Federal Register / Vol. 75, No. 25 / Monday, February 8, 2010 / Notices 6245 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 34–61460 

(February 1, 2010) (SR–NASDAQ–2010–018). 

4 15 U.S.C. 78f. 

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

All submissions should refer to File 

Number SR–CBOE–2010–005. 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 such 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–CBOE–2010–005 and 

should be submitted on or before 

February 23, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–2632 Filed 2–5–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61467; File No. SR– 

NASDAQ–2010–020] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify Fees 

for Members Using the NASDAQ 

Market Center 

February 2, 2010. 

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 February 

1, 2010, 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 proposes to modify pricing 

for NASDAQ members using the 

NASDAQ Market Center. NASDAQ will 

implement the proposed change on 

February 1, 2010. The text of the 

proposed rule change is available at 

http://nasdaqomx.cchwallstreet.com/, at 

NASDAQ’s principal office, and at the 

Commission’s Public Reference Room. 

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 

NASDAQ is introducing pricing for its 

SAVE routing strategy, which was 

recently filed on an immediately 

effective basis in SR–NASDAQ–2010– 

018.3 In the SAVE strategy, at the option 

of the entering party, orders either route 

to NASDAQ OMX BX (‘‘BX’’), check the 

NASDAQ book, and then route to other 

destinations on the routing table for 

SAVE, or check the NASDAQ book first 

and then route to routing table 

destinations, which may include BX. 

For orders pursuing this routing 

approach, NASDAQ will pass through 

all fees assessed and rebates offered by 

BX, charge $0.0010 per share executed 

for orders that execute at the New York 

Stock Exchange (‘‘NYSE’’), and charge 

$0.0026 per share executed for orders 

that execute in other away venues. 

Orders that execute in the NASDAQ 

Market Center will be charged the 

normal NASDAQ execution charges. 

NASDAQ is also amending its fee 

schedule to reflect recent modifications 

to Rule 4758, which governs order 

routing. NASDAQ amended that rule to 

describe various routing options with 

greater specificity than had previously 

been provided by the rule. Whereas the 

NASDAQ fee schedule contained in 

Rule 7018 had previously contained 

descriptive references to the routing 

parameters of particular routing options, 

the schedule is now being amended to 

refer to specific order routing options by 

the same name used in Rule 4758, such 

as SCAN, DOT, or TFTY. NASDAQ 

believes that this change will increase 

the clarity of both its routing rule and 

its fee schedule. The amended fee 

schedule also clarifies that TFTY, 

MOPP, SAVE, and directed orders are 

not counted for purposes of determining 

a member’s shares of liquidity routed 

under provisions that base certain 

discounts on the number of shares of 

liquidity routed, removed and/or 

provided. 

NASDAQ is also removing several 

unnecessary provisions from Rule 7018. 

Specifically, NASDAQ is deleting 

references to (i) orders in NASDAQlisted securities that execute at BX prior 

to routing to NYSE or NYSE Amex, 

since neither venue trades NASDAQlisted securities, and (ii) ‘‘other orders’’ 

that execute at BX without attempting to 

execute at NASDAQ, since all possible 

execution parameters for orders that 

execute at BX without checking the 

NASDAQ book are covered by other fee 

provisions. 

2. Statutory Basis 

NASDAQ believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,4 in 

general, and with Section 6(b)(4) of the 

Act,5 in particular, in that it provides for 

the equitable allocation of reasonable 

dues, fees and other charges among 

members and issuers and other persons 

using any facility or system which 

NASDAQ operates or controls. 

NASDAQ is introducing fees for the 

new SAVE routing option, under which 

members pay a low fee to route to the 

NYSE and other destinations to 

encourage members to make greater use 

of NASDAQ’s routing services. The 

changes will result in a reduction of fees 

paid by members that make use of 

SAVE, as compared with currently 

WReier-Aviles on DSKGBLS3C1PROD with NOTICES

6246 Federal Register / Vol. 75, No. 25 / Monday, February 8, 2010 / Notices 

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

7 17 CFR 240.19b–4(f)(2). 

8The text of the proposed rule change is available 

on the Commission’s Web site at http:// 

www.sec.gov/rules/sro.shtml. 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

available routing options offered by 

NASDAQ. 

NASDAQ notes that it operates in a 

highly competitive market in which 

market participants can readily direct 

order flow to competing venues if they 

deem fee levels at a particular venue to 

be excessive. NASDAQ believes that the 

change will further enhance the 

competitiveness of its fees in 

comparison with those charged by other 

venues, and that its fees are reasonable 

and equitably allocated to members on 

the basis of whether they opt to direct 

orders to NASDAQ. 

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. 

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 6 and 

subparagraph (f)(2) of Rule 19b–4 

thereunder.7 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–NASDAQ–2010–020 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–2010–020. 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,8 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–2010–020 and 

should be submitted on or before March 

1, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–2631 Filed 2–5–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61451; File No. SR– 

NASDAQ–2010–012] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change Describing 

the NASDAQ Ouch BBO Feed 

February 1, 2010. 

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 January 

22, 2010, 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 and II below, which Items have 

been prepared by Nasdaq. Nasdaq has 

designated the proposed rule change as 

constituting a rule change under Rule 

19b–4(f)(6) under the Act,3 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 Substance of 

the Proposed Rule Change 

Nasdaq submits this proposal 

regarding the availability of the 

NASDAQ Ouch BBO Feed, a data feed 

that represents Nasdaq’s internal view 

of the best bid and offer among all 

market centers other than Nasdaq (the 

‘‘BBO’’), which is provided at no cost. 

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. 

WReier-Aviles on DSKGBLS3C1PROD with NOTICES