Document ID: SEC-2006-0552-0001
Agency: sec
Document Type: Notice
Title: Joint industry plan: Nasdaq Stock Market LLC
Posted Date: 2006-04-27T04:00Z

[Federal Register: April 27, 2006 (Volume 71, Number 81)]
[Notices]               
[Page 24875-24876]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27ap06-80]                         

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53691, File No. 4-518]

 
Joint Industry Plan; Notice of Filing and Order Granting 
Temporary Effectiveness of Amendment To Plan Establishing Procedures 
Under Rule 605 of Regulation NMS

April 20, 2006.
    Pursuant to section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Act'') \1\ and Rule 608 of Regulation NMS,\2\ notice is hereby 
given that on April 11, 2006, The Nasdaq Stock Market LLC (``Nasdaq'') 
submitted to the Securities and Exchange Commission (``SEC'' or 
``Commission'') an amendment to the national market system plan that 
establishes procedures under Rule 605 of Regulation NMS (``Joint-SRO 
Plan'' or ``Plan'').\3\ The amendment proposes to add Nasdaq as a 
participant to the Joint-SRO Plan. The Commission is publishing this 
notice and order to solicit comments from interested persons on the 
proposed Joint-SRO Plan amendment, and to grant temporary effectiveness 
to the proposed amendment through August 25, 2006.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1(a)(3).
    \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).
---------------------------------------------------------------------------

I. Description and Purpose of the Amendment

    The current participants to the Joint-SRO Plan are the American 
Stock Exchange LLC, Boston Stock Exchange, Inc., Chicago Board Options 
Exchange, Inc., 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.
    Nasdaq has 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. 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 11(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.

II. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed 
Joint-SRO Plan amendment 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/nms.shtml.
); or     Send an e-mail to rule-comments@sec.gov. Please include 

File Number 4-518 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.
    All submissions should refer to File Number 4-518. 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/nms.shtml
). Copies of the submission, all subsequent amendments, all 

written

[[Page 24876]]

statements with respect to the proposed Joint-SRO Plan amendment that 
are filed with the Commission, and all written communications relating 
to the proposed Joint-SRO Plan amendment 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. 
Copies of the filing also will be available for inspection and copying 
at the principal office of 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 4-518 and should be submitted on or before May 30, 2006.

III. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Plan Amendment

    The Commission finds that the proposed Joint-SRO Plan amendment is 
consistent with the requirements of the Act and the rules and 
regulations thereunder.\4\ Specifically, the Commission believes that 
the proposed amendment, which permits Nasdaq to become a participant to 
the Joint-SRO Plan, is consistent with the requirements of Section 11A 
of the Act, and Rule 608 of Regulation NMS. The Plan establishes 
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 proposed amendment to include Nasdaq as a 
participant in the Joint-SRO Plan will contribute to the maintenance of 
fair and orderly markets and remove impediments to and perfect the 
mechanisms of a national market system by facilitating the uniform 
public disclosure of order execution information by all market centers.
---------------------------------------------------------------------------

    \4\ In approving this proposed Joint-SRO Plan amendment, the 
Commission has considered the proposal's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    The Commission finds good cause to grant temporary effectiveness to 
the proposed Joint-SRO Plan amendment, for 120 days, until August 25, 
2006. 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. 
Nasdaq represents that it hopes to commence operations as a national 
securities exchange during the second quarter of 2006, and it must join 
the Plan as a condition of exchange registration. In addition, as a 
Plan participant, Nasdaq would have timely information on the Plan 
procedures as they are formulated and modified by the participants. The 
Commission finds, therefore, that granting temporary effectiveness of 
the proposed Joint-SRO Plan amendment is appropriate and consistent 
with section 11A of the Act.\5\
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78k-1.
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to section 11A of the Act \6\ and 
Rule 608 of Regulation NMS,\7\ that the proposed Joint-SRO Plan 
amendment is approved for 120 days, through August 25, 2006.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78k-1.
    \7\ 17 CFR 242.608.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(29).
---------------------------------------------------------------------------

J. Lynn Taylor,
Assistant Secretary.
 [FR Doc. E6-6319 Filed 4-26-06; 8:45 am]

BILLING CODE 8010-01-P