Federal Register / Vol. 74, No. 70 / Tuesday, April 14, 2009 / Notices 17273 

15 15 U.S.C. 78o–3(b)(6). 16 15 U.S.C. 78s(b)(3)(A). 17 17 CFR 240.19b–4(f)(6). 

18 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. 59582 

(March 16, 2009) (SR–NASDAQ–2008–102). 

Trade Reporting and Compliance Engine 

(‘‘TRACE’’), but not disseminated. 

FINRA has filed the proposed rule 

change for immediate effectiveness. The 

operative date of the proposed rule 

change will be 30 days after the date of 

filing. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,15 which 

requires, among other things, that 

FINRA rules must be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, and, in 

general, to protect investors and the 

public interest. FINRA believes that the 

proposed rule change will clarify 

members’ trade reporting obligations, 

enhance market transparency and 

protect investors and other market 

participants by ensuring that transfers 

that do not contribute to market price 

discovery and could confuse market 

participants are not disseminated. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA 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 proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 16 and Rule 19b– 

4(f)(6) thereunder.17

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. 

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–FINRA–2009–024 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–FINRA–2009–024. 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 FINRA. 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–FINRA–2009–024 and 

should be submitted on or before May 

5, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–8417 Filed 4–13–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59712; File No. SR– 

NASDAQ–2009–028] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing of Proposed Rule Change To 

Reduce Fees for NASDAQ Basic Data 

Feeds 

April 6, 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 27, 

2009, The NASDAQ Stock Market LLC 

(‘‘NASDAQ’’ or the ‘‘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 Substance of 

the Proposed Rule Change 

NASDAQ is proposing a rule change 

to reduce fees for ‘‘NASDAQ Basic’’ 

which is a real time data feed combining 

both NASDAQ’s Best Bid and Offer 

(‘‘QBBO’’) and the ‘‘NASDAQ Last Sale. 

NASDAQ Basic was approved on March 

16, 2009,3 as a pilot program (‘‘Basic 

Pilot’’) that included fees for usage and 

distribution of the data. NASDAQ has 

determined to further promote the 

deployment and usage of NASDAQ 

Basic by reducing the fee for its 

distribution. NASDAQ is seeking 

approval to implement this change 

effective April 1, 2009. 

The text of the proposed rule change 

is available from NASDAQ’s Web site at 

http://nasdaq.cchwallstreet.com, at 

NASDAQ’s principal office, and at the 

Commission’s Public Reference Room. 

17274 Federal Register / Vol. 74, No. 70 / Tuesday, April 14, 2009 / Notices 

4 15 U.S.C. 78f. 

5 15 U.S.C. 78f(b)(4). 

6 15 U.S.C. 78f(b)(8). 

7 17 CFR 242.603(a). 

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. The text of 

these statements may be examined at 

the places specified in Item III [sic] 

below, and is set forth in Sections A, B, 

and C below. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Building on the success of its 

NASDAQ Last Sale product, NASDAQ 

has implemented a pilot to offer 

NASDAQ Basic, real-time quotation 

data in combination with last sale data 

solely from the NASDAQ Market Center. 

NASDAQ Basic is a ‘‘Level 1’’ product 

containing two data elements: (1) 

Quotation information from the 

NASDAQ Market Center and (2) last sale 

data from the NASDAQ Market Center. 

NASDAQ Basic is available in three 

forms, NASDAQ Basic for NASDAQ, 

NASDAQ Basic for NYSE, and 

NASDAQ Basic for Alternext. NASDAQ 

Basic is designed to meet the needs of 

current and prospective subscribers that 

do not need or are unwilling to pay for 

the consolidated data provided by the 

consolidated Level 1 products. 

NASDAQ sought and received 

approval to assess a monthly fee for 

distributors of NASDAQ Basic in 

addition to applicable monthly per user 

fees. As approved, each Distributor of 

NASDAQ Basic for NASDAQ-listed 

stocks was to pay a monthly fee of 

$1,500 for either internal or external 

distribution. Each Distributor of 

NASDAQ Basic for NYSE-listed stocks 

was to pay a monthly fee of $250 for 

internal distribution or $625 external 

distribution. Each Distributor of 

NASDAQ Basic for Alternext-listed 

stocks was to pay a monthly fee of $250 

for internal distribution or $625 external 

distribution. In addition, each 

Distributor that receives Direct Access 

to the NASDAQ Basic was also to pay 

a monthly fee of $2,000 for NASDAQlisted stocks, $1,000 for NYSE-listed 

stocks, and $1,000 for Alternext-listed 

stocks. 

NASDAQ developed the NASDAQ 

Basic product proposals in consultation 

with industry members and market data 

vendors and, after further consultation; 

NASDQ [sic] has determined to reduce 

the distribution fees for the product. 

First, NASDAQ proposes to make all 

three feeds available for a single 

monthly Distributor Fee of $1,500, 

rather than add separate fees for NYSEand Alternext-listed securities. Second, 

NASDAQ proposes to eliminate the fee 

for Direct Access to NASDAQ Basic, 

currently set forth in Rule 7047(b). 

Finally, NASDAQ proposes to credit 

each Distributor of NASDAQ Basic up to 

$1,500 per month based upon that 

Distributor’s monthly usage fees. In 

other words, a Distributor that reports 

$1,500 or more of monthly usage of 

NASDAQ Basic will pay no net 

Distributor Fee, whereas a Distributor 

that reports $1,000 of monthly usage 

will pay a net of $500 for the Distributor 

Fee. 

2. Statutory Basis 

In its recent order approving the 

NASDAQ Basic Pilot, it was determined 

that the product and fees were 

consistent with the provisions of 

Section 6 of the Act,4 in general and 

with Section 6(b)(4) of the Act,5 as 

stated above, in that it provides an 

equitable allocation of reasonable fees 

among users and recipients of NASDAQ 

data. NASDAQ believes that the current 

proposal to eliminate the distributor 

fees for NASDAQ Basic is also 

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

Act in that the remaining fees will be 

assessed uniformly on similarly situated 

users and that the fees for distribution 

and usage of the product will be borne 

by the ultimate end user of the product. 

It was also determined that the 

product and fees are consistent with 

Section 6(b)(8) of the Act,6 [sic] which 

requires that the rules of an exchange 

not impose any burden on competition 

not necessary or appropriate in 

furtherance of the purposes of the Act. 

The Commission found that NASDAQ’s 

ability to price NASDAQ Basic is 

constrained by: (i) NASDAQ’s 

compelling need to attract order flow 

from market participants; and (ii) the 

availability to market participants of 

alternatives to purchasing NASDAQ ’s 

data. Finally, the Commission finds that 

the proposed rule change is consistent 

with Rule 603(a) of Regulation NMS,7

[sic] adopted under Section 11A(c)(1) of 

the Act, which requires an exclusive 

processor that distributes information 

with respect to quotations for or 

transactions in an NMS stock to do so 

on terms that are fair and reasonable 

and that are not unreasonably 

discriminatory. 

NASDAQ believes that its proposal to 

reduce distributor fees for NASDAQ 

Basic is equally consistent with these 

provisions of the Act. The market for 

non-core data is competitive, due to (1) 

competition between exchanges and 

other trading platforms that compete 

with each other in a variety of 

dimensions; (2) the existence of 

inexpensive real-time consolidated data 

and free delayed consolidated data, and 

(3) the inherent contestability of the 

market for proprietary last sale data. 

The market for proprietary data 

products is currently competitive and 

inherently contestable because there is 

fierce competition for the inputs 

necessary to the creation of proprietary 

data and strict pricing discipline for the 

proprietary products themselves. 

Numerous exchanges compete with 

each other for listings, trades, and 

market data itself, providing virtually 

limitless opportunities for entrepreneurs 

who wish to produce and distribute 

their own market data. This proprietary 

data is produced by each individual 

exchange, as well as other entities, in a 

vigorously competitive market. 

Broker-dealers currently have 

numerous alternative venues for their 

order flow, including eleven selfregulatory organization (‘‘SRO’’) 

markets, as well as broker-dealers 

(‘‘BDs’’) and aggregators such as the 

Direct Edge and NexTrade electronic 

communications network (‘‘ECN’’). Each 

SRO market competes to produce 

transaction reports via trade executions, 

and an ever-increasing number of 

FINRA-regulated Trade Reporting 

Facilities (‘‘TRFs’’) compete to attract 

internalized transaction reports. It is 

common for BDs to further and exploit 

this competition by sending their order 

flow and transaction reports to multiple 

markets, rather than providing them all 

to a single market. Competitive markets 

for order flow, executions, and 

transaction reports provide pricing 

discipline for the inputs of proprietary 

data products. 

The large number of SROs, TRFs, and 

ECNs that currently produce proprietary 

data or are currently capable of 

producing it provides further pricing 

discipline for proprietary data products. 

Each SRO, TRF, ECN and BD is 

currently permitted to produce 

proprietary data products, and many 

currently do or have announced plans to 

do so, including NASDAQ, NYSE, 

Alternext, NYSEArca, and BATS. 

Any ECN or BD can combine with any 

other ECN, broker-dealer, or multiple 

ECNs or BDs to produce jointly 

proprietary data products. Additionally, 

non-broker-dealers such as order routers 

like LAVA, as well as market data 

Federal Register / Vol. 74, No. 70 / Tuesday, April 14, 2009 / Notices 17275 

8Securities Exchange Act Release No. 57917 (Dec. 

2, 2008) (NetCoalition Order’’ [sic] resolving File 

No. SR–NYSEArca–2006–21). 

9 Id. at 48–49. 

10 Id. at 4. 

vendors can facilitate single or multiple 

broker-dealers’ production of 

proprietary data products. The potential 

sources of proprietary products are 

virtually limitless. 

The fact that proprietary data from 

ECNs, BDs, and vendors can by-pass 

SROs is significant in two respects. 

First, non-SROs can compete directly 

with SROs for the production and 

distribution of proprietary data 

products, as Archipelago and BATS 

Trading did prior to registering as SROs. 

Second, because a single order or 

transaction report can appear in an SRO 

proprietary product, a non-SRO 

proprietary product, or both, the data 

available in proprietary products is 

exponentially greater than the actual 

number of orders and transaction 

reports that exist in the marketplace 

writ large. 

Consolidated data provides two 

additional measures of pricing 

discipline for proprietary data products 

that are a subset of the consolidated data 

stream. First, the consolidated data is 

widely available in real-time at $1 per 

month for non-professional users. 

Second, consolidated data is also 

available at no cost with a 15- or 20- 

minute delay. Because consolidated 

data contains marketwide information, 

it effectively places a cap on the fees 

assessed for proprietary data (such as 

last sale data) that is simply a subset of 

the consolidated data. The mere 

availability of low-cost or free 

consolidated data provides a powerful 

form of pricing discipline for 

proprietary data products that contain 

data elements that are a subset of the 

consolidated data, by highlighting the 

optional nature of proprietary products. 

Market data vendors provide another 

form of price discipline for proprietary 

data products because they control the 

primary means of access to end users. 

Vendors impose price restraints based 

upon their business models. For 

example, vendors such as Bloomberg 

and Reuters that assess a surcharge on 

data they sell may refuse to offer 

proprietary products that end users will 

not purchase in sufficient numbers. 

Internet portals, such as Google, impose 

a discipline by providing only that data 

which will enable them to attract 

‘‘eyeballs’’ that contribute to their 

advertising revenue. Retail brokerdealers, such as Schwab and Fidelity, 

offer their customers proprietary data 

only if it promotes trading and generates 

sufficient commission revenue. 

Although the business models may 

differ, these vendors’ pricing discipline 

is the same: they can simply refuse to 

purchase any proprietary data product 

that fails to provide sufficient value. 

NASDAQ and other producers of 

proprietary data products must 

understand and respond to these 

varying business models and pricing 

disciplines in order to successfully 

market proprietary data products. 

In addition to the competition and 

price discipline described above, the 

market for proprietary data products is 

also highly contestable because market 

entry is rapid, inexpensive, and 

profitable. The history of electronic 

trading is replete with examples of 

entrants that swiftly grew into some of 

the largest electronic trading platforms 

and proprietary data producers: 

Archipelago, Bloomberg Tradebook, 

Island, RediBook, Attain, TracECN, and 

BATS Trading. Today, BATS publishes 

its data at no charge on its website in 

order to attract order flow, and it uses 

market data revenue rebates from the 

resulting executions to maintain low 

execution charges for its users. Several 

ECNs have existed profitably for many 

years with a minimal share of trading, 

including Bloomberg Tradebook and 

NexTrade. 

Regulation NMS, by deregulating the 

market for proprietary data, has 

increased the contestability of that 

market. While broker-dealers have 

previously published their proprietary 

data individually, Regulation NMS 

encourages market data vendors and 

broker-dealers to produce proprietary 

products cooperatively in a manner 

never before possible. Multiple market 

data vendors already have the capability 

to aggregate data and disseminate it on 

a profitable scale, including Bloomberg, 

Reuters and Thomson. New entrants are 

already on the horizon, including 

‘‘Project BOAT,’’ a consortium of 

financial institutions that is assembling 

a cooperative trade collection facility in 

Europe. These institutions are active in 

the United States and could rapidly and 

profitably export the Project Boat 

technology to exploit the opportunities 

offered by Regulation NMS. 

In light of the highly competitive 

market for market data, NASDAQ 

believes that it has considered all 

relevant factors and has not considered 

irrelevant factors in order to establish a 

fair, reasonable, and not unreasonably 

discriminatory fee and an equitable 

allocation of fees among all users. 

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. 

To the contrary, as set forth in detail 

above, the market for the data elements 

contained in NASDAQ Basic is already 

competitive, with both real-time and 

delayed consolidated data as well as the 

ability for innumerable entities begin 

rapidly and inexpensively to offer 

competitive last sale data products. 

The Commission has recently issued 

an order firmly establishing that in 

reviewing non-core data products such 

as NASDAQ Basic, the Commission will 

utilize a market-based approach that 

relies primarily on competitive forces to 

determine the terms on which non-core 

data is made available to investors.8 The 

Commission adopted a two-part test: 

The first is to ask whether the exchange 

was subject to significant competitive forces 

in setting the terms of its proposal for noncore data, including the level of any fees. If 

an exchange was subject to significant 

competitive forces in setting the terms of a 

proposal, the Commission will approve the 

proposal unless it 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. If, however, the 

exchange was not subject to significant 

competitive forces in setting the terms of a 

proposal for non-core data, the Commission 

will require the exchange to provide a 

substantial basis, other than competitive 

forces, in its proposed rule change 

demonstrating that the terms of the proposal 

are equitable, fair, reasonable, and not 

unreasonably discriminatory.9

This standard begins from the premise 

that no Commission rule requires 

exchanges or market participants either 

to distribute non-core data to the public 

or to display non-core data to 

investors.10

In its NetCoalition Order the 

Commission concluded that ‘‘at least 

two broad types of significant 

competitive forces applied to NYSE 

Arca in setting the terms of its Proposal 

to distribute the ArcaBook data: (1) 

NYSE Arca’s compelling need to attract 

order flow from market participants; 

and (2) the availability to market 

participants of alternatives to 

purchasing the ArcaBook data. The 

Commission conducted an exhaustive 

14-page review of these two competitive 

forces before concluding that the 

availability of alternatives, as well as the 

compelling need to attract order flow, 

imposed significant competitive 

pressure on the exchange’s need to act 

equitably, fairly, and reasonably in 

17276 Federal Register / Vol. 74, No. 70 / Tuesday, April 14, 2009 / Notices 

11 Id. at 51–65. The Commission then spent an 

additional 36 pages (65–101) analyzing and refuting 

comments challenging the Commission’s 

competition analysis. 

12See Securities Exchange Act Release No. 57966 

(June 16, 2008), 73 FR 35182 (June 20, 2008) (File 

No. SR–NYSE–2007–04) (NYSE Real-Time 

Reference Prices); Securities Exchange Act Release 

No. 57965 (June 16, 2008), 73 FR 35178 (June 20, 

2008) (SR–NASDAQ–2006–060) (NASDAQ Last 

Sale Data Feeds). 

13 Id. at 101–104. 

14 17 CFR 200.30–3(a)(12). 

setting the terms of the fees for its noncore data product.11

The market data provided in 

NASDAQ Basic is non-core data that is 

governed by the same analysis the 

Commission set forth in the 

NetCoalition Order. As with the NYSE 

Arca depth-of-book product, no rule 

requires NASDAQ or any other 

exchange to offer its BBO and Last Sale 

or vendors to display that data. Because 

NASDAQ Basic data is merely a subset 

of depth-of-book data, NASDAQ is 

subject to the same competitive forces 

that apply to depth-of-book data: Its 

compelling need to attract order flow 

from market participants; and the 

availability to market participants of 

alternatives to purchasing the NASDAQ 

Basic data. Indeed, the Commission 

invoked the same reasoning in 

approving pilot programs for NASDAQ 

Last Sale and NYSE Open Book which 

provide non-core last sale data from 

NASDAQ and the New York Stock 

Exchange, one element of this 

proposal.12

NASDAQ considerations in setting 

the fees for NASDAQ Basic are virtually 

identical to those the Commission 

approved in the NetCoaltiion [sic] 

Order. First, the proposed fees for 

NASDAQ Basic data will apply equally 

to all professional subscribers and 

equally to all non-professional 

subscribers. The fees therefore do not 

unreasonably discriminate among types 

of subscribers. Second, the proposed 

fees for the NASDAQ Basic data are 

substantially less than those charged by 

the Network Processors for the 

consolidated NBBO or last sale data. 

Third, NASDAQ projects that the total 

revenues generated by the fee for 

NASDAQ Basic data initially will 

amount to less than the $8 million per 

year that NYSE Arca projected would be 

generated by its ArcaBook data.13

Finally, as stated above, rapid 

effectiveness of the proposed rule 

change is in the public interest and 

supports the protection of investors by 

allowing data distributors to make 

additional market data available to 

investors that choose to purchase it. 

Widespread availability of NASDAQ 

Basic benefits investors by improving 

access to real-time market data that 

investors can choose to use. It also 

enables member firms to reduce their 

costs and to pass on those cost savings 

to their customers through reduced 

commissions. 

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 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(a) By order approve such proposed 

rule change, or 

(b) Institute proceedings to determine 

whether the proposed rule change 

should be 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 e-mail to rulecomments@sec.gov. Please include File 

Number SR–NASDAQ–2009–028 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–2009–028. 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, on official business days between 

the hours of 10 a.m. and 3 p.m. Copies 

of the filing also will be available for 

inspection and copying at the principal 

office 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–2009–028 and should be 

submitted on or before May 5, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–8416 Filed 4–13–09; 8:45 am] 

BILLING CODE 8010–01–P 

OFFICE OF THE UNITED STATES 

TRADE REPRESENTATIVE 

[Docket No. USTR–2009–0011] 

Initiation of Section 302 Investigation, 

Determination of Action Under Section 

301, and Request for Comments: 

Canada–Compliance With Softwood 

Lumber Agreement 

Correction 

In notice document E9–8232 

beginning on page 16436 in the issue of 

Friday, April 10, 2009 make the 

following correction: 

On page 16438, in the second column, 

immediately following the signature 

block, five photographed pages were 

inadvertently deleted. They are 

reprinted in full below: 

BILLING CODE 1505–01–D