Federal Register / Vol. 74, No. 135 / Thursday, July 16, 2009 / Notices 34613 

8 17 CFR 240.19b–4(f)(6). 9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any 

unsolicited written comments from 

members or other interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

This proposed rule change does not 

significantly affect the protection of 

investors or the public interest, does not 

impose any significant burden on 

competition, and, by its terms, does not 

become operative for 30 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. The 

Exchange provided the Commission 

with 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 

the proposed rule change as required by 

Rule 19b–4(f)(6).8 For the foregoing 

reasons, the Exchange believes the 

proposed rule filing qualifies for 

expedited approval as a ‘‘noncontroversial’’ rule change under 

paragraph (f)(6) of Rule 19b–4 of the 

Act. 

The Exchange believes the proposed 

rule change is non-controversial in that 

it will allow the Exchange to adopt an 

industry-recognized value to determine 

the closing settlement value for FX 

Options traded on the Exchange. The 

Exchange also believes that the 

proposed rule change does not raise any 

new, unique or substantive issues, and 

is beneficial for competitive purposes 

and to promote a free and open market 

for the benefit of investors. 

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–ISE–2009–48 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–ISE–2009–48. 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–ISE– 

2009–48 and should be submitted on or 

before August 6, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–16854 Filed 7–15–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60265; File No. SR– 

NASDAQ–2009–058] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing of Proposed Rule Change To 

Modify Port Fees 

July 8, 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 June 24, 

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 from 

interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

NASDAQ proposes to modify fees 

charged to members and non-members 

for ports used to enter orders into 

NASDAQ systems. The text of the 

proposed rule change is available from 

the principal office of NASDAQ and 

from the Commission, and is also 

available at http:// 

www.cchwallstreet.com/nasdaq. 

NASDAQ will implement the proposed 

rule change on the first day of the 

month immediately following 

Commission approval (or on the date of 

approval, if on the first business day of 

a 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. 


erowe on DSK5CLS3C1PROD with NOTICES
34614 Federal Register / Vol. 74, No. 135 / Thursday, July 16, 2009 / Notices 

3 15 U.S.C. 78f. 

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

5Securities Exchange Act Release No. 59039 

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

2008) (SR–NYSEArca–2006–21). 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

NASDAQ is proposing to increase the 

monthly fee that it charges for ports 

used to enter orders in NASDAQ trading 

systems such as the NASDAQ Market 

Center and the NASDAQ Options 

Market. The change, which increases 

the charge from $400 to $500 per month, 

applies to ports using FIX, RASH, and 

OUCH. The change does not affect ports 

used to receive market data, to enter 

quotes, or to enter trade reports into the 

FINRA/NASDAQ Trade Reporting 

Facility. The change applies both to 

members that obtain ports for direct 

access, and non-member service bureaus 

that act as a conduit for orders entered 

by NASDAQ members that are their 

customers. 

NASDAQ has not made any 

significant changes to the fees that it 

charges for access to its market facilities 

since it began to operate as a national 

securities exchange in 2006. During that 

period, however, the market has 

undergone dramatic changes, including 

the implementation of Regulation NMS, 

the entry of several significant new 

trading venues, extreme market 

volatility resulting from the credit crisis 

in the late 2008, and a marked increase 

in the percentage of orders being 

executed away from transparent public 

markets. Accordingly, NASDAQ 

believes that an increase in access 

services fees is now warranted to help 

ensure that its market technology 

continues to perform at a high level of 

responsiveness and efficiency. 

NASDAQ is also modifying the 

language of Rule 7015 to make it clear 

that access service fees apply to access 

provided to all NASDAQ-operated 

systems, to replace references to NASD 

with references to FINRA, and remove 

obsolete language regarding a trial 

discount that ended in 2007. Finally, 

NASDAQ is removing language 

regarding the applicability of the rule to 

members and non-members. Because 

the current rule has been previously 

approved for applicability to members 

and non-members, and because this 

filing likewise applies to both members 

and non-members, the existing language 

is unnecessary and potentially 

confusing to the reader. 

2. Statutory Basis 

NASDAQ believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,3 in 

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

Act,4 as stated above [sic], in that it 

provides an equitable allocation of 

reasonable dues, fees, and other charges 

among its members and other persons 

using the [sic] its facilities. NASDAQ 

believes that its modified access 

services fees are reasonable in light of 

the benefits to members of direct market 

access, and are equitably allocated 

among members based upon the number 

of access ports that they require to 

submit orders to the market. NASDAQ 

believes that its fees for access services 

will enable it to cover its costs and earn 

an appropriate return on its investment 

in market technology and services. 

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. 

Fees for market access are a component 

of the overall fees charged by NASDAQ 

to execute and route orders through the 

NASDAQ Market Center. As the 

Commission has recognized, the market 

for execution and routing services is 

extremely competitive.5 Market 

participants that choose not to connect 

directly to NASDAQ can readily access 

liquidity available on NASDAQ by 

directing their order flow to other 

venues that, under Regulation NMS, 

must route to NASDAQ if it has posted 

the best price. Accordingly, NASDAQ 

must set its fees, including access 

services fees, at a level that will not 

deter market participants from 

connecting to NASDAQ: Otherwise, 

potential users of NASDAQ’s services 

will simply direct order flow to 

NASDAQ’s multiple competitors. 

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–2009–058 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–2009–058. 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 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–2009–058 and 


erowe on DSK5CLS3C1PROD with NOTICES
Federal Register / Vol. 74, No. 135 / Thursday, July 16, 2009 / Notices 34615 

6 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4Amendment No. 1 made a technical correction 

to the proposed changes to the NYSE Fee Schedule. 

5See Securities Exchange Act Release No. 59229 

(January 12, 2009) 74 FR 3119 (January 16, 2009) 

(SR–NYSE–2009–01). 

6See Securities Exchange Act Release No. 59491 

(March 3, 2009) 74 FR 10107 (March 9, 2009) (SR– 

NYSE–2009–20). 

7See Securities Exchange Act Release No. 59864 

(May 5, 2009) 74 FR 22194 (May 12, 2009) (SR– 

NYSE–2009–44). 

8 15 U.S.C. 78a. 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(2). 

should be submitted on or before 

August 6, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–16856 Filed 7–15–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60278; File No. SR–NYSE– 

2009–67] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change as Modified by 

Amendment No. 1 Thereto Extending a 

Temporary Equity Transaction Fee for 

Shares Executed on the NYSE 

MatchPointSM System 

July 10, 2009. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on July 6, 

2009, New York Stock Exchange LLC 

(‘‘NYSE’’ or ‘‘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 self-regulatory organization. On 

July 8, 2009, the Exchange filed 

Amendment No. 1 to the proposed rule 

change.4 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 Exchange proposes to extend a 

temporary equity transaction fee for 

shares executed on the NYSE 

MatchPointSM (‘‘NYSE MatchPoint’’ or 

‘‘MatchPoint’’) system, effective upon 

filing through July 31, 2009. The 

Exchange will charge each member 

organization using the MatchPoint 

system a per share fee scaled to the 

average daily volume of shares it 

executes on the MatchPoint system. The 

text of the proposed rule change is 

available at the Exchange, the 

Commission’s Public Reference Room, 

and http://www.nyse.com. 

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 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On January 7, 2009, the Exchange 

filed with the Securities and Exchange 

Commission (the ‘‘Commission’’) a 

proposed rule change to adopt a 

temporary equity transaction fee for 

shares executed on the NYSE 

MatchPointSM system, effective until 

February 28, 2009 (the ‘‘January 

filing’’).5 On February 26, 2009, the 

Exchange filed with the Commission a 

proposed rule change to extend this 

temporary equity transaction fee until 

April 30, 2009 (the ‘‘March filing’’).6 On 

April 29, 2009, the Exchange filed with 

the Commission a proposed rule change 

to further extend this temporary equity 

to transaction fee until June 30, 2009 

(the ‘‘April filing’’).7 Through this filing, 

the Exchange proposes to extend this 

equity transaction fee to be effective 

upon filing through July 31, 2009. 

Prior to the January filing, the equity 

transaction fee was $.0015 per share 

executed on the MatchPoint system. In 

the January filing, the Exchange 

proposed to adopt a scaled fee for 

MatchPoint users based on the average 

daily volume of shares executed during 

a calendar month through the 

MatchPoint system as follows: 

Average daily volume of 

shares executed 

Rate 

(per share) 

50,000 shares or less ........... $.0015 

Over 50,000 to 499,999 ....... .0010 

500,000 and greater ............. .0005 

The March and April filings proposed 

to continue this fee schedule. 

The Exchange believes that the 

extension of the fee schedule through 

July 31, 2009 will continue to reward 

those who have been using the 

MatchPoint system for share execution, 

and will provide a continued incentive 

for new participants in MatchPoint. 

2. Statutory Basis 

The basis under the Securities 

Exchange Act of 1934 (the ‘‘Act’’) 8 for 

the proposed rule change is the 

requirement under Section 6(b)(4) that 

an exchange have rules that 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 

fees are reasonable in that they carry 

forward a reduction in fees that the 

January filing established and that the 

March and April filings extended, and 

are equitable in that they are available 

to all members who access the 

MatchPoint system. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

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 

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 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 9 of the Act and 

subparagraph (f)(2) of Rule 19b–4 10

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

NYSE. 

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. 


erowe on DSK5CLS3C1PROD with NOTICES