket No. AB 979 (Sub-No. 2X)] 

Connecticut Southern Railroad, Inc.— 

Abandonment Exemption—in Hartford 

County, CT 

Connecticut Southern Railroad, Inc. 

(CSO) has filed a verified notice of 

exemption under 49 CFR part 1152 

subpart F—Exempt Abandonments to 

abandon 2.4 miles of rail line extending 

between milepost 2.0 and milepost 4.4 

on its Suffield Subdivision in Hartford 

County, Conn. The line traverses United 

States Postal Service Zip Codes 06078 

and 06080. 

CSO has certified that: (1) No local 

traffic has moved over the line for at 

least 2 years; (2) any overhead traffic 

can be rerouted over other lines; (3) no 

formal complaint filed by a user of rail 

service on the line (or by a state or local 

government entity acting on behalf of 

such user) regarding cessation of service 

over the line either is pending with the 

Surface Transportation Board (Board) or 

with any U.S. District Court or has been 

decided in favor of complainant within 

the 2-year period; and (4) the 

requirements at 49 CFR 1105.7(c) 

(environmental report), 49 CFR 1105.11 

(transmittal letter), 49 CFR 1105.12 

(newspaper publication), and 49 CFR 

1152.50(d)(1) (notice to governmental 

agencies) have been met. 

As a condition to this exemption, any 

employee adversely affected by the 

abandonment shall be protected under 

Oregon Short Line Railroad— 

Abandonment Portion Goshen Branch 

Between Firth & Ammon, in Bingham & 

Bonneville Counties, Idaho, 360 I.C.C. 

91 (1979). To address whether this 

condition adequately protects affected 

employees, a petition for partial 

revocation under 49 U.S.C. 10502(d) 

must be filed. 

Provided no formal expression of 

intent to file an offer of financial 

assistance (OFA) has been received, this 

exemption will be effective on February 

8, 2012, unless stayed pending 

reconsideration. Petitions to stay that do 

not involve environmental issues,1

formal expressions of intent to file an 

OFA under 49 CFR 1152.27(c)(2),2 and 

trail use/rail banking requests under 49 

CFR 1152.29 must be filed by January 

19, 2012. Petitions to reopen or requests 

for public use conditions under 49 CFR 

1152.28 must be filed by January 30, 

2012, with the Surface Transportation 

Board, 395 E Street SW., Washington, 

DC 20423–0001. 

A copy of any petition filed with the 

Board should be sent to CSO’s 


tkelley on DSK3SPTVN1PROD with NOTICES