[Federal Register Volume 74, Number 80 (Tuesday, April 28, 2009)]
[Notices]
[Pages 19247-19248]
[FR Doc No: E9-9555]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59795; File No. SR-NASDAQ-2006-064]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order
Approving Proposed Rule Change as Modified by Amendments No. 2 and 3
Thereto To Modify the Fee for Connecting to a Nasdaq Data Center Over
the Internet

April 20, 2009.
    On December 22, 2006, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') 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 modify the fee for connecting to a Nasdaq data
center over the Internet. On January 19, 2007, Nasdaq filed Amendment
No. 1 to the proposed rule change. On February 22, 2007, Nasdaq filed
Amendment No. 2 to the proposed rule change.\3\ The proposed rule
change, as amended, was published for comment in the Federal Register
on March 21, 2007.\4\ On April 6, 2009, Nasdaq filed Amendment No. 3 to
the proposed rule change.\5\ The Commission received no comment letters
on the proposal. This order approves the proposed rule change as
modified by Amendments No. 2 and 3.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 2 replaced and superseded the original filing
and Amendment No. 1 in their entirety.
    \4\ See Securities Exchange Act Release No. 55457 (March 13,
2007), 72 FR 13328 (``Notice'').
    \5\ In Amendment No. 3, Nasdaq made certain technical changes to
the filing to reflect changes to the Nasdaq rules since filing
Amendment No. 2. In addition, Nasdaq clarified that the only market
data product currently delivered via Internet ports is its TotalView
ITCH data product. This technical amendment did not require notice
and comment, as it did not affect the substance of the rule filing.
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    Nasdaq proposes to increase its fees for Internet ports that
deliver market data. Following the consolidation of Nasdaq's three
order books and corresponding matching engines--INET, Brut, and
SuperMontage--into a single book (``SingleBook'') within the Nasdaq
Market Center (``NMC''), Nasdaq users retained the ability to connect
with the NMC using the legacy access protocols of all three systems.
Access to the NMC via secure Internet connectivity is one of several
options available to INET protocol users for entering orders and
receiving market data. Other NMC connectivity options include extranet
connectivity, where a user contracts directly with a third-party
extranet provider, and private line connectivity, where a user leases a
circuit directly from a third-party provider.
    Currently, Nasdaq charges INET protocol users an additional $200
(in addition to the established charges for port pairs) for each port
used to connect to a Nasdaq data center over the Internet because
making such ports available requires Nasdaq to procure and maintain
appropriate telecommunications circuits connecting its data centers to
the points-of-presence of an Internet service provider. By contrast, in
the case of extranet and private circuit connections, Nasdaq is not
responsible for the outside telecommunications circuits.
    In the Notice, Nasdaq stated that since the introduction of
SingleBook, the volume of market data delivered from Nasdaq to
subscribers increased from a peak of approximately 5Mbs at the end of
October of 2006 to a peak of approximately 25Mbs as of the date of
filing of the proposal. Nasdaq stated that in order to continue to
adequately support Internet market data connections, Nasdaq expanded
its available Internet bandwidth. In light of the expanded Internet
bandwidth requirements, Nasdaq proposes to increase its Internet port
fee from $200 to $600 per Internet port that is used to deliver market
data. The additional Internet port fee with respect to Internet ports
used for order entry will remain at the current $200 level.
    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 \6\ and, in particular, Section 6(b)(4) of
the Act,\7\ 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. The Commission also finds
that the proposed rule change is consistent with Section 6(b)(5) of the
Act,\8\ which requires, among other things, that Nasdaq's rules are not
designed to unfairly discriminate between customers, issuers, brokers
or dealers.
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    \6\ 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).
    \7\ 15 U.S.C. 78f(b)(4).
    \8\ 15 U.S.C. 78f(b)(5).
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    Nasdaq proposes to increase its Internet port fee from $200 to $600
per Internet port that is used to deliver non-core market data. The
proposed fee will apply equally to all market participants that use an
Internet port to receive market data from Nasdaq.
    The Commission believes that the proposal meets the criteria,
formulated by the Commission \9\ in connection with the petition filed
by NetCoalition,\10\ for approval of proposed rule changes concerning
the distribution of non-core market data.\11\ In its order issued in
connection with the NetCoalition petition, the Commission stated that
``reliance on competitive forces is the most appropriate and effective
means to assess whether the terms for the distribution of non-core data
are equitable, fair and reasonable, and not unreasonably
discriminatory.''\12\ As such, the ``existence of significant
competition provides a substantial basis for finding that the terms of
an exchange's fee proposal are equitable, fair, reasonable, and not
unreasonably or unfairly discriminatory.''\13\ If an exchange ``was
subject to significant competitive forces in setting the terms of a
proposal,'' the proposal will be approved unless the Commission
determines that ``there is a substantial countervailing basis to find
that the

terms nevertheless fail to meet an applicable requirement of the
Exchange Act or the rules thereunder.''\14\
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    \9\ See Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770 (December 9, 2008) (SR-NYSEArca-2006-21).
    \10\ See Securities Exchange Act Release No. 55011 (December 27,
2006) (order granting petition for review of SR-NYSEArca-2006-21).
    \11\ The Commission's order distinguishes between core market
data, which is defined as ``the best-priced quotations and last sale
information of all markets in U.S.-listed equities that Commission
rules require to be consolidated and distributed to the public by a
single central processor,'' and non-core market data. See 73 FR at
74771.
    \12\ Id. at 74781.
    \13\ Id. at 74781-82.
    \14\ Id. at 74781. In approving NYSEArca-2006-21, the Commission
found that the proposed rule change was consistent with Section
6(b)(4) of the Act, 15 U.S.C. 78f(b)(4). See 73 FR at 74779. The
Commission also found that the proposal was consistent with Section
6(b)(5) of the Act, 15 U.S.C. 78f(b)(5), Section 6(b)(8) of the Act,
15 U.S.C. 78f(b)(8), and Rule 603(a) of Regulation NMS, 17 CFR
242.603(a). See 73 FR at 74779. The Commission noted that the
presence of competitive forces guided its analysis under both
Section 6 of the Act and Rule 603 of Regulation NMS. Id.
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    In its order approving NYSEArca-2006-21, the Commission also stated
that the terms of a proposed rule change to distribute market data for
which the exchange is the exclusive processor must provide for an
equitable allocation of fees under Section 6(b)(4) of the Act,\15\ not
be designed to permit unfair discrimination under Section 6(b)(5) of
the Act,\16\ be fair and reasonable under Rule 603(a)(1),\17\ and not
be unreasonably discriminatory under Rule 603(a)(2).\18\ If the
proposal involves non-core market data, an analysis of competitive
forces may be used, and that analysis will apply to findings under
Section 6 of the Act, and to findings under Rule 603.\19\
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    \15\ 15 U.S.C. 78f(b)(4).
    \16\ 15 U.S.C. 78f(b)(5).
    \17\ 17 CFR 242.603(a)(1).
    \18\ 17 CFR 242.603(a)(2). See 73 FR at 74782.
    \19\ See 73 FR at 74779.
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    In formulating the terms of the proposal, Nasdaq was subject to
significant competitive forces--specifically, the availability to
market participants of alternatives to purchasing Nasdaq market data.
Because the proposal involves the distribution of non-core market data,
and significant competitive forces are present, the proposal is thus
consistent with both Section 6(b)(4) \20\ and Section 6(b)(5) of the
Act,\21\ and with Rule 603(a).\22\ There is not a substantial
countervailing basis that would render the proposal inconsistent with
the Act or the rules thereunder.
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    \20\ 15 U.S.C. 78f(b)(4).
    \21\ 15 U.S.C. 78f(b)(5).
    \22\ 17 CFR 242.603(a).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\23\ that the proposed rule change (SR-NASDAQ-2006-064) as modified
by Amendments No. 2 and 3 be, and hereby is, approved.
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    \23\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
Florence E. Harmon,
Deputy Secretary.
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    \24\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E9-9555 Filed 4-27-09; 8:45 am]
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[Federal Register Volume 79, Number 119 (Friday, June 20, 2014)]
[Rules and Regulations]
[Pages 35279-35280]
[FR Doc No: 2014-14354]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2013-0171; Airspace Docket No. 13-ANM-6]

Amendment of Class E Airspace; Redmond, OR

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action amends the Class E airspace at Roberts Field,
Redmond, OR. Controlled airspace is necessary to accommodate aircraft
arriving and departing under Instrument Flight Rules (IFR) at Roberts
Field. This action, initiated by the biennial review of the Redmond, OR
airspace area, enhances the safety and management of aircraft
operations at the airport. This action makes a minor correction to the
geographic coordinates of the airport and also corrects the lateral
dimensions of the southeast segment of Class E airspace designated as
an extension to Class D and E surface area.

DATES: Effective date, 0901 UTC, September 18, 2014. The Director of
the Federal Register approves this incorporation by reference action
under 1 CFR Part 51, subject to the annual revision of FAA Order 7400.9
and publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: Richard Roberts, Federal Aviation
Administration, Operations Support Group, Western Service Center, 1601
Lind Avenue SW., Renton, WA 98057; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

History

    On February 11, 2014, the FAA published in the Federal Register a
notice of proposed rulemaking (NPRM) to modify controlled airspace at
Roberts Field, Redmond, OR (79 FR 8129). Interested parties were
invited to participate in this rulemaking effort by submitting written
comments on the proposal to the FAA. No comments were received.
    Subsequent to publication, the FAA found an error in the lateral
dimensions of the southeast segment of Class E surface area airspace
and is corrected from 3.5-miles to 13.5-miles. The geographic
coordinates also are adjusted to coincide with the FAAs aeronautical
database.
    Class E airspace designations are published in paragraph 6002,
6004, and 6005, respectively, of FAA Order 7400.9X dated August 7,
2013, and effective September 15, 2013, which is incorporated by
reference in 14 CFR 71.1. The Class E airspace designations listed in
this document will be published subsequently in that Order.

The Rule

    This action amends Title 14 Code of Federal Regulations (14 CFR)
Part 71 by modifying Class E surface area airspace at Roberts Field,
Redmond, OR, to remove the segment extending from the 5.1-mile radius
of the airport to .9 miles west of the Deschutes VORTAC, and by
modifying Class E airspace designated as an extension to the Class D
and Class E surface area by adding a segment extending from the 5.1-
mile radius of Roberts Field, Redmond, OR, to 13.5 miles southeast of
the airport, and removing the segment from the 5.1-mile radius of the
airport to .9 miles west of the Deschutes VORTAC. After a biennial
review of the airspace, the FAA found the segment is no longer needed
for aircraft arriving and departing under IFR operations. Class E
airspace extending upward from 700 feet above the surface is modified
with segments extending from the 7.6-mile radius of Roberts Field to
11.5 miles northeast and 15 miles southeast of the airport. The lateral
dimensions of the southeast segment of Class E airspace designated as
an extension, extending from the 5.1-mile radius of the airport is
corrected from 3.5 miles to 13.5 miles. This rule is necessary to
accommodate RNAV (GPS) standard instrument approach procedures and for
the safety and management of IFR operations at the airport. Also, the
geographic coordinates of the airport are updated to coincide with the
FAA's aeronautical database. Except for administrative changes and the
changes listed above, this rule is the same as published in the NPRM.
    The FAA has determined this regulation only involves an established
body of technical regulations for which frequent and routine amendments
are necessary to keep them operationally current. Therefore, this
regulation: (1) Is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not

a ``significant rule'' under DOT Regulatory Policies and Procedures (44
FR 11034; February 26, 1979); and (3) does not warrant preparation of a
regulatory evaluation as the anticipated impact is so minimal. Since
this is a routine matter that only affects air traffic procedures and
air navigation, it is certified this rule, when promulgated, does not
have a significant economic impact on a substantial number of small
entities under the criteria of the Regulatory Flexibility Act. The
FAA's authority to issue rules regarding aviation safety is found in
Title 49 of the U.S. Code. Subtitle 1, Section 106 discusses the
authority of the FAA Administrator. Subtitle VII, Aviation Programs,
describes in more detail the scope of the agency's authority. This
rulemaking is promulgated under the authority described in Subtitle
VII, Part A, Subpart I, Section 40103. Under that section, the FAA is
charged with prescribing regulations to assign the use of airspace
necessary to ensure the safety of aircraft and the efficient use of
airspace. This regulation is within the scope of that authority as it
modifies controlled airspace at Roberts Field, Redmond, OR.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA Order 1050.1E, Environmental Impacts: Policies and Procedures,
paragraph 311a. This airspace action is not expected to cause any
potentially significant environmental impacts, and no extraordinary
circumstances exist that warrant preparation of an environmental
assessment.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR Part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for 14 CFR Part 71 continues to read as
follows:

    Authority:  49 U.S.C. 106(g), 40103, 40113, 40120; E. O. 10854,
24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.9X,
Airspace Designations and Reporting Points, dated August 7, 2013, and
effective September 15, 2013 is amended as follows:

Paragraph 6002 Class E airspace Designated as Surface Areas.

* * * * *

ANM OR E2 Redmond, OR [Modified]

Redmond, Roberts Field, OR
    (Lat. 44[deg]15'14'' N., long. 121[deg]09'00'' W.)

    That airspace within a 5.1 mile radius of Roberts Field. This
Class E airspace is effective during the specific dates and times
established in advance by a Notice to Airmen. The effective date and
time will thereafter be continuously published in the Airport/
Facility Directory.

Paragraph 6004 Class E Airspace Areas Designated as an Extension to
a Class D or Class E Surface Area.

* * * * *

ANM OR E4 Redmond, OR [Modified]

Redmond, Roberts Field, OR
    (Lat. 44[deg]15'15'' N., long. 121[deg]09'00'' W.)

    That airspace extending upward from the surface within 1 mile
each side of the 122[deg] bearing of Roberts Field extending from
the 5.1-mile radius to 13.5 miles southeast of the airport. This
Class E airspace is effective during the specific dates and times
established by a Notice to Airmen. The effective date and time will
thereafter be continuously published in the Airport/Facility
Directory.

Paragraph 6005 Class E airspace areas extending upward from 700
feet or more above the surface of the earth.

* * * * *

ANM OR E5 Redmond, OR [Modified]

Redmond, Roberts Field, OR
    (Lat. 44[deg]15'15'' N., long. 121[deg]09'00'' W.)

    That airspace extending upward from 700 feet above the surface
within a 7.6-mile radius of Roberts Field, and within 3 miles either
side of the 87[deg] degree bearing of Roberts Field extending from
the 7.6-mile radius to 11.5 miles northeast of the airport, and
within 3.5 miles either side of the 122[deg] bearing of the airport
extending from the 7.6-mile radius to 15 miles southeast of the
airport.

    Issued in Seattle, Washington, on June 11, 2014.
Johanna Forkner,
Manager (A), Operations Support Group, Western Service Center.
[FR Doc. 2014-14354 Filed 6-19-14; 8:45 am]
BILLING CODE 4910-13-P