Federal Register / Vol. 74, No. 90 / Tuesday, May 12, 2009 / Notices 22197 

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

2 17 CFR 240.19b–4. 

3Changes are marked to the rules of The 

NASDAQ Stock Market LLC found at http:// 

nasdaqomx.cchwallstreet.com. The Commission 

notes that deletions are in brackets. 

4Subscribers to the Trade Reporting File Upload 

service must identify the unreported trades and 

provide a list of such trades in comma separated 

value format, also known as ‘‘CSV’’. 

5 15 U.S.C. 78f. 

6 15 U.S.C. 78f(b)(4). 

7 15 U.S.C. 78f(b)(5). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59871; File No. SR– 

NASDAQ–2009–045] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Establish 

the Trade Reporting File Upload 

Service and Related Fees 

May 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 May 1, 

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. 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 establish a new 

service and related fees for use by 

Nasdaq Members. The new Trade 

Reporting File Upload service will 

enable subscribers to upload multiple 

trades in one file for submission to ACT 

via the NASDAQ Workstation or 

Weblink ACT 2.0. 

The text of the proposed rule change 

is below. Proposed new language is in 

italics.3

* * * * * 

7033. [Reserved] Trade Reporting File 

Upload 

The Trade Reporting File Upload 

service allows subscribing members to 

upload multiple trade reports in batches 

to the Automated Confirmation 

Transaction (ACT) service via the 

Nasdaq Workstation or WeblinkACT 

2.0. 

The Trade Reporting File Upload 

service is available to members for a fee 

of $25 per user, per month. 

* * * * * 

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 proposes to establish a new 

add-on service to the Nasdaq 

Workstation and Weblink ACT 2.0, and 

establish related fees. Nasdaq’s Trade 

Reporting File Upload service is a new 

tool that gives firms the ability to 

upload multiple trades in one file for 

submission to ACT via the NASDAQ 

Workstation or Weblink ACT 2.0. 

Member firms typically use internal 

systems that report trades automatically. 

When member firms encounter 

connectivity issues or other problems 

that prevent their automated systems 

from reporting trades, all unreported 

trades must be submitted to avoid a 

violation of the trade reporting rules 

once the problem is resolved. Member 

firm automated trade reporting systems 

are not designed to enter such 

unreported trades, and as a 

consequence, member firms must 

manually enter the unreported trades to 

ACT via the NASDAQ Workstation or 

Weblink ACT 2.0. The manual entry of 

unreported trades can be a very 

laborious and time-consuming process, 

depending on the number of trades that 

were not reported through the member 

firm’s automated system. Member firms 

requested that Nasdaq develop an 

automated process for submitting these 

trades, and in response Nasdaq has 

developed the Trade Reporting File 

Upload service. 

The Trade Reporting File Upload 

service allows member firms to upload 

unreported trade data into a single file 

of up to 500 trades through the Nasdaq 

Workstation or Weblink ACT 2.0.4 Once 

submitted, the trades are reviewed by 

the service for data entry errors. Each 

trade within the file that is accepted by 

the system will receive a discrete ACT 

control number for tracking purposes. 

Trades that are rejected are marked as 

‘‘error’’ so that users can edit the 

information and resubmit each rejected 

trade. Rejected trades do not result in 

the rejection of the entire file. 

The Trade Reporting File Upload 

service can only be accessed using a 

Nasdaq Workstation or Weblink ACT 

2.0 user account. Member firms 

subscribing to the Trade Reporting File 

Upload service are charged a monthly 

fee per user, which provides access to 

the service for each Nasdaq Workstation 

and Weblink ACT 2.0 user account 

selected for subscription to the Trade 

Reporting File Upload service. Nasdaq 

proposes to offer the Trade Reporting 

File Upload service to each subscriber 

for a subscription fee of $25 per user, 

per month. Use of the Trade Reporting 

File Upload service is voluntary and the 

subscription fee will be imposed on all 

purchasers equally based on the number 

of users selected. The proposed fee will 

be applied to offset the costs associated 

with establishing the service, 

responding to customer requests, 

configuring Nasdaq’s systems, 

programming to user specifications, and 

administering the service, among other 

things. To the extent that costs are 

covered by the proposed fee, the 

proposed fee may also provide Nasdaq 

with a profit. 

2. Statutory Basis 

Nasdaq believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,5 in 

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

in particular, because 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 that the Nasdaq 

operates or controls, and it does not 

unfairly discriminate between 

customers, issuers, brokers or dealers. 

As noted, use of the Trade Reporting 

File Upload service is voluntary and the 

subscription fees will be imposed on all 

purchasers equally based on the number 

of users. The proposed fee will be 

allocated to cover the costs associated 

with establishing the service, 

responding to customer requests, 

configuring Nasdaq’s systems, 

programming to user specifications, and 

administering the service, among other 

things, and may provide Nasdaq with a 

profit to the extent costs are covered. 

Nasdaq also believes that the 

proposed rule change is consistent with 

the provisions of Section 6(b)(5) of the 

Act 7 because it is designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 


rwilkins on PROD1PC63 with NOTICES
22198 Federal Register / Vol. 74, No. 90 / Tuesday, May 12, 2009 / Notices 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(6). 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

and coordination with persons engaged 

in facilitating transactions in securities, 

and to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system. The Trade Reporting File 

Upload service will assist subscribing 

member firms to quickly upload 

reportable trades after recovering from a 

failure of their internal automated 

reporting system. As a result, member 

firms will be able to avoid a reporting 

violation that may otherwise result from 

using the time consuming manual entry 

process. 

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 

Pursuant to Section 19(b)(3)(A) of the 

Act 8 and Rule 19b–4(f)(6) thereunder,9

Nasdaq has designated this proposal as 

one that effects a change 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) by its terms, does 

not become operative for thirty 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. Nasdaq has provided the 

Commission written notice of its intent 

to file the proposed rule change, along 

with a brief description and text of the 

proposed rule change, at least five 

business days prior to the date of filing 

of the proposed rule change. Nasdaq 

believes that the filing may 

appropriately be designated for filing 

under Rule 19b-4(f)(6) because the filing 

provides a useful enhancement to an 

existing facility of Nasdaq that is 

designed to assist members in 

complying with reporting obligations 

and avoiding rule violations, and 

establishes a reasonable fee for such 

enhancement. 

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–2009–045 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NASDAQ–2009–045. 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 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–2009–045 and should be 

submitted on or before June 2, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–10998 Filed 5–11–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59865; File No. SR–BX– 

2009–022] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to the 

Volume Discount Given to Market 

Makers 

May 5, 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 April 30, 

2009, NASDAQ OMX BX, Inc. (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 

The purpose of the proposed rule 

change is to amend the Fee Schedule of 

the Boston Options Exchange Group, 

LLC (‘‘BOX’’) relating to the volume 

discount (‘‘Volume Discount’’) given to 

Market Makers. The text of the proposed 

rule change is available from the 

principal office of the Exchange, at the 

Commission’s Public Reference Room 

and also on the Exchange’s Internet Web 

site at http:// 

nasdaqomxbx.cchwallstreet.com/ 

NASDAQOMXBX/Filings/. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization 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 those statements may be examined at 


rwilkins on PROD1PC63 with NOTICES