Document ID: SEC-2007-1324-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: NASDAQ Stock Market LLC
Posted Date: 2007-09-26T04:00Z

[Federal Register: September 26, 2007 (Volume 72, Number 186)]
[Notices]               
[Page 54705]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26se07-124]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56477; File No. SR-NASDAQ-2007-056]

 
Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order 
Granting Approval of Proposed Rule Change and Amendment No. 2 Thereto, 
To Retroactively Modify Pricing for Nasdaq Members Using the Nasdaq 
Market Center

September 20, 2007.
    On June 1, 2007, The NASDAQ Stock Market LLC (``Nasdaq'') 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 make 
retroactive to February 12, 2007, certain modifications to Nasdaq's fee 
schedule to address transition issues arising from its commencing 
operations as a national securities exchange. On July 27, 2007, Nasdaq 
filed Amendment No. 1. On August 6, 2007, Nasdaq withdrew Amendment No. 
1 and filed Amendment No. 2, which replaced the text of the original 
filing in its entirety. The proposed rule change was published for 
notice and comment in the Federal Register on August 15, 2007.\3\ The 
Commission received no comments on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 56228 (August 8, 
2007), 72 FR 45848.
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    The Commission has carefully reviewed the proposed rule change and 
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 \4\ and, in particular, the requirements 
of Section 6(b)(4) of the Act,\5\ which requires that Nasdaq's rules 
provide for the equitable allocation of reasonable dues, fees and other 
charges among its members and issuers and other persons using its 
facilities. With respect to Rule 7013, the Commission believes it is 
appropriate to eliminate Tape A revenue sharing for Nasdaq members 
trading non-Nasdaq securities because this change restores the status 
quo with respect to Tape A revenue sharing that existed prior to 
Nasdaq's transition to exchange operation on February 12, 2007. With 
respect to Rule 7014, the Commission believes that it is appropriate to 
delete the rule in its entirety because Nasdaq began trading all 
securities, including non-Nasdaq securities, on a single trading 
platform on February 12, 2007; thus, a pricing distinction for trading 
non-Nasdaq securities is not appropriate. The Commission also believes 
that the remainder of Rule 7014 can be eliminated because the rule 
references obsolete practices or is duplicative of other Nasdaq rules.
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    \4\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f(b)(4).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\6\ that the proposed rule change (SR-NASDAQ-2007-056) be, and it 
hereby is, approved.
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-18956 Filed 9-25-07; 8:45 am]

BILLING CODE 8010-01-P