57318 Federal Register / Vol. 75, No. 181 / Monday, September 20, 2010 / Notices 

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

8 17 CFR 200.30–3(a)(12). 

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

to attract order flow. NASDAQ believes, 

however, that evidence not before the 

court clearly demonstrates that 

availability of data attracts order flow. 

For example, as of July 2010, 92 of the 

top 100 broker-dealers by shares 

executed on NASDAQ consumed NQDS 

and 80 of the top 100 broker-dealers 

consumed TotalView. During that 

month, the NQDS-users were 

responsible for 94.44% of the orders 

entered into NASDAQ and TotalView 

users were responsible for 92.98%. 

Competition among platforms has 

driven NASDAQ continually to improve 

its platform data offerings and to cater 

to customers’ data needs. For example, 

NASDAQ has developed and 

maintained multiple delivery 

mechanisms (IP, multi-cast, and 

compression) that enable customers to 

receive data in the form and manner 

they prefer and at the lowest cost to 

them. NASDAQ offers front end 

applications such as its ‘‘Bookviewer’’ to 

help customers utilize data. NASDAQ 

has created new products like 

TotalView Aggregate to complement 

TotalView ITCH and Level 2, because 

offering data in multiple formatting 

allows NASDAQ to better fit customer 

needs. NASDAQ offers data via multiple 

extranet providers, thereby helping to 

reduce network and total cost for its 

data products. NASDAQ has developed 

an online administrative system to 

provide customers transparency into 

their data feed requests and streamline 

data usage reporting. NASDAQ has also 

expanded its Enterprise License options 

that reduce the administrative burden 

and costs to firms that purchase market 

data. 

Despite these enhancements and a 

dramatic increase in message traffic, 

NASDAQ’s fees for market data have 

remained flat. In fact, as a percent of 

total customer costs, NASDAQ data fees 

have fallen relative to other data usage 

costs—including bandwidth, 

programming, and infrastructure—that 

have risen. The same holds true for 

execution services; despite numerous 

enhancements to NASDAQ’s trading 

platform, absolute and relative trading 

costs have declined. Platform 

competition has intensified as new 

entrants have emerged, constraining 

prices for both executions and for data. 

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

Number SR–NASDAQ–2010–110 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–2010–110. 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 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 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–2010–110 and 

should be submitted on or before 

October 12, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–23385 Filed 9–17–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62882; File No. SR–NSCC– 

2010–09] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Filing of 

Proposed Rule Change Regarding the 

Creation of a Universal Trade Capture 

Application and Automated Special 

Representative Facility 

September 10, 2010. 

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

Securities Exchange Act of 1934 

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

August 30, 2010, the National Securities 

Clearing Corporation (‘‘NSCC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) and on 

September 9, 2010, amended the 

proposed rule change described in Items 

I and II below, which Items have been 

prepared primarily by NSCC. The 

Commission is publishing this notice to 

solicit comments on the rule change 

from interested parties. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The proposed rule change would 

modify NSCC’s rules and procedures 

regarding the creation of a Universal 

Trade Capture application and an 

automated Special Representative 

facility. 


jdjones on DSK8KYBLC1PROD with NOTICES
Federal Register / Vol. 75, No. 181 / Monday, September 20, 2010 / Notices 57319 

2On separate platforms, NSCC also provides 

services supporting mutual funds, alternative 

investments, and insurance products in addition to 

providing various other services. 

3 In 1983, the service was further expanded to 

facilitate the settlement of transactions that had 

been confirmed and affirmed through the facilities 

of a registered securities depository. 

4See below, Section II.A.4. ‘‘Implementation 

Timeframe.’’ 

5The term ‘‘original trade’’ is used within 

Correspondent Clearing solely to distinguish 

between trades executed in the marketplace by the 

Special Representative and transactions booked for 

accounting purposes to accommodate the 

movement of positions between members as 

provided for in NSCC Procedure IV. Correspondent 

Clearing is not a mechanism for original trade 

submission. 

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 these statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Universal Trade Capture (‘‘UTC’’) 

i. Background 

Since the 1970s, NSCC has provided 

a framework for the clearance and 

settlement of transactions executed on 

national securities exchanges and in the 

over-the-counter (‘‘OTC’’) market 

through its ‘‘Comparison and Trade 

Recording Operation.’’ 2 A Regional 

Interface Operation (the ‘‘Interregional 

Interface Service’’ or ‘‘RIO’’) was 

established in 1974 through National 

Clearing Corporation (one of NSCC’s 

predecessor organizations) that 

permitted participating registered 

clearing corporations to provide for 

settlement of transactions in listed 

securities in the OTC market.3 Due to 

efforts to promote straight-through 

processing, markets have assumed 

responsibility for trade comparison (i.e., 

matching the buy and sell side of a 

securities transaction) at the point of 

trade and submit the compared 

transaction to NSCC for trade recording 

purposes (i.e., the transaction details 

have already been compared and the 

transaction is submitted to NSCC on a 

‘‘locked-in’’ basis). 

ii. Trade Comparison and Recording 

Operation 

Transaction data is for the compared 

trades submitted to NSCC on a lockedin basis by self-regulatory organizations 

(‘‘SROs’’) and Qualified Special 

Representatives (‘‘QSRs’’) on behalf of 

their members for the purpose of trade 

recording with purchaser and seller 

trade details compared by the SRO or 

QSR prior to submitting the information 

to NSCC. NSCC validates and records 

the transaction and reports the details 

back to the SRO, QSR, and member, as 

appropriate. NSCC also provides a 

Comparison Operation for its members 

whereby the purchasering and selling 

members may submit transactions that 

NSCC validates, compares, and reports 

back to the members. Compared and 

recorded trades are subsequently routed 

to the Continuous Net Settlement 

(‘‘CNS’’) Accounting Operation, the 

Balance Order Accounting Operation, or 

the Foreign Security Accounting 

Operation, as applicable. NSCC makes 

transaction details available to 

members, SROs, and QSRs on either a 

real-time, intra-day, or end-of-day basis. 

As NSCC’s systems for receipt of 

input and generation of output have 

developed, depending upon the 

transaction and the originating entity, 

different reporting formats for both 

input and output may be utilized. There 

is currently no standard common record 

that is utilized by all market places or 

members. 

iii. Regional Interface Operation 

Originally, each participating clearing 

corporation had the opportunity to 

provide its own system for comparison. 

Inter-clearing corporation (‘‘RIO’’) trades 

had to be compared by one of the two 

clearing corporations involved in the 

RIO transaction, and an inter-clearing 

corporation had to be one side to each 

RIO trade. Over time, as organizations 

discontinued providing clearance and 

settlement services for their members 

and as those members ultimately 

became direct NSCC members or 

entered into clearing arrangements with 

other NSCC members, the reporting and 

settlement of trades submitted to NSCC 

changed. 

With the discontinuance of the RIO 

service, NSCC nevertheless continued to 

accept trade input from regional 

exchanges and other marketplaces using 

the RIO formats. The formats used by 

regional exchanges for the submission of 

transaction data to NSCC are generally 

the same as the formats that had been 

used for information processed through 

the interface operation and continue to 

commonly be referred to as ‘‘RIO.’’ 

Consequently, references today to ‘‘RIO’’ 

are not in reference to services 

previously provided under the interface 

service but rather to information 

received by NSCC in connection with 

NSCC’s trade recording and trade 

reporting. 

iv. Proposed Changes 

The proposed rule change will amend 

NSCC’s rules to accommodate the UTC 

application, which will standardize, 

streamline, consolidate, and modernize 

NSCC’s existing legacy trade capture 

applications (specifically, with respect 

to trade recording applications within 

NSCC’s Trade Comparison and 

Recording Operation) to create a more 

efficient and centralized process. The 

UTC application will accept and process 

a common input record from all 

marketplaces and will provide for 

receipt and reporting of data in both 

real-time and intraday-batch 

submissions to and from members and 

SROs. 

UTC will replace all current locked-in 

OTC and listed trade capture 

applications with one central real-time 

validation and reporting process. UTC 

will have the capability to accept or 

reject, validate, process, and send 

contract output to members in real-time. 

Members will only have to support one 

standardized input and output format. 

As further described below, trade data 

will be received from markets in realtime and in batch. NSCC will convert 

the existing input format to the new 

UTC input record format, which will 

enable the UTC to provide members and 

SROs with their trade output in the 

format of their choice (new or old).4

As part of this effort, NSCC will also 

provide for enhancements to its 

Correspondent Clearing Service and 

QSR processing as further described 

below. 

2. Automated Special Representative 

Facility for Special Representatives and 

Qualified Special Representatives 

i. Background 

NSCC’s Correspondent Clearing 

Service is designed to provide an 

automated method by which a member 

acting as a Special Representative may 

move an obligation (a position) that is 

in the process of clearance at NSCC to 

the account of another member (its 

correspondent) on whose behalf the 

original trade was executed.5

ii. Proposed Changes 

(a) Expanding Permitted Use of Service 

Currently, NSCC’s rules provide the 

Correspondent Clearing Service may 

only be used in the following situations: 

(a) To accommodate a member with 


jdjones on DSK8KYBLC1PROD with NOTICES
57320 Federal Register / Vol. 75, No. 181 / Monday, September 20, 2010 / Notices 

6 In addition, the following Rules and Procedures 

will be generally modified to make conforming 

changes: Procedure VII (CNS Accounting 

Operation)—modified to conform an existing rule 

cross reference to a renamed Procedure; Procedure 

X (Execution of Buy-Ins) modified to eliminate 

references to regional accounts; Procedure XIII 

(Definitions), modified to remove a defined and 

now obsolete term ‘‘Qualified Non-Participant;’’ 

Procedure V (Balance Order Accounting Operation); 

Procedure VI (Foreign Security Accounting 

Operation); Addendum A (Fee Schedule)— 

modified to delete obsolete regional/inter-clearing 

corporation references; Addendum J (Statement of 

Policy—Locked-In Data from Service Bureaus)— 

modified to correct a preexisting erroneous 

reference to Section 5 of Rule 7 where it should 

have referenced Section 6 of that Rule; Addendum 

K (Interpretation of the Board of Directors— 

Application of Clearing Fund)- modified to reflect 

specific reference to T Contracts, and Addendum N 

(Interpretation of the Board of Directors—Locked-In 

Data from Qualified Special Representatives)— 

modified to conform an existing rule cross reference 

to renumbered procedure subsection. 

multiple affiliate accounts that wishes 

to move a position resulting from an 

‘‘original trade’’ in the process of 

clearance from one affiliate account to 

another and (b) to accommodate a 

member that relies on its Special 

Representative to execute a trade in a 

market that the member is precluded 

due to membership requirements (e.g., 

membership requirement for access to 

markets) or applicable regulation in 

order to enable the resulting position to 

be moved from the Special 

Representative to that member. 

Since it is not uncommon that 

members utilize the services of other 

broker-dealers to execute trades in 

markets where they are members in 

order to facilitate their trading 

strategies, NSCC proposes to modify its 

rules to provide that the Correspondent 

Clearing Service may be utilized by 

members to accommodate a member 

that relies on its Special Representative 

to execute a trade in any market 

regardless of whether that member 

maintains direct access to that market to 

enable the resulting position to be 

moved from the Special Representative 

to that member. 

(b) Creation of an Automated Special 

Representative Facility 

Historically, members participating in 

the Correspondent Clearing Service and 

those utilizing the services of a QSR for 

the submission of original, locked-in 

trade data have been required to 

complete and remit to NSCC specific 

agreements for each relationship 

established. For example, in 

Correspondent Clearing, one member 

completes documentation (commonly 

referred to as Form 9a—Application for 

Status as a Special Representative) by 

which it applies to NSCC for status as 

a Special Representative to submit 

transactions on behalf of a specified 

member, i.e., the Correspondent. The 

Correspondent must also complete and 

submit to NSCC documentation 

(commonly referred to as a Form 9b— 

Special Representative Consent) by 

which it consents to the establishment 

of that relationship. For QSR 

relationships, members submit Forms 9a 

and Form 9b along with an additional 

form that is specific to the QSR system 

being utilized (commonly referred to as 

an ‘‘Attachment 1’’). NSCC then 

establishes these relationships on its 

internal masterfile. NSCC subsequently 

terminates these relationships at the 

direction of either party. 

To assist members in controlling and 

monitoring their Special Representative 

and Qualified Special Representative 

relationships, NSCC proposes to create 

an automated, online, and secure 

facility by which members themselves 

may establish, monitor, and maintain 

these relationships. Both the Special 

Representative Member and the 

Correspondent Member would have to 

submit matching instructions within the 

facility in order for the relationship to 

be established. Either party could 

submit a single entry to retire the 

relationship. 

Members will be reminded, through 

formatting within the facility, of their 

existing and unchanged obligations 

under NSCC’s rules with respect to 

utilizing these services—namely, that by 

establishing the relationship within the 

facility both members continue to be 

bound by NSCC’s rules, the 

Correspondent is bound by the details of 

all transactions submitted on their 

behalf by the Qualified Special 

Representative (or Special 

Representative as the case may be), and 

any errors or omissions or disputes 

relating to such relationships and 

related transactions must be resolved 

directly between the parties. 

The establishment of relationships 

through the automated facility shall 

meet the written notice requirements for 

such services as otherwise set forth 

within NSCC’s rules and procedures. 

Members will no longer be required to 

submit signed forms to NSCC for these 

processes. 

3. Rule Modifications 

As the UTC functionality will provide 

for processing of a common input or 

output record from or to all 

marketplaces (validating the transaction 

and providing for real-time message 

output to members and SROs), NSCC 

proposes to modify its rules to make 

conforming changes to reflect a single 

procedure or process for the submission 

and reporting of transaction data to and 

from SROs and members. References 

and provisions within the rules that 

pertained to the now obsolete RIO 

Service will be eliminated. In addition, 

NSCC will modify its rules to provide 

for an automated online functionality 

for the establishment and retirement of 

Special Representative and Qualified 

Special Representative relationships. 

Accordingly, NSCC proposes to 

amend the following rules and 

procedures as set forth in Exhibit 5 to 

its filing: Rule 7 (Comparison and Trade 

Recording Operation); Rule 40 

(Interregional Interface Service); 

Procedure II (Trade Comparison and 

Recording Service); Procedure III (Trade 

Recording Service—Interface Clearing 

Procedures); and Procedure IV (Special 

Representative Service).6

4. Implementation Time Frame 

Subject to Commission approval, 

NSCC will implement the above 

changes by January 31, 2011. 

With respect to UTC changes and to 

support the migration period, NSCC will 

provide a conversation process to 

support those markets that are not yet 

ready to submit transaction data in the 

new common input format (i.e., NSCC 

will accept data in the old format and 

convert data into the new UTC format). 

The conversion process will enable 

NSCC to offer members and SROs the 

new output format regardless of whether 

the market has converted to the new 

standard. UTC will continue to support 

all existing interfaces with markets, 

members, and SROs with respect to 

trade input and output. 

To support maximum flexibility in 

allowing firms to migrate to the new 

input and output formats according to 

their own schedules, NSCC will 

continue to support all existing 

interfaces with markets, Member’s, 

SRO’s and regulatory agencies for a 

period of time after UTC is 

implemented. 

NSCC will establish a plan for the 

retirement of all legacy input and output 

formats and by the end of the first 

quarter of 2012 will reassess the status 

of those firms utilizing legacy formats. 

At that time, NSCC will work with any 

members, SROs, and regulatory agencies 

that have not yet converted from legacy 

reporting, thereby affording such firms 

sufficient lead time for migration. 

NSCC states that the proposed rule 

change will provide for additional 

efficiencies to NSCC and its participants 

while maintaining safe and secure 

operation and that the proposed rule 

change facilitates the prompt and 


jdjones on DSK8KYBLC1PROD with NOTICES
Federal Register / Vol. 75, No. 181 / Monday, September 20, 2010 / Notices 57321 

7 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Changes are marked to the rule text that appears 

in the electronic manual of Nasdaq found at 

http://nasdaqomx.cchwallstreet.com. 

accurate clearance and settlement of 

securities. NSCC further states that the 

proposal is consistent with the CPSS/ 

IOSCO Recommendations for Central 

Counterparties (specifically 

Recommendation 12) in that in addition 

to the additional efficiencies noted 

above, the UTC will also provide for 

cost-effectively meeting the 

requirements of NSCC’s members. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

NSCC believes that the proposed rule 

change will not impose any burden on 

competition 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 

NSCC has not solicited or received 

written comments relating to the 

proposed rule change. NSCC will notify 

the Commission of any written 

comments it receives. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 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 or disapprove 

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 may be 

submitted by using the Commission’s 

Internet comment form (http:// 

www.sec.gov/rules/sro.shtml), or send 

an e-mail to rule-comment@sec.gov. 

Please include File No. SR–NSCC– 

2010–09 on the subject line. 

• Paper comments should be sent 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 No. 

SR–NSCC–2010–09. 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 Web site viewing and 

printing 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 NSCC’s principal office and 

NSCC’s Web site (http://www.dtcc.com/ 

legal/rule_filings/nscc/2010.php). 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 No. 

SR–NSCC–2010–09 and should be 

submitted October 12, 2010. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–23372 Filed 9–17–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62908; File No. SR– 

NASDAQ–2010–111] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Establish an 

Optional Depth Data Enterprise 

License Fee 

September 14, 2010. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on 

September 7, 2010, The NASDAQ Stock 

Market LLC (‘‘NASDAQ’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (the 

‘‘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 proposes to establish an 

optional Depth Data Enterprise License 

Fee for external distribution of depth-ofbook data to non-professional users. The 

text of the proposed rule change is 

below. Proposed new language is in 

italics; proposed deletions are in 

brackets.3

* * * * * 

7023. NASDAQ TotalView 

(a) TotalView Entitlement 

The TotalView entitlement allows a 

subscriber to see all individual 

NASDAQ Market Center participant 

orders and quotes displayed in the 

system as well as the aggregate size of 

such orders and quotes at each price 

level in the execution functionality of 

the NASDAQ Market Center, including 

the NQDS feed. 

(1) 

(A) Except as provided in (a)(1)(B) 

and (C), for the TotalView entitlement 

there shall be a $70 monthly charge for 

each controlled device. 

(B) Except as provided in (a)(1)(C), a 

non-professional subscriber, as defined 

in Rule 7011(b), shall pay $14 per 

month for each controlled device. 

(C) As an alternative to (a)(1)(A) and 

(B), a broker-dealer distributor may 

purchase an enterprise license at a rate 

of $25,000 for non-professional 

subscribers or $100,000 per month for 

both professional and non-professional 

subscribers. The enterprise license 

entitles a distributor to provide 

TotalView and OpenView to an 

unlimited number of internal users, 

whether such users receive the data 

directly or through third-party vendors, 

and external users with whom the firm 

has a brokerage relationship. The 

enterprise license shall not apply to 

relevant Level 1 and NQDS fees. 

(D) As an alternative to (a)(1)(A), (B) 

and (C), a market participant may 

purchase an enterprise license at a rate 


jdjones on DSK8KYBLC1PROD with NOTICES