Document ID: SEC-2009-1748-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; NASDAQ OMX BX; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Offer Several Market Data Products
Posted Date: 2009-12-10T05:00Z

[Federal Register: December 10, 2009 (Volume 74, Number 236)]
[Notices]               
[Page 65569-65571]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr10de09-90]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61112; File No. SR-BX-2009-077]

 
Self-Regulatory Organizations; NASDAQ OMX BX; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Offer Several 
Market Data Products

December 4, 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 December 1, 2009, NASDAQ OMX BX (``Exchange'' or ``BX'') 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 Exchange. BX 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 Substance 
of the Proposed Rule Change

    The Exchange proposes to offer several market data products 
substantially similar to market data products previously approved by 
the Commission for The NASDAQ Stock Market LLC (``Nasdaq''). The 
Exchange does not expect that the proposed rule change will have any 
direct effect, or significant indirect effect, on any other Exchange 
rule in effect at the time of this filing. The text of the proposed 
rule

[[Page 65570]]

change is below. Proposed new language is italicized.\4\
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    \4\ Changes are marked to the rules of NASDAQ OMX BX, Inc., 
found at http://nasdaqomxbx.cchwallstreet.com.
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* * * * *

7039. BX Last Sale Data Feeds

    (a) The Exchange shall offer proprietary data feeds containing 
real-time last sale information for trades executed on the Exchange. 
There shall be no fee for BX Last Sale Data Feeds.
    (1) ``BX Last Sale for Nasdaq'' shall contain all transaction 
reports for Nasdaq-listed securities; and
    (2) ``BX Last Sale for NYSE/Amex'' shall contain all such 
transaction reports for NYSE- and Amex-listed securities.
* * * * *

7047. BX BBO Feeds

    (a) The Exchange shall offer proprietary data feeds containing 
real-time market information from the Exchange Market Center. There 
shall be no fee for BX BBO Feeds.
    (1) ``BX BBO for Nasdaq'' shall contain the Exchange's best bid and 
offer for Nasdaq-listed securities;
    (2) ``BX BBO for NYSE'' shall contain the Exchange's best bid and 
offer for NYSE-listed securities; and
    (3) ``BX BBO for Amex'' shall contain the Exchange's best bid and 
offer for Amex-listed securities.
* * * * *

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 Exchange included statements 
concerning the purpose of, and basis for, the proposed rule change. The 
text of these 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
    The Exchange proposes to amend its rules to offer certain market 
data products on the Exchange that have been established by Nasdaq and 
previously approved by the Commission. As discussed below, these market 
data products include the BX Last Sale Data Feeds and the BX BBO Feeds.

BX Last Sale Data Feeds

    The Exchange proposes to offer access to real-time market data to 
data distributors for no fee, enabling those distributors to 
disseminate the data via the internet and television at no cost to 
millions of internet users and television viewers.
    The proposed BX Last Sale market data products are real-time data 
feeds that provide real-time last sale information including execution 
price, volume, and time for executions occurring within the Exchange's 
system. The Exchange believes that this data feed will increase 
transparency and the efficiency of executions by enabling vendors to 
provide additional market data in a cost efficient manner. 
Specifically, the Exchange will create the Exchange Last Sale for 
Nasdaq, as well as the Exchange Last Sale for New York Stock Exchange 
(``NYSE'') and the Exchange Last Sale for Amex data products, that 
provides real-time last sale information including execution price, 
volume, and time for Nasdaq, NYSE- and Amex-securities executions, 
respectively, occurring within the Exchange's system.
    The Exchange proposes to offer the data feed without charge. The 
proposed BX Last Sale products are similar to the NASDAQ Last Sale Data 
Feed offered by Nasdaq.\5\
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    \5\ See Nasdaq Rule 7039.
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BX Best Bid and Offer

    The Exchange is proposing a product that will offer a real time 
data feed of the Exchange's Best Bid and Offer (``BBO''), which will 
provide investors with necessary information about the market for 
Nasdaq and NYSE- and Amex-securities. The Exchange will not charge a 
fee for this product. Quotation information from the Exchange Market 
Center will be available in three forms, BX BBO for Nasdaq, BX BBO for 
NYSE and BX BBO for Amex.
    The Exchange proposes to offer the data feed without charge. The 
proposed BX Last Sale products are similar to the NASDAQ Last Sale Data 
Feed offered by Nasdaq.\6\
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    \6\ See Nasdaq Rule 7039 [sic].
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2. Statutory Basis
    BX believes that the proposed rule change is consistent with the 
provisions of Section 6 of the Act,\7\ in general and with Sections 
6(b)(5) of the Act,\8\ in particular in that it 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 changes 
will advance these goals since use of these data feeds is voluntary and 
they are offered at no cost.
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    \7\ 15 U.S.C. 78f.
    \8\ 15 U.S.C. 78f(b)(5).
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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

    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, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    BX proposes adopting several market data products that are 
substantially similar to market data products established by 
Nasdaq.\11\ BX will provide the data feeds without charge. For the 
foregoing reasons, this rule filing qualifies for immediate 
effectiveness as a ``non-controversial'' rule change under paragraph 
(f)(6) of Rule 19b-4 of the Act.
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    \11\ See Nasdaq Rules 7039 and 7047.
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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 65571]]

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-BX-2009-077 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-BX-2009-077. 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 such 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 publicly available. All 
submissions should refer to File Number SR-BX-2009-077 and should be 
submitted on or before December 31, 2009.
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    \12\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-29421 Filed 12-9-09; 8:45 am]

BILLING CODE 8011-01-P