Document ID: SEC-2009-0354-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes:  NASDAQ Stock Market LLC
Posted Date: 2009-03-17T04:00Z

[Federal Register: March 17, 2009 (Volume 74, Number 50)]
[Notices]               
[Page 11387-11389]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr17mr09-69]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59549; File No. SR-NASDAQ-2009-021]

 
Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the NASDAQ Stock Market LLC 
Regarding a Clerical Change to Nasdaq Rules

March 10, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on March 4, 2009, The NASDAQ Stock Market LLC (``Nasdaq'') filed 
with the Securities and Exchange Commission (the ``Commission'') the 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared by Nasdaq. Nasdaq proposes to

[[Page 11388]]

make a clerical correction to the Nasdaq rulebook under Rule 19b-
4(f)(3) 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)(3).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Nasdaq proposes to make clerical corrections to Nasdaq Rule 7050. 
Nasdaq proposes to implement the proposed rule change immediately.
    The text of the proposed rule change is available on Nasdaq's Web 
site (http://www.complinet.com/nasdaq), at Nasdaq's principal office, 
and at the Commission's Public Reference Room.
    The text of the proposed rule change is below. Proposed new 
language is underlined; proposed deletions are in [brackets].\4\
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    \4\ Changes are marked to the rules of The NASDAQ Stock Market 
LLC as set forth in SR-NASDAQ-2009-008. The proposed changes will be 
reflected in the NASDAQ Online manual found at http://
nasdaq.complinet.com.
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* * * * *

7050. NASDAQ Options Market

    The following charges shall apply to the use of the order execution 
and routing services of the NASDAQ Options Market [by members] for all 
securities [that it trades].
    (1) Fees for Execution of Contracts on the NASDAQ Options Market

Except as specified below, the charge to     $0.45 per executed
 member entering order that executes in the   contract.
 NASDAQ Options Market.
For a pilot period ending July 31, 2009,     $0.45 per executed
 charge for members or non-members entering   contract.
 order via the Options Intermarket Linkage
 that executes in the Nasdaq Options Market.
Charge to members entering orders in         No fee.
 options on QQQQ, SPY, DIA, IWM, AAPL BAC,
 C, GS, JPM, RIMM, XLE, XLF, and XOM with
 an account type ``Customer'' that executes
 and remove liquidity entered by another
 member.
Credit to member providing liquidity         $0.30 per executed
 through the NASDAQ Options Market.           contract.
Credit to member providing liquidity using   $0.35 per executed
 price-improving orders through the NASDAQ    contract.
 Options Market.

    (2)-(4) No change.
* * * * *

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

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Nasdaq proposes to make clerical corrections to Nasdaq Rule 7050. 
Nasdaq proposes to modify the prefatory language of Rule 7050 to 
eliminate the phrases ``by members'' and ``that it trades'' to reflect 
the fact that Rule 7050 contains fees applicable to non-members and to 
options that Nasdaq routes but does not trade. These changes had 
previously been proposed by Nasdaq, but were not reflected in 
subsequent Nasdaq filings.\5\
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    \5\ See Exchange Act Release No. 58298, 73 FR 46695 (Aug. 11, 
2008) (SR-NASDAQ-2008-055); Exchange Act Release No. 58081, 73 FR 
39755 (July 10, 2008) (SR-NASDAQ-2008-058).
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2. Statutory Basis
    Nasdaq believes that the proposed rule change is consistent with 
the provisions of Section 6 of the Act,\6\ in general, and with Section 
6(b)(5) of the Act,\7\ 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 
makes a minor clerical change to an existing Nasdaq rule.
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    \6\ 15 U.S.C. 78f.
    \7\ 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, as amended.

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

    Pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(3) 
thereunder,\9\ Nasdaq has designated this proposal as one that is 
concerned solely with the administration of the self-regulatory 
organization. Accordingly, Nasdaq believes that its proposal should 
become immediately effective.
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(3).
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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, 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

[[Page 11389]]

Number SR-NASDAQ-2009-021 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-2009-021. 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-
NASDAQ-2009-021 and should be submitted on or before April 7, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\3\
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    \3\17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-5715 Filed 3-16-09; 8:45 am]

BILLING CODE 8011-01-P