Federal Register / Vol. 74, No. 54 / Monday, March 23, 2009 / Notices 12169 

33 15 U.S.C. 78s(b)(2). 

34 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Nasdaq also proposed to include internalized 

prints from the FINRA/Nasdaq Trade Reporting 

Facility (‘‘TRF’’) in the Service. However, as part of 

Amendment No. 1, Nasdaq has represented that it 

will not include any TRF data in the Service until 

FINRA has submitted a separate filing to include 

TRF data in the Service, and the Commission has 

acted favorably upon that filing. See note 5 infra. 

4See Securities Exchange Act Release No. 55444 

(March 12, 2007), 72 FR 12648 (‘‘Notice’’). 

5 In Amendment No. 1, Nasdaq clarified certain 

aspects of the Service. For example, Nasdaq noted 

that it will not include any data in the Service that 

is received from the FINRA/Nasdaq TRF until 

FINRA has submitted a separate filing to include 

TRF data in the Service, and the Commission has 

acted favorably upon that filing. Nasdaq also noted 

that it is eliminating the individual access fee for 

web subscribers from the Service, and deleted the 

corresponding portion of the proposed rule text. 

Because the Amendment is technical in nature, it 

is not subject to notice and comment. 

6 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

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

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

8 15 U.S.C. 78f(b)(5). 

9See Notice at 12649. 

10See Securities Exchange Act Release No. 59039 

(December 2, 2008), 73 FR 74770 (December 9, 

2008) (SR–NYSEArca–2006–21). 

11See Securities Exchange Act Release No. 55011 

(December 27, 2006) (order granting petition for 

review of SR–NYSEArca–2006–21). 

12The Commission’s order distinguishes between 

core market data, which is defined as ‘‘the bestpriced quotations and last sale information of all 

markets in U.S.-listed equities that Commission 

rules require to be consolidated and distributed to 

the public by a single central processor,’’ and noncore market data. See 73 FR at 74771. Because the 

Service, which provides daily traded share volume 

for trades executed by, or reported to, Nasdaq 

systems, does not involve core market data, this 

proposed rule change is properly categorized as a 

non-core market data proposal. 

13 Id. at 74781. 

14 Id. at 74781–82. 

15 Id. at 74781. In approving NYSEArca–2006–21, 

the Commission found that the proposed rule 

change was consistent with Section 6(b)(4) of the 

Act, 15 U.S.C. 78f(b)(4). See 73 FR at 74779. The 

Commission also found that the proposal was 

consistent with Section 6(b)(5) of the Act, 15 U.S.C. 

78f(b)(5), Section 6(b)(8) of the Act, 15 U.S.C. 

78f(b)(8), and Rule 603(a) of Regulation NMS, 17 

CFR 242.603(a). See 73 FR at 74779. The 

Commission noted that the presence of competitive 

forces guided its analysis under both Section 6 of 

the Act and Rule 603 of Regulation NMS. Id. 

16 15 U.S.C. 78f(b)(4). 

17 15 U.S.C. 78f(b)(5). 

18 17 CFR 242.603(a)(1). 

19 17 CFR 242.603(a)(2). See 73 FR at 74782. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,33 that the 

proposed rule change (SR–NASDAQ– 

2006–056), as modified by Amendment 

No. 2 be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.34

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–6146 Filed 3–20–09; 8:45 am] 

BILLING CODE 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59580; File No. SR– 

NASDAQ–2007–006] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Order 

Approving Proposed Rule Change as 

Modified by Amendment No. 1 Thereto 

To Establish the Nasdaq Daily Share 

Volume Service and To Establish Fees 

for the Service 

March 13, 2009. 

On February 7, 2007, 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 establish the Nasdaq Daily 

Share Volume Service (‘‘Service’’) and 

to establish fees for the Service. The 

Service will provide the volume of 

shares traded each day by issue for 

participating market participants on a 

T+1 basis. The volume data will consist 

of trades from the Nasdaq Execution 

System.3 Subscribers will have File 

Transfer Protocol (‘‘FTP’’) access to the 

full underlying data set to create custom 

reports. Subscribers will also be able to 

redistribute the data, although the 

subscriber will be required to enter into 

a distributor agreement. 

Nasdaq proposes to charge $2,500 per 

month for the Service. Participation by 

eligible market participants will be 

voluntary, and eligible market 

participants who choose to participate 

will be able to decide whether to 

advertise their trade volume by market 

participant ID code and issue. 

The proposed rule change was 

published in the Federal Register on 

March 16, 2007.4 The Commission 

received no comments on the proposal. 

On March 6, 2009, Nasdaq filed 

Amendment No. 1 to the proposed rule 

change.5

The Commission has reviewed 

carefully the proposed rule change and 

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 6 and, in particular, 

Section 6(b)(4) of the Act,7 which 

requires, among other things, that 

Nasdaq’s rules provide for the equitable 

allocation of reasonable dues, fees and 

other charges among members and 

issuers and other persons using any 

facility or system which Nasdaq 

operates or controls. The Commission 

also finds that the proposed rule change 

is consistent with Section 6(b)(5) of the 

Act,8 which requires, among other 

things, that Nasdaq’s rules are not 

designed to unfairly discriminate 

between customers, issuers, brokers or 

dealers. 

The Commission finds that the 

proposed rule change is consistent with 

these statutory standards. Use of the 

Service is optional, and the fee 

associated with the Service will be 

imposed on all subscribers equally. The 

fee for the Service is intended to cover 

the costs of establishing and 

maintaining the Service.9

In addition, the proposal meets the 

criteria, formulated by the 

Commission 10 in connection with the 

petition filed by NetCoalition,11 for 

approval of proposed rule changes 

concerning the distribution of non-core 

market data.12 In its order issued in 

connection with the NetCoalition 

petition, the Commission stated that 

‘‘reliance on competitive forces is the 

most appropriate and effective means to 

assess whether the terms for the 

distribution of non-core data are 

equitable, fair and reasonable, and not 

unreasonably discriminatory.’’ 13 As 

such, the ‘‘existence of significant 

competition provides a substantial basis 

for finding that the terms of an 

exchange’s fee proposal are equitable, 

fair, reasonable, and not unreasonably 

or unfairly discriminatory.’’ 14 If an 

exchange ‘‘was subject to significant 

competitive forces in setting the terms 

of a proposal,’’ the proposal will be 

approved unless the Commission 

determines that ‘‘there is a substantial 

countervailing basis to find that the 

terms nevertheless fail to meet an 

applicable requirement of the Exchange 

Act or the rules thereunder.’’ 15

In its order approving NYSEArca– 

2006–21, the Commission also stated 

that the terms of a proposed rule change 

to distribute market data for which the 

exchange is the exclusive processor 

must provide for an equitable allocation 

of fees under Section 6(b)(4) of the 

Act,16 not be designed to permit unfair 

discrimination under Section 6(b)(5) of 

the Act,17 be fair and reasonable under 

Rule 603(a)(1),18 and not be 

unreasonably discriminatory under Rule 

603(a)(2).19 If the proposal involves 

non-core market data, an analysis of 

competitive forces may be used, and 

that analysis will apply to findings 


dwashington3 on PROD1PC60 with NOTICES
12170 Federal Register / Vol. 74, No. 54 / Monday, March 23, 2009 / Notices 

20See 73 FR at 74779. 

21See http://www.nyxdata.com/page/584 (listing 

of NYSE data products, including NYSE Broker 

Volume Database). 

22 Id. 

23 15 U.S.C. 78f(b)(4). 

24 15 U.S.C. 78f(b)(5). 

25 17 CFR 242.603(a). 

26 15 U.S.C. 78s(b)(2). 

27 17 CFR 200.30–3(a)(12). 

under Section 6 of the Act, and to 

findings under Rule 603.20

As noted above, use of the Service is 

voluntary, and the fee for the Service 

will be imposed equally on all 

purchasers. In addition, vendors and 

other exchanges currently make daily 

broker volume reports available. For 

example, the New York Stock Exchange 

LLC (‘‘NYSE’’) provides a broker volume 

report in a database format on a T+1 

basis, which compiles the trading 

volume of member firms based on trades 

reported to NYSE.21 The cost of 

receiving the Service is comparable to 

the cost for receiving the NYSE broker 

volume report.22

In formulating the terms of the 

Service, Nasdaq was thus subject to 

significant competitive forces— 

specifically, the availability to market 

participants of alternatives to 

purchasing the Service. Because the 

proposed Service here involves the 

distribution of non-core market data, 

and significant competitive forces are 

present, the Service is thus consistent 

with both Section 6(b)(4) 23 and Section 

6(b)(5) of the Act,24 and with Rule 

603(a).25 There is not a substantial 

countervailing basis that would render 

the proposal inconsistent with the Act 

or the rules thereunder. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,26 that the 

proposed rule change (SR–NASDAQ– 

2007–006), as modified by Amendment 

No. 1 be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–6147 Filed 3–20–09; 8:45 am] 

BILLING CODE 

SMALL BUSINESS ADMINISTRATION 

[License No. 02/02–0535] 

Argentum Capital Partners, LP; Notice 

Seeking Exemption Under Section 312 

of the Small Business Investment Act, 

Conflicts of Interest 

Notice is hereby given that Argentum 

Capital Partners, LP, 60 Madison 

Avenue, Suite 701, New York, NY 

10010, a Federal Licensee under the 

Small Business Investment Act of 1958, 

as amended (‘‘the Act’’), in connection 

with the financing of a small concern, 

has sought an exemption under Section 

312 of the Act and Section 107.730, 

Financings which Constitute Conflicts 

of Interest of the Small Business 

Administration (‘‘SBA’’) Rules and 

Regulations (13 CFR 107.730 (2009)). 

Argentum Capital Partners, LP proposes 

to provide a bridge loan to M Cubed 

Technologies, Inc., 921 Main Street, 

Monroe, CT 06468. The financing is 

contemplated for working capital and 

general corporate purposes. 

The financing is brought within the 

purview of § 107.730(a)(1) of the 

Regulations because Argentum Capital 

Partners II, LP, an Associate of 

Argentum Capital Partners, LP, owns 

more than ten percent of M Cubed 

Technologies, Inc. 

Therefore, this transaction is 

considered a financing of an Associate 

requiring an exemption. Notice is 

hereby given that any interested person 

may submit written comments on the 

transaction within fifteen days of the 

date of this publication to the Acting 

Associate Administrator for Investment, 

U.S. Small Business Administration, 

409 Third Street, SW., Washington, DC 

20416. 

March 16, 2009. 

Harry Haskins, 

Acting Associate Administrator for 

Investment. 

[FR Doc. E9–6189 Filed 3–20–09; 8:45 am] 

BILLING CODE 

SOCIAL SECURITY ADMINISTRATION 

Agency Information Collection 

Activities: Proposed Request 

The Social Security Administration 

(SSA) publishes a list of information 

collection packages requiring clearance 

by the Office of Management and 

Budget (OMB) in compliance with 

Public Law (Pub. L.) 104–13, the 

Paperwork Reduction Act of 1995, 

effective October 1, 1995. This notice 

includes a revision and extensions of 

OMB-approved information collections. 

SSA is soliciting comments on the 

accuracy of the agency’s burden 

estimate; the need for the information; 

its practical utility; ways to enhance its 

quality, utility, and clarity; and ways to 

minimize the burden on respondents, 

including the use of automated 

collection techniques or other forms of 

information technology. Mail, e-mail, or 

fax your comments and 

recommendations on the information 

collection(s) to the OMB Desk Officer 

and the SSA Reports Clearance Officer 

to the addresses or fax numbers listed 

below. 

(OMB) Office of Management and 

Budget, Attn: Desk Officer for SSA, 

Fax: 202–395–6974, e-mail address: 

OIRA_Submission@omb.eop.gov. 

(SSA) Social Security Administration, 

DCBFM, Attn: Reports Clearance 

Officer, 1332 Annex Building, 6401 

Security Blvd., Baltimore, MD 21235, 

Fax: 410–965–6400, e-mail address: 

OPLM.RCO@ssa.gov. 

The information collections below are 

pending at SSA. SSA will submit them 

to OMB within 60 days from the date of 

this notice. To be sure that we consider 

your comments, we must receive them 

no later than May 22, 2009. Individuals 

can obtain copies of the collection 

instruments by calling the SSA Reports 

Clearance Officer at 410–965–3758 or by 

writing to the e-mail address listed 

above. 

1. Surveys in Accordance With E.O. 

12862 for the Social Security 

Administration—0960–0526 

Under the auspices of Executive 

Order 12862, Setting Customer Service 

Standards, SSA conducts multiple 

customer satisfaction surveys each year. 

These voluntary customer satisfaction 

assessments include paper, Internet, and 

telephone surveys; mailed 

questionnaires; focus groups; and 

customer comment cards. The purpose 

of these questionnaires is to assess 

customer satisfaction with the 

timeliness, appropriateness, access, and 

overall quality of existing SSA services 

and proposed modifications/new 

versions of services. The respondents 

are recipients of SSA services (including 

most members of the public), 

professionals, and parties who work on 

behalf of SSA beneficiaries. 

Type of Request: Revision of an OMBapproved information collection. 


dwashington3 on PROD1PC60 with NOTICES