Federal Register / Vol. 74, No. 99 / Tuesday, May 26, 2009 / Notices 24889 

6See SR–CBOE–2009–027. 

7The ITP program was approved by the 

Commission on July 17, 2008. See Securities 

Exchange Act Release No. 58178 (July 17, 2008), 73 

FR 42634 (July 22, 2008). 

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

9 15 U.S.C. 78f(b)(4). 

10 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. 59712 

(April 6, 2009), 74 FR 17273. 

4See Securities Exchange Act Release No. 59582 

(March 16, 2009) 74 FR 12423 (March 24, 2009) 

(SR–NASDAQ–2008–102) (‘‘Pilot Approval Order’’). 

previous rule change that was filed by 

the Exchange for immediate 

effectiveness.6 The Exchange now 

proposes to rebate dues to any lessor 

member who received such a payment 

from the Exchange during the period 

August 1, 2008,7 through April 30, 2009. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with Section 

6(b) of the Securities Exchange Act of 

1934 (‘‘Act’’),8 in general, and furthers 

the objectives of Section 6(b)(4) 9 of the 

Act in particular, in that it is designed 

to provide for the equitable allocation of 

reasonable dues, fees, and other charges 

among its members and other persons 

using its facilities. The Exchange 

believes the proposed rebate of member 

dues is equitable and reasonable in that 

it would help the Exchange place a 

lessor member who received 

compensation from the Exchange for an 

open lease under the ITP program prior 

to May 1, 2009, in a similar position as 

if the lessor’s membership had been 

leased, consistent with Exchange Rule 

3.27(d). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE does not believe that the 

proposed rule change will impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

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–CBOE–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–CBOE–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, 100 F Street, NE., Washington, 

DC 20549, on official business days 

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

Copies of the filing will also be available 

for inspection and copying at the 

principal office of the self-regulatory 

organization. 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– 

2009–028 and should be submitted on 

or before June 16, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–12090 Filed 5–22–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 59933; File No. SR–NASDAQ– 

2009–028] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Order 

Approving Proposed Rule Change to 

Reduce Fees for NASDAQ Basic Data 

Feeds 

May 15, 2009. 

I. Introduction 

On March 27, 2009, The NASDAQ 

Stock Market LLC (‘‘NASDAQ’’ 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 

reduce the fees for NASDAQ Basic, a 

real time data feed combining both 

NASDAQ’s Best Bid and Offer 

(‘‘QBBO’’) and the NASDAQ Last Sale. 

The proposed rule change was 

published for comment in the Federal 

Register on April 14, 2009.3 The 

Commission received no comment 

letters on the proposal. This order 

approves the proposed rule change. 

II. Description of the Proposal 

NASDAQ Basic is a ‘‘Level 1’’ data 

product containing quotation 

information from the NASDAQ Market 

Center and last sale data from the 

NASDAQ Market Center. NASDAQ 

Basic was approved on March 16, 2009,4

as a pilot program and includes fees for 

usage and distribution of the data. 

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. 

24890 Federal Register / Vol. 74, No. 99 / Tuesday, May 26, 2009 / Notices 

5 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

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

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

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

9 17 CFR 242.603(a). 

10NASDAQ is an exclusive processor of 

NASDAQ Basic under Section 3(a)(22)(B) of the 

Act, 15 U.S.C. 78c(a)(22)(B), which defines an 

exclusive processor as, among other things, an 

exchange that distributes information with respect 

to quotations or transactions on an exclusive basis 

on its own behalf. 

11See Securities Exchange Act Release No. 59039 

(December 2, 2008), 73 FR 74770 (December 9, 

2008) (SR–NYSEArca–2006–21) (‘‘NYSE Arca 

Order’’). In the NYSE Arca Order, the Commission 

describes the competitive factors that apply to noncore market data products. The Commission hereby 

incorporates by reference the data and analysis from 

the NYSE Arca Order into this order. 

12See Pilot Approval Order, supra note 4. 

13 15 U.S.C. 78s(b)(2). 

14 17 CFR 200.30–3(a)(12). 

NASDAQ assesses a monthly fee for 

distributors of NASDAQ Basic in 

addition to applicable monthly per user 

fees. Currently, each Distributor of 

NASDAQ Basic for NASDAQ-listed 

stocks currently pays a monthly fee of 

$1,500 for either internal or external 

distribution, each Distributor of 

NASDAQ Basic for NYSE-listed stocks 

pays a monthly fee of $250 for internal 

distribution or $625 for external 

distribution, and each Distributor of 

NASDAQ Basic for Alternext-listed 

stocks pays a monthly fee of $250 for 

internal distribution or $625 for external 

distribution. In addition, each 

Distributor that receives Direct Access 

to the NASDAQ Basic pays a monthly 

fee of $2,000 for NASDAQ-listed stocks, 

$1,000 for NYSE-listed stocks, and 

$1,000 for Alternext-listed stocks. 

NASDAQ proposes to reduce the 

distribution fees for NASDAQ Basic. 

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. For 

example, 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. 

III. Discussion and Commission 

Findings 

The Commission finds that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to a national securities 

exchange.5 In particular, it is consistent 

with Section 6(b)(4) of the Act,6 which 

requires that the rules of a national 

securities exchange provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

members and issuers and other parties 

using its facilities, and Section 6(b)(5) of 

the Act,7 which requires, among other 

things, that the rules of a national 

securities exchange be designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system and, in general, to protect 

investors and the public interest, and 

not be designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Commission also finds that the 

proposed rule change is consistent with 

the provisions of Section 6(b)(8) of the 

Act,8 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. Finally, the 

Commission finds that the proposed 

rule change is consistent with Rule 

603(a) of Regulation NMS,9 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.10

This proposal would reduce the 

distribution fees for NASDAQ Basic by 

charging a single monthly Distributor 

Fee of $1,500 for all three NASDAQ 

Basic feeds, eliminating the fee for 

Direct Access to NASDAQ Basic, and 

providing a credit to each Distributor of 

NASDAQ Basic up to $1,500 per month 

based upon that Distributor’s monthly 

usage fees. The Commission has 

reviewed the proposal using the 

approach set forth in the NYSE Arca 

Order for non-core market data fees.11

The Commission recently found that 

NASDAQ was subject to competitive 

forces in setting fees for NASAQ Basic 

in the Pilot Approval Order.12 There are 

a variety of alternative sources of 

information that impose significant 

competitive pressures on NASDAQ in 

setting the terms for distributing 

NASDAQ Basic. The Commission 

believes that the availability of those 

alternatives, as well as NASDAQ’s 

compelling need to attract order flow, 

imposed significant competitive 

pressure on NASDAQ to act equitably, 

fairly, and reasonably in setting the 

terms of its proposal. 

Because NASDAQ was subject to 

significant competitive forces in setting 

the terms of the proposal, the 

Commission will approve the proposal 

in the absence of a substantial 

countervailing basis to find that its 

terms nevertheless fail to meet an 

applicable requirement of the Act or the 

rules thereunder. An analysis of the 

proposal does not provide such a basis. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,13 that the 

proposed rule change (SR–NASDAQ– 

2009–028), be, and it hereby is, 

approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–12143 Filed 5–22–09; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF STATE 

[Public Notice: 6632] 

Title: 60-Day Notice of Proposed 

Information Collection: Form DS–3097, 

Exchange Visitor Program Annual 

Report, and OMB Control Number 

1405–0151 

ACTION: Notice of request for public 

comments. 

SUMMARY: The Department of State is 

seeking Office of Management and 

Budget (OMB) approval for the 

information collection described below. 

The purpose of this notice is to allow 60 

days for public comment in the Federal 

Register preceding submission to OMB. 

We are conducting this process in 

accordance with the Paperwork 

Reduction Act of 1995. 

• Title of Information Collection: 

Exchange Visitor Program Annual 

Report. 

• OMB Control Number: 1405–0151. 

• Type of Request: Revision of a 

Currently Approved Collection. 

• Originating Office: Bureau of 

Educational and Cultural Affairs, Office 

of Private Sector Exchange, ECA/EC. 

• Form Number: Form DS–3097. 

• Respondents: Designated J–1 

program sponsors. 

• Estimated Number of Respondents: 

1,460. 

• Estimated Number of Responses: 

1,460 annually.