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 

Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Notices 13293 

6 15 U.S.C. 78s(b)(3)(A)(ii). 

7 17 CFR 240.19b–4(f)(2). 

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 59309 

(January 28, 2009), 74 FR 5955 (February 4, 2009). 

4Currently, the Exchange trades only Network A 

securities. The Exchange does not propose to 

impose any program classification charges for the 

use of NYSE Trades. 

5The Exchange proposes to use the revised unit 

of count methodology to determine the device fees 

payable by data recipients applicable to NYSE 

OpenBook® products. See Securities Exchange Act 

Release No. 59544 (March 9, 2009), 74 FR 11162 

(March 16, 2009) (SR–NYSE–2008–131). 

thereunder because it updates NSCC’s 

fee schedule. As such, it provides for 

the equitable allocation of fees among 

its participants. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

NSCC does not believe that the 

proposed rule change will have any 

impact or impose any burden on 

competition. 

(C) Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments relating to the 

proposed rule change have not yet been 

solicited or received. NSCC will notify 

the Commission of any written 

comments received by NSCC. 

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 6 and Rule 19b– 

4(f)(2) 7 promulgated thereunder 

because the proposal changes a due, fee, 

or other charge applicable only to a 

member. At any time within sixty 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 

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–NSCC–2009–02 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–NSCC–2009–02. 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 NSCC. 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–NSCC–2009–02 and should 

be submitted on or before April 16, 

2009. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–6721 Filed 3–25–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59606; File No. SR–NYSE– 

2009–04] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Order 

Approving Proposed Rule Change To 

Establish Fees for NYSE Trades 

March 19, 2009. 

I. Introduction 

On January 27, 2009, the New York 

Stock Exchange LLC (‘‘NYSE’’ or 

‘‘Exchange’’) 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 

introduce its NYSE Trades service, a 

new NYSE-only market data service that 

allows a vendor to redistribute on a realtime basis the same last sale information 

that NYSE reports to the Consolidated 

Tape Association (‘‘CTA’’) for inclusion 

in the CTA’s consolidated data stream 

and certain other related data elements 

(‘‘NYSE Last Sale Information’’), and to 

establish fees for that service. The 

proposed rule change was published for 

comment in the Federal Register on 

February 4, 2009.3 The Commission 

received no comment letters on the 

proposal. This order approves the 

proposed rule change. 

II. Description of the Proposal 

The Exchange proposes to introduce 

NYSE Trades, a new service pursuant to 

which it will allow vendors, brokerdealers, and others (‘‘NYSE-Only 

Vendors’’) to make available NYSE Last 

Sale Information on a real-time basis. 

NYSE Last Sale Information would 

include last sale information for all 

securities that are traded on the 

Exchange. The Exchange will make 

NYSE Last Sale Information available 

through its new NYSE Trades service at 

the same time as it provides last sale 

information to the processor under the 

CTA Plan. In addition to the 

information that the Exchange provides 

to CTA, NYSE Last Sale Information 

will also include a unique sequence 

number that the Exchange assigns to 

each trade and that allows an investor 

to track the context of the trade through 

other Exchange market data products, 

such as NYSE OpenBook® and NYSE 

Info Tools®. 

The Exchange proposes to charge 

$1500 per month for the receipt of 

access to all of the datafeeds of NYSE 

Last Sale Information that the Exchange 

will make available.4 In addition, the 

Exchange proposes to charge each 

subscriber to an NYSE-Only Vendor’s 

NYSE Trades service $15 per month per 

display device for the receipt and use of 

NYSE Last Sale Information.5

NYSE represents that no investors or 

broker-dealers are required to subscribe 

to the product, as they can find the same 

NYSE last sale prices either in the