Document ID: SEC-2008-0986-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NASDAQ Stock Market LLC
Posted Date: 2008-07-16T04:00Z

[Federal Register: July 16, 2008 (Volume 73, Number 137)]
[Notices]               
[Page 40898-40902]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16jy08-111]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58135; File No. SR-NASDAQ-2008-061]

 
Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Regarding Routing to Affiliated Exchanges

July 10, 2008.
    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 July 9, 2008, The NASDAQ Stock Market LLC (``NASDAQ''), filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as described in Items I and II below, which Items have been 
substantially 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    NASDAQ proposes to modify NASDAQ Rule 4751 and Chapter VI, Section 
11 of the Rules of the NASDAQ Options Market (``NOM'') to limit the 
routing of certain orders to exchanges affiliated with NASDAQ. NASDAQ 
proposes to implement the rule change at the time of the closings of 
proposed acquisitions of the Philadelphia Stock Exchange, Inc. 
(``PHLX'') and Boston Stock Exchange, Incorporated (``BSE'').
    The text of the proposed rule change is below. Proposed new 
language is italicized.\4\
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    \4\ Changes are marked to the rule text that appears in the 
electronic Nasdaq Manual found at http://nasdaq.complinet.com.

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[[Page 40899]]

NASDAQ Rules
Equity Rules
* * * * *
4751. Definitions
* * * * *
    (a)-(e) No change.
    (f) The term ``Order Type'' shall mean the unique processing 
prescribed for designated orders that are eligible for entry into the 
System, and shall include:
    (1)-(8) No change.
    (9) ``Directed Orders'' are orders that are directed to an exchange 
other than Nasdaq as directed by the entering party without checking 
the Nasdaq book. If unexecuted, the order (or unexecuted portion 
thereof) shall be returned to the entering party. This option may only 
be used for orders with time-in-force parameters of IOC.
    Directed Orders may be designated as intermarket sweep orders by 
the entering party to execute against the full displayed size of any 
protected bid or offer (as defined in Rule 600(b) of Regulation NMS 
under the Act). A broker-dealer that designates an order as an 
intermarket sweep order has the responsibility of complying with Rules 
610 and 611 of Regulation NMS.
    Directed Orders may not be directed to a facility of an exchange 
that is an affiliate of Nasdaq.
    (g)-(i) No change.
* * * * *
Options Rules
* * * * *
Chapter VI Trading System
* * * * *
Sec. 11 Order Routing
    (a) For System securities, the order routing process shall be 
available to Participants from 9:30 a.m. Eastern Time until market 
close, and shall route orders as follows. Participants can designate 
orders as either available for routing or not available for routing. 
Orders designated as not available for routing shall follow the book 
processing rules set forth in Section 10 above. Orders designated as 
available for routing will first check the System for available 
contracts for execution. After checking the System for available 
contracts, orders are sent to other available market centers for 
potential execution, per entering firm's instructions. When checking 
the book, the System will seek to execute at the price at which it 
would send the order to a destination market center. If contracts 
remain un-executed after routing, they are posted on the book. Once on 
the book, should the order subsequently be locked or crossed by another 
market center, the System will not route the order to the locking or 
crossing market center. With the exception of the Minimum Quantity 
order type, all time-in-force parameters and order types may be used in 
conjunction with this routing option.
    (b) For Non-System securities, the order routing process shall be 
available to Participants from 9:30 a.m. Eastern Time until market 
close and shall route orders based on the participant's instructions. 
Notwithstanding the foregoing, the order routing process will not be 
available to route Non-System Securities to a facility of an exchange 
that is an affiliate of Nasdaq.
    (c)-(d) No change.
    (e) NOM shall route orders in options via Nasdaq Options Services 
LLC, a broker-dealer that is a member of an unaffiliated SRO which is 
the designated examining authority for the broker-dealer. Nasdaq 
Options Services LLC serves as the Routing Facility of NOM. The sole 
function of the Routing Facility will be to route orders in options 
listed and open for trading on NOM to away markets pursuant to NOM 
rules solely on behalf of NOM. The Routing Facility is subject to 
regulation as a facility of Nasdaq, including the requirement to file 
proposed rule changes under Section 19 of the Act.
    Nasdaq Options Services LLC also routes orders in options that are 
not listed and actually trading on NOM. When routing orders in options 
that are not listed and open for trading on NOM, Nasdaq Options 
Services is not a facility of NOM and is not regulated as a facility of 
Nasdaq but as a broker-dealer regulated by its designated examining 
authority.
    Use of Nasdaq Options Services LLC to route orders to other market 
centers is optional. Parties that do not desire to use Nasdaq Options 
Services LLC must designate orders as not available for routing.
    NOM shall establish and maintain procedures and internal controls 
reasonably designed to adequately restrict the flow of confidential and 
proprietary information between the Exchange and its facilities 
(including the Routing Facility), and any other entity.
    The books, records, premises, officers, directors, agents, and 
employees of the Routing Facility, as a facility of the Exchange, shall 
be deemed to be the books, records, premises, officers, directors, 
agents, and employees of the Exchange for purposes of and subject to 
oversight pursuant to the Exchange Act. The books and records of the 
Routing Facility, as a facility of the Exchange, shall be subject at 
all times to inspection and copying by the Exchange and the Commission.

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
    On October 2, 2007, The Nasdaq Stock Market, Inc. (which was 
recently renamed The NASDAQ OMX Group, Inc. (``NASDAQ OMX'')) announced 
that it had entered into an agreement with BSE pursuant to which NASDAQ 
OMX will acquire all of the outstanding membership interests in BSE, 
and BSE will be merged with and into Yellow Merger Corporation, a 
Delaware corporation and wholly owned subsidiary of NASDAQ OMX, with 
BSE surviving the merger (the ``BSE Merger''). As a result of the BSE 
Merger, BSE will become a Delaware stock corporation, with 100% of its 
outstanding stock owned by NASDAQ OMX.
    On November 7, 2007, The Nasdaq Stock Market, Inc. announced that 
it had entered into an agreement with PHLX pursuant to which NASDAQ OMX 
will acquire all of the outstanding capital stock of PHLX, and PHLX 
will be merged with and into Pinnacle Merger Corp., a Delaware 
corporation and wholly owned subsidiary of NASDAQ OMX, with PHLX 
surviving the merger (the ``PHLX Merger,'' and together with the BSE 
Merger, the ``Mergers''). NASDAQ OMX will operate BSE and PHLX as 
wholly owned subsidiaries, with rules, membership rosters, and listings 
that are separate and distinct from the rules, membership rosters, and 
listings of NASDAQ.
    Nasdaq Execution Services, LLC (``NES'') and NASDAQ Options 
Services, LLC (``NOS''), which are both subsidiaries of NASDAQ, are 
registered broker-dealers and members of BSE and PHLX. In their filings 
related to the

[[Page 40900]]

Mergers, both BSE and PHLX proposed to adopt rules requiring Commission 
approval of any affiliations between themselves and their members.\5\ 
As a result of the Mergers, NES and NOS will become affiliates of BSE 
and PHLX. Accordingly, in their filings, both BSE and PHLX requested 
Commission approval of such affiliations, subject to the following 
conditions:
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    \5\ Securities Exchange Act Release No. 57757 (May 1, 2008), 73 
FR 26159 (May 8, 2008) (SR-BSE-2008-23) (``BSE Governance Proposal 
Notice''); Securities Exchange Act Release No. 57703 (April 23, 
2008), 73 FR 23293 (April 29, 2008) (SR-PHLX-2008-31) (``PHLX 
Acquisition Proposal Notice'').
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     With respect to NES: NES remains a facility of NASDAQ; use 
of NES's routing function by NASDAQ members continues to be optional; 
and NES does not provide routing of directed orders to BSE, PHLX or any 
trading facilities thereof, unless such orders first attempt to access 
any liquidity on the NASDAQ book.
     With respect to NOS: NOS remains a facility of NASDAQ; use 
of NOS's Routing Facility function by NASDAQ members continues to be 
optional; and NOS does not provide routing of orders in options that 
are not listed and open for trading on the NASDAQ Option Market 
(``NOM'') to BSE, PHLX, or any trading facilities thereof.

In this filing, NASDAQ is proposing modifications to its rules to fully 
implement these conditions.
    The acquisition of the entities that are now NES and NOS by The 
Nasdaq Stock Market, Inc. (now NASDAQ OMX) was approved by the 
Commission in 2004 and 2005.\6\ The rules under which NES currently 
routes orders to other market centers were approved by the Commission 
in 2006 and were subsequently amended on several occasions.\7\
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    \6\ See Securities Exchange Act Release Nos. 50311 (September 3, 
2004), 69 FR 54818 (September 10, 2004) (Order Granting Application 
for a Temporary Conditional Exemption Pursuant To Section 36(a) of 
the Exchange Act by the National Association of Securities Dealers, 
Inc. Relating to the Acquisition of an ECN by The Nasdaq Stock 
Market, Inc.) and 52902 (December 7, 2005), 70 FR 73810 (December 
13, 2005) (SR-NASD-2005-128) (Order Approving a Proposed Rule Change 
To Establish Rules Governing the Operation of the INET System).
    \7\ See Securities Exchange Act Release Nos. 56867 (November 29, 
2007), 72 FR 69263 (December 7, 2007) (SR-NASDAQ-2007-065); 56708 
(October 26, 2007), 72 FR 61925 (November 1, 2007) (SR-NASDAQ-2007-
078); 55335 (February 23, 2007), 72 FR 9369 (March 1, 2007) (SR-
NASDAQ-2007-005); 54613 (October 17, 2006), 71 FR 62325 (October 24, 
2006) (SR-NASDAQ 2006-043); 54271 (August 3, 2006), 71 FR 45876 
(August 10, 2006) (SR-NASDAQ-2006-027); and 54155 (July 14, 2006), 
71 FR 41291 (July 20, 2006) (SR-NASDAQ-2006-001).
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    Notably, NASDAQ Rule 4758(a) describes various order routing 
strategies that a NASDAQ market participant may employ. All of the 
routing strategies that allow routing to BSE or PHLX stipulate that 
routing occurs ``after checking the System [i.e., the NASDAQ book] for 
available shares.'' \8\ NASDAQ Rule 4758(b) further describes the 
parameters for operation of NES as follows: (1) All routing of equities 
by NASDAQ is performed by NES, which, in turn, routes orders to other 
market centers as directed by the NASDAQ; (2) NES will not engage in 
any business other than: (a) As a outbound router for NASDAQ and (b) 
any other activities it may engage in as approved by the Commission; 
(3) NES will operate as a facility, as defined in Section 3(a)(2) of 
the Act, of NASDAQ; (4) for purposes of Rule 17d-1 under the Act, the 
designated examining authority of NES will be a self-regulatory 
organization unaffiliated with NASDAQ or any of its affiliates; (5) 
NASDAQ shall be responsible for filing with the Commission rule changes 
related to the operation of, and fees for services provided by, NES, 
and NES shall be subject to exchange non-discrimination requirements; 
(6) the books, records, premises, officers, agents, directors and 
employees of NES, as a facility of NASDAQ, shall be deemed to be the 
books, records, premises, officers, agents, directors and employees of 
NASDAQ for purposes of, and subject to oversight pursuant to, the Act, 
and the books and records of NES, as a facility of the NASDAQ, shall be 
subject at all times to inspection and copying by the Commission; and 
(7) use of NES is optional.
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    \8\ The ``DOT'' routing strategy allows market participants to 
instruct whether or not a particular order should check the book 
prior to routing, but is available for routing solely to the New 
York Stock Exchange and the American Stock Exchange.
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    In addition to the order routing strategies described in Rule 4758, 
Rules 4751 and 4755 provide for routing of ``directed orders'' to 
automated market centers other than NASDAQ on an ``immediate-or-
cancel'' basis.\9\ Such directed orders may be designated as 
intermarket sweep orders (``ISOs''),\10\ which may be executed by the 
receiving venue based on the representation of the market participant 
that it has routed to all superior protected quotations, or not so 
designated, in which case the orders will execute only if their 
execution would not result in a trade-through. Under existing rules, 
directed orders are the only types of orders that could be routed by 
NES to BSE or PHLX without checking the NASDAQ book prior to routing. 
As described above, Rule 4758 already establishes all the restrictions 
stipulated in the BSE Filing and the PHLX Filing with respect to 
NASDAQ's order routing strategies. In order to implement the 
restrictions with respect to ``Directed Orders,'' as defined in NASDAQ 
Rule 4751, NASDAQ is amending that rule to provide that Directed Orders 
may not be directed to a facility of an exchange that is an affiliate 
of NASDAQ.
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    \9\ Separately, Rule 4758 provides for routing of orders with a 
time-in-force other than immediate-or-cancel, but only to the New 
York Stock Exchange or the American Stock Exchange.
    \10\ Rule 600(b)(30) under Regulation NMS recognizes the 
regulatory purpose of an ISO and defines it as follows: 
``Intermarket sweep order'' means a limit order for an NMS stock 
that meets the following requirements: (i) When routed to a trading 
center, the limit order is identified as an intermarket sweep order; 
and (ii) Simultaneously with the routing of the limit order 
identified as an intermarket sweep order, one or more additional 
limit orders, as necessary, are routed to execute against the full 
displayed size of any protected bid, in the case of a limit order to 
sell, or the full displayed size of any protected offer, in the case 
of a limit order to buy, for the NMS stock with a price that is 
superior to the limit price of the limit order identified as an 
intermarket sweep order. These additional routed orders also must be 
marked as intermarket sweep orders.''
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    NOS serves as the outbound router for the NOM, which commenced 
operations on March 31, 2008. Under NOM Rule Chapter VI, Section 11: 
(1) NOM routes orders in options via NOS, which serves as the sole 
``Routing Facility'' of NOM; (2) the sole function of the Routing 
Facility is to route orders in options listed and open for trading on 
NOM to away markets pursuant to NOM rules, solely on behalf of NOM; (3) 
NOS is a member of an unaffiliated SRO which is the designated 
examining authority for the broker-dealer; (4) the Routing Facility is 
subject to regulation as a facility of NASDAQ, including the 
requirement to file proposed rule changes under Section 19 of the Act; 
(5) NOM must establish and maintain procedures and internal controls 
reasonably designed to adequately restrict the flow of confidential and 
proprietary information between NASDAQ and its facilities (including 
the Routing Facility), and any other entity; and (6) the books, 
records, premises, officers, directors, agents, and employees of the 
Routing Facility, as a facility of NASDAQ, shall be deemed to be the 
books, records, premises, officers, directors, agents, and employees of 
NASDAQ for purposes of and subject to oversight pursuant to the Act, 
and the books and records of the Routing Facility, as a facility of 
NASDAQ, shall be subject at all times to inspection and copying by 
NASDAQ and the Commission.
    Unlike NES, NOS does not have a ``directed order'' for options that 
are trading on NOM; rather, all routable orders for options that are 
trading on

[[Page 40901]]

NOM check the NOM book prior to routing. However, NOS also routes 
orders in options that are not trading on NOM (referred to in the NOM 
Rules as ``Non-System Securities''). When routing orders in options 
that are not listed and open for trading on NOM, NOS is not regulated 
as a facility of NASDAQ but rather as a broker-dealer regulated by its 
designated examining authority. However, as provided by Chapter IV, 
Section 5 of the NOM Rules, all orders routed by NOS under these 
circumstances are routed to away markets that are at the best price, 
and solely on an immediate-or-cancel basis.
    NASDAQ is amending Chapter VI, Section 11 of the NOM Rules to 
provide that NOM's order routing process will not be available to route 
Non-System Securities to a facility of an exchange that is an affiliate 
of NASDAQ. In addition, although Chapter VI, Section 11 currently 
states that NOM participants can designate orders as either available 
for routing or not available for routing, NASDAQ is further amending 
this rule to explicitly state that use of NOS to route orders to other 
market centers is optional, and that parties that do not desire to use 
NOS must designate orders as not available for routing.
2. Statutory Basis
    NASDAQ believes that the proposed rule change is consistent with 
the provisions of Section 6 of the Act,\11\ in general, and with 
Section 6(b)(5) of the Act,\12\ in particular, in that the proposal is 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in regulating, clearing, 
settling, processing information with respect to, and facilitating 
transactions in securities, 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. The proposed 
rule change will provide that routing from NASDAQ to BSE or PHLX 
through NES and NOS will occur solely in circumstances where routed 
orders access liquidity available on the NASDAQ book prior to routing.
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    \11\ 15 U.S.C. 78f.
    \12\ 15 U.S.C. 78f(b)(5).
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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.

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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate if consistent with 
the protection of investors and the public interest, the proposed rule 
change has become effective pursuant to Section 19(b)(3)(A) of the Act 
\13\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\14\ As required 
under Rule 19b-4(f)(6)(iii),\15\ NASDAQ 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, prior to 
the date of filing of the proposed rule change.
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 17 CFR 240.19b-4(f)(6)(iii).
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    A proposed rule change filed under Rule 19b-4(f)(6) normally may 
not become operative for 30 days after the date of filing. However, 
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter 
time if such action is consistent with the protection of investors and 
the public interest. NASDAQ has requested that the Commission waive the 
30-day operative delay because the proposed rule change will implement 
changes designed to provide that routing from NASDAQ to BSE or PHLX 
through NES and NOS will occur solely in circumstances where routed 
orders access liquidity available on the NASDAQ book prior to routing, 
which limits are designed to lessen potential conflicts of interest 
that may be associated with routing to affiliated exchanges. The 
acquisitions of PHLX and BSE are expected to close imminently, and 
therefore waiving the 30-day preoperative period would allow NASDAQ to 
implement these changes at the time of such closings.
    The Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest. 
The Commission notes that the proposed rule change will limit the 
routing of orders from NASDAQ to PHLX and BSE,\16\ which will be 
affiliates of NASDAQ following the Mergers, by NES and NOS, which are 
members of NES and NOS and affiliates of NASDAQ and will be affiliates 
of PHLX and BSE following the Mergers, to the routing of orders that 
first attempt to access liquidity on the NASDAQ book. The Commission 
has in the past expressed its concern about the potential for unfair 
competition and conflicts of interest between an exchange's self-
regulatory obligations and its commercial interests that could exist if 
an exchange were to otherwise become affiliated with one of its 
members, as well as the potential for unfair competitive advantage that 
the affiliated member could have by virtue of informational or 
operational advantages, or the ability to receive preferential 
treatment.\17\ As noted above, NASDAQ represents that the proposed 
restrictions are designed to lessen potential conflicts of interest 
that may be associated with routing to affiliated exchanges. The 
Commission also notes that public comment was previously solicited with 
respect to the proposed restrictions in the context of rule proposals 
filed by PHLX and BSE relating to the Mergers.\18\ No comments were 
received on those filings. Further, the Commission notes that NASDAQ 
represents that it will only implement the proposed rule change at the 
time of the closings of the proposed acquisitions of PHLX and BSE, 
respectively. For these reasons, the Commission designates that the 
proposed rule change become operative immediately.\19\
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    \16\ The Commission notes that BSE's equities market is not 
currently operational. See BSE Governance Proposal Notice, supra 
note 5, 73 FR at 26166.
    \17\ See Securities Exchange Act Release No. 53382 (February 27, 
2006), 71 FR 11251 (March 6, 2006) (SR-NYSE-2005-77) (order 
approving the New York Stock Exchange, Inc.'s merger with 
Archipelago Holdings, Inc.). See also Securities Exchange Act 
Release No. 54170 (July 18, 2006), 71 FR 42149 (July 25, 2006) 
(order approving NASDAQ's proposal to adopt NASDAQ Rule 2140, 
restricting affiliations between NASDAQ and its members).
    \18\ See BSE Governance Proposal Notice and PHLX Acquisition 
Proposal Notice, supra note 5.
    \19\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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,

[[Page 40902]]

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 rule-comments@sec.gov. Please include 
File Number SR-NASDAQ-2008-061 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2008-061. 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 the 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-2008-061 and should be submitted on or before 
August 6, 2008.

    For the Commission, by the Division of Trading & Markets, 
pursuant to delegated authority.\20\
Florence E. Harmon,
Acting Secretary.
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    \20\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E8-16233 Filed 7-15-08; 8:45 am]

BILLING CODE 8010-01-P