Document ID: SEC-2006-1111-0001
Agency: sec
Document Type: Notice
Title: Joint Industry Plan: Nasdaq Stock Market LLC
Posted Date: 2006-08-29T04:00Z

[Federal Register: August 29, 2006 (Volume 71, Number 167)]
[Notices]               
[Page 51239-51240]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr29au06-90]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54352, File No. 4-518]

 
Joint Industry Plan; Order Approving Amendment To Add the Nasdaq 
Stock Market LLC as Participant to National Market System Plan 
Establishing Procedures Under Rule 605 of Regulation NMS

August 23, 2006.

I. Introduction

    On April 11, 2006, The Nasdaq Stock Market LLC (``Nasdaq'') 
submitted to the Securities and Exchange Commission (``SEC'' or 
``Commission'') in accordance with Section 11A of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 608 of Regulation NMS,\2\ a 
proposed amendment to the national market system plan establishing 
procedures under Rule 605 of Regulation NMS (``Joint-SRO Plan'' or 
``Plan'').\3\ Under the proposed amendment, Nasdaq would be added as a 
participant to the Joint-SRO Plan. Notice of filing and an order 
granting temporary effectiveness of the proposal through August 25, 
2006 was published in the Federal Register on April 27, 2006.\4\ The 
Commission did not receive any comments on the proposed amendment. This 
order approves the amendment on a permanent basis.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ 17 CFR 242.605. On April 12, 2001, the Commission approved a 
national market system plan for the purpose of establishing 
procedures for market centers to follow in making their monthly 
reports available to the public under Rule 11Ac1-5 under the Act (n/
k/a Rule 605 of Regulation NMS). See Securities Exchange Act Release 
No. 44177 (April 12, 2001), 66 FR 19814 (April 17, 2001).
    \4\ See Securities Exchange Act Release No. 53691 (April 20, 
2006), 71 FR 24875.
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II. Discussion

    The Joint-SRO Plan establishes procedures for market centers to 
follow in making their monthly reports required pursuant to Rule 605 of 
Regulation NMS, available to the public in a uniform, readily 
accessible, and usable electronic format. The current participants to 
the Joint-SRO Plan are the American Stock Exchange LLC, Boston Stock 
Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago 
Stock Exchange, Inc., Cincinnati Stock Exchange, Inc. (n/k/a National 
Stock ExchangeSM), National Association of Securities 
Dealers, Inc., New York Stock Exchange, Inc. (n/k/a New York Stock 
Exchange LLC), Pacific Exchange, Inc. (n/k/a NYSE Arca, Inc.), and 
Philadelphia Stock Exchange, Inc. The proposed amendment would add 
Nasdaq as a participant to the Joint-SRO Plan.
    Section III(b) of the Joint-SRO Plan provides that a national 
securities exchange or national securities association may become a 
party to the Plan by: (i) executing a copy of the Plan, as then in 
effect (with the only changes being the addition of the new 
participant's name in Section II(a) of the Plan and the new 
participant's single-digit code in Section VI(a)(1) of the Plan) and 
(ii) submitting such executed plan to the Commission for approval. 
Nasdaq submitted a signed copy of the Joint-SRO Plan to the Commission 
in accordance with the procedures set forth in the Plan regarding new 
participants.
    The Commission finds that the amendment to the Joint-SRO Plan is 
consistent with the requirements of the Act and the rules and 
regulations thereunder. Specifically, the Commission finds that the 
proposed amendment is consistent with the requirements of Section 11A 
of the Act,\5\ and Rule 608 of Regulation NMS.\6\ The Plan established 
appropriate procedures for market centers to follow in making their 
monthly reports required pursuant to Rule 605 of Regulation NMS 
available to the public in a uniform, readily accessible, and usable 
electronic format. The amendment to include Nasdaq as a participant in 
the Joint-SRO Plan should contribute to the maintenance of fair and 
orderly markets and remove impediments to and perfect the mechanisms of 
a national market system

[[Page 51240]]

by facilitating the uniform public disclosure of order execution 
information by all market centers. The Commission believes that it is 
necessary and appropriate in the public interest, for the maintenance 
of fair and orderly markets, to remove impediments to, and perfect 
mechanisms of, a national market system to allow Nasdaq to become a 
participant in the Joint-SRO Plan. The Commission finds, therefore, 
that approving the amendment to the Joint-SRO Plan is appropriate and 
consistent with Section 11A of the Act.\7\
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    \5\ 15 U.S.C. 78k-1.
    \6\ 17 CFR 242.608.
    \7\ 15 U.S.C. 78k-1.
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III. Conclusion

    It is therefore ordered, pursuant to Section 11A(a)(3)(B) of the 
Act \8\ and Rule 608 of Regulation NMS,\9\ that the amendment to the 
Joint-SRO Plan to add Nasdaq as a participant is approved and Nasdaq is 
authorized to act jointly with the other participants to the Joint-SRO 
Plan in planning, developing, operating, or regulating the Plan as a 
means of facilitating a national market system.
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    \8\ 15 U.S.C. 78k-1(a)(3)(B).
    \9\ 17 CFR 242.608.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(29).
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Nancy M. Morris,
Secretary.
 [FR Doc. E6-14309 Filed 8-28-06; 8:45 am]

BILLING CODE 8010-01-P