13290 Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Notices 

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

8 17 CFR 240.19b–4(f)(6). 

9 In addition, Rule 19b–4(f)(6)(iii) requires a selfregulatory organization to give the Commission 

written notice of its intent to file 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. 

10The MSRB provided the written notice 

required under Rule 19b–4(f)(6)(iii) on March 13, 

2009 and requested that the Commission waive the 

five business day notification period. The 

Commission hereby grants the MSRB’s request and 

believes that waiving the five business day 

notification period is consistent with the protection 

of investors and the public interest. For the 

purposes only of accelerating the operative date of 

this proposal, the Commission has considered the 

proposed rule change’s impact on efficiency, 

competition, and capital formation. See 15 U.S.C. 

78c(f). 

11See Section 19(b)(3)(C) of the Act, 15 U.S.C. 

78s(b)(3)(C). 

12 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). 

appropriate in furtherance of the 

purposes of the Act. Documents and 

information provided through the 

EMMA pilot will continue to be 

available to all persons on an equal 

basis. The MSRB will continue to make 

its official statement and advance 

refunding document collection available 

by subscription on an equal basis 

without imposing restrictions on 

subscribers from re-disseminating such 

documents or otherwise offering valueadded services and products based on 

such documents on terms determined 

by each subscriber. The MSRB believes 

that any incidental impact of the 

extension of the EMMA pilot on 

commercial enterprises would not 

create an unequal burden among such 

enterprises and would be substantially 

outweighed by the benefits provided by 

the continuation of the EMMA pilot in 

removing impediments to and helping 

to perfect the mechanisms of a free and 

open market in municipal securities, 

assisting in the prevention of fraudulent 

and manipulative acts and practices, 

and generally promoting investor 

protection and the public interest. 

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 with respect to 

the extension of the EMMA pilot. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The MSRB represented that the 

proposed rule change qualifies for 

immediate effectiveness pursuant to 

Section 19(b)(3)(A) of the Act 7 and Rule 

19b–4(f)(6) thereunder 8 because it: (i) 

does not significantly affect the 

protection of investors or the public 

interest; (ii) does not impose any 

significant burden on competition; and 

(iii) by its terms, does not become 

operative for 30 days after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest.9

The MSRB has requested that the 

Commission waive the 30-day operative 

delay, so that the proposed rule change 

may become operative upon filing and 

ensure that the EMMA pilot is extended 

before its scheduled expiration. The 

Commission hereby grants the MSRB’s 

request and believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest.10 The extension of the 

EMMA pilot will ensure that there is no 

lapse in the availability to the public of 

the documents and information 

currently made available on the EMMA 

portal prior to the commencement of 

operations of the permanent EMMA 

services. 

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.11

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–MSRB–2009–01 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–MSRB–2009–01. 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, 100 F Street, NE., Washington, 

DC 20549, 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 office of the MSRB. 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–MSRB–2009–01 and should 

be submitted on or before April 16, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–6616 Filed 3–25–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59610; File No. SR– 

NASDAQ–2009–023] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Trading the Two-Character Ticker 

Symbol ‘‘UG’’ 

March 20, 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 March 13, 

2009, The NASDAQ Stock Market LLC 

(‘‘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 Nasdaq. Nasdaq 

has filed this proposal pursuant to 

Section 19(b)(3)(A) of the Act 3 and Rule 

Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Notices 13291 

4 17 CFR 240.19b–4(f)(6) [sic]. 

5This includes securities listed on Nasdaq’s 

predecessor market, operated as a facility of the 

NASD. 

6See Head Trader Alert 2005–133 (November 14, 

2005), available at: http://www.nasdaqtrader.com/ 

TraderNews.aspx?id=hta2005-133 and Vendor Alert 

2005–070 (November 14, 2005), available at: http:// 

www.nasdaqtrader.com/ 

TraderNews.aspx?id=nva2005-070. See also Head 

Trader Alert 2006–144 (September 29, 2006), 

available at: http://www.nasdaqtrader.com/ 

TraderNews.aspx?id=hta2006-144, Head Trader 

Alert 2006–193 (November 16, 2006), available at: 

http://www.nasdaqtrader.com/ 

TraderNews.aspx?id=hta2006-193 and Vendor Alert 

2006–065 (October 4, 2006), available at: http:// 

www.nasdaqtrader.com/ 

TraderNews.aspx?id=nva2006-065. 

7Head Trader Alert 2007–050 (March 1, 2007), 

available at: http://www.nasdaqtrader.com/ 

TraderNews.aspx?id=hta2007-050. 

8See Securities Exchange Act Release No. 55519 

(March 26, 2007) 72 FR 15737 (April 2, 2007) (SR– 

NASDAQ–2007–025). 

9See Securities Exchange Act Release No. 56028 

(July 9, 2007), 72 FR 38639 (July 13, 2007) 

(approving SR–NASDAQ–2007–031). Over 45 

companies with three-character symbols have listed 

on Nasdaq. 

10See Securities Exchange Act Release No. 57696 

(April 22, 2008) 73 FR 22987 (April 28, 2008) (SR– 

NASDAQ–2008–034 relating to CA, Inc. listing on 

Nasdaq using the symbol CA); Exchange Act 

Release No. 57875 (May 27, 2008) 73 FR 31524 

(June 2, 2008) (SR–NASDAQ–2008–047 relating to 

Hawaiian Holdings, Inc. listing on Nasdaq using the 

symbol HA); Exchange Act Release No. 58684 

(September 30, 2008.) 73 FR 58281 (October 6, 

2008) (SR–NASDAQ–2008–075 relating to Tech/ 

Ops Sevcon, Inc. listing on Nasdaq using the 

symbol TO). 

11A market transfer will still be transparent to 

investors because, under the Commission’s rules, a 

company must announce the transfer of its listing 

on a Form 8–K. See Form 8–K, item 3.01(d). In 

addition, the issuer must publish notice of its intent 

to withdraw a class of securities from listing and/ 

or registration, along with its reasons for such 

withdrawal, via a press release and, if it has a 

publicly accessible Web site, on that Web site. See 

Exchange Act Rule 12d2–2(c)(2)(iii), 17 CFR 

240.12d2–2(c)(2)(iii). 

12See, e.g., Darwin Professional Underwriters, Inc 

(from NYSE Arca to NYSE keeping the symbol DR), 

Chile Fund, Inc. (from NYSE to Amex keeping the 

symbol CH), and iShares NYSE 100 (from NYSE to 

NYSE Arca keeping the symbol NY). 

13See Securities Exchange Act Release No. 58904 

(November 6, 2008) 73 FR 67218 (November 13, 

2008) (File No. 4–533, approving the National 

Market System Plan for the selection and 

reservation of securities symbols). 

19b–4(f)(5) thereunder,4 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 the Substance 

of the Proposed Rule Change 

Nasdaq proposes to trade the common 

stock of United-Guardian, Inc. on 

Nasdaq using the two-character symbol 

‘‘UG’’. 

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 

Historically, securities listed on 

Nasdaq have traded using four or five 

character symbols.5 In 2005, however, 

Nasdaq announced its intent to allow 

companies listed on Nasdaq to also use 

one, two or three character symbols 

beginning on January 31, 2007.6 This 

announcement was designed to provide 

market participants and vendors the 

time needed to make required changes 

to their own systems that may be 

affected by the change. Since February 

20, 2007, Nasdaq has had the ability to 

accept and distribute Nasdaq-listed 

securities with one, two or three 

character symbols. Nasdaq reminded 

market participants about this change 

again on March 1, 2007, stressing that 

‘‘[a]ll customers should have completed 

their coding and testing efforts to ensure 

their readiness to support 1-, 2- and 3- 

character NASDAQ-listed issues,’’ 7 and 

on March 22, 2007, Delta Financial 

Corporation transferred to Nasdaq from 

the American Stock Exchange and 

maintained its three-character symbol, 

DFC.8 Subsequently, the Commission 

approved a rule change to permit any 

company to transfer from another 

exchange to Nasdaq and maintain its 

three-character symbols.9 During 2008, 

several companies transferred from the 

New York Stock Exchange and the 

American Stock Exchange (now NYSE 

Amex) and maintained their twocharacter symbols.10 There have been 

no trading problems reported to Nasdaq 

as a result of listing securities on 

Nasdaq with two-character or threecharacter symbols. 

Nasdaq now proposes to allow 

United-Guardian, Inc, which currently 

trades on NYSE Amex with the twocharacter symbol UG, to transfer its 

common stock to Nasdaq and continue 

using that two-character symbol. Nasdaq 

believes that allowing this company to 

maintain its symbol will reduce investor 

confusion and promote competition 

among exchanges. Specifically, allowing 

United-Guardian to maintain its trading 

symbol will reduce investor confusion 

associated with its transfer to Nasdaq 

because investors will continue to be 

able to obtain quotations and execute 

trades using the same familiar symbol 

and will allow the issuer to maintain a 

symbol that has become a part of its 

identity to investors.11 Further, Nasdaq 

believes that permitting UnitedGuardian to maintain its symbol will 

enhance competition among exchanges 

by removing concerns about investor 

confusion surrounding its symbol from 

the factors a company must consider 

when choosing where to list its equities. 

This proposal is also consistent with the 

historical practice of allowing 

companies to maintain their symbols 

when they switch among national 

securities exchanges 12 and with the 

Commission’s recent approval of a 

national symbology plan, which, when 

operative, will permit the portability of 

symbols.13

Given the foregoing, Nasdaq believes 

that market participants were provided 

adequate notice of this change and are 

prepared to accommodate the trading of 

this company on Nasdaq using the 

symbol UG. Further, Nasdaq believes 

that any change to the symbol will cause 

confusion among investors and market 

participants. As such, Nasdaq proposes 

to begin trading the common stock of 

United-Guardian, Inc. on Nasdaq using 

the symbol UG on March 16, 2009. 

2. Statutory Basis 

Nasdaq believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act, in 

general and with Section 6(b)(5) of the 

Act, in particular, in that it is designed 

to prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, remove 

impediments to a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. As described above, the 

proposed rule change will reduce 

investor confusion and encourage 

competition between national securities 

exchanges. 

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, as amended. 

13292 Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Notices 

14 15 U.S.C. 78s(b)(3)(A). 

15 17 CFR 240.19b–4(f)(5). 

16 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78s–1(b)(3)(A)(ii). 

3 17 CFR 240.19b–4(f)(2). 

4The Commission has modified parts of these 

statements. 

5Securities Exchange Act Release No. 59285 

(January 23, 2009), 74 FR 5875 (February 2, 2009) 

(File No. SR–NSCC–2008–13). 

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) 

of the Act 14 and Rule 19b–4(f)(5) 

thereunder 15 in that it effects a change 

to an order-entry or trading system that: 

(i) Does not significantly affect the 

protection of investors or the public 

interest; (ii) does not impose any 

significant burden on competition; and 

(iii) does not have the effect of limiting 

the access to or availability of the 

system. As such, this proposed rule 

change is effective upon the 

Commission’s receipt of this filing. 

At any time within 60 days of the 

filing of a rule change pursuant to 

Section 19(b)(3)(A) of the Act, the 

Commission may summarily abrogate 

the 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–2009–023 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–2009–023. 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, 100 F Street, NE., Washington, 

DC 20549, 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 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–2009–023 and 

should be submitted on or before April 

16, 2009. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.16

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–6719 Filed 3–25–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59607; File No. SR–NSCC– 

2009–02] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Relating to the Tiered 

Trade Netting Fee 

March 19, 2009. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

February 27, 2009, National Securities 

Clearing Corporation (‘‘NSCC’’) 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 primarily by NSCC. 

NSCC filed the proposed rule change 

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

Act 2 and Rule 19b–4(f)(2) 3 thereunder 

so that the proposal was 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 proposed rule change amends the 

methodology of the calculation of 

NSCC’s tiered trade netting fee from 

being computed on the basis of daily 

average volume to a monthly volume 

basis. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

NSCC 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. NSCC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of such statements.4

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

The purpose of the proposed rule 

change is to amend NSCC’s fee structure 

as set forth in Addendum A to NSCC’s 

Rules to change the methodology of the 

calculation of NSCC’s tiered trade 

netting fee from being calculated on the 

basis of daily average volume to the 

basis of monthly volume. The current 

tiered structure for the netting fee 

became effective on January 2, 2009; 5

however, that calculation methodology 

caused systems difficulties that will be 

remedied by computing the charge on 

the basis of monthly volume. This 

change will not have a material impact 

on the total fee amounts charged 

members on their monthly billing 

statements. NSCC will commence use of 

the revised methodology for billing 

statements reflecting February 2009 

activity. 

The proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations