Document ID: SEC-2007-0357-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: NASDAQ Stock Market LLC
Posted Date: 2007-03-09T05:00Z

[Federal Register: March 9, 2007 (Volume 72, Number 46)]
[Notices]               
[Page 10797]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09mr07-136]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55388; File No. SR-NASDAQ-2006-067]

 
Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order 
Granting Approval of Proposed Rule Change To Retroactively Reduce Fees 
for Nasdaq's Risk Management Service

March 2, 2007.
    On December 29, 2006, The NASDAQ Stock Market LLC (``Nasdaq'') 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'')\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to 
make retroactive to November 1, 2006, certain reductions in fees 
charged for the Nasdaq Risk Management Service (``Service''). In SR-
NASDAQ-2006-066,\3\ Nasdaq reduced the per trade fee for the Service to 
$0.025, and capped the per month total Service fee per clearing firm at 
$7,500. The instant proposed rule change would make those same fee and 
cap reductions retroactive to November 1, 2006. Nasdaq believes that 
these fee reductions will ensure that Nasdaq's charges for risk 
management services remain competitive with those of providers of 
similar services. The proposed rule change was published for notice and 
comment in the Federal Register on January 26, 2007.\4\ The Commission 
received no comments on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 55131 (January 19, 
2007), 72 FR 3891 (January 26, 2007) (SR-NASDAQ-2006-066).
    \4\ See Securities Exchange Act Release No. 55130 (January 19, 
2007), 72 FR 3892.
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    The Commission has reviewed carefully the proposed rule change and 
finds that the proposed rule change is consistent with the requirements 
of the Act and the rules and regulations thereunder applicable to a 
national securities exchange \5\ and, in particular, the requirements 
of Section 6(b)(4) of the Act,\6\ which requires, among other things, 
that Nasdaq's rules provide for the equitable allocation of reasonable 
dues, fees and other charges among members and issuers and other 
persons using any facility or system which Nasdaq operates or controls, 
and that it not unfairly discriminate between customers, issuers, 
brokers or dealers. The Commission believes that the proposed rule 
change is consistent with these statutory standards. The Commission 
believes that reduction of the fee and cap for the Service retroactive 
to November 1, 2006 will enhance competition among providers of similar 
services.
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    \5\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b)(4).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act\7\, that the proposed rule change (SR-NASDAQ-2006-067) be, and it 
hereby is, approved.
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    \7\ 15 U.S.C. 78s(b)(2).

For the Commission, by the Division of Market Regulation, pursuant 
to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-4187 Filed 3-8-07; 8:45 am]

BILLING CODE 8010-01-P