[Federal Register Volume 78, Number 112 (Tuesday, June 11, 2013)]
[Notices]
[Pages 35083-35085]
[FR Doc No: 2013-13775]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69700; File No. SR-NASDAQ-2013-080]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Adopt Fees for the MOPB Routing Option under Rule 7018(a)

June 5, 2013.
    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 May 24, 2013 The NASDAQ Stock Market LLC (``NASDAQ'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a proposed rule change as described in Items I, II and
III below, which Items have been prepared by the Exchange. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    NASDAQ proposes to adopt fees for the new MOPB routing option under
Rule 7018(a). The Exchange has designated the proposed changes as
immediately effective, and proposes to implement the changes effective
with the implementation of the MOPB order on June 14, 2013. The text of
the proposed rule change is available on the Exchange's Web site at
http://www.nasdaq.cchwallstreet.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, NASDAQ 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. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

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

1. Purpose
    NASDAQ is proposing to adopt fees for the new MOPB routing option.
On May 15, 2013, NASDAQ adopted the MOPB routing option, which will be
implemented in mid-June.\3\ NASDAQ is amending Rule 7018(a), which
concerns fees assessed to members for the use of the order execution
and routing services of the Nasdaq Market Center, to adopt associated
fees assessed for execution of MOPB routing option orders. NASDAQ has
determined to assess fees for the MOPB routing option that are
identical to the fees assessed for execution of MOPP routing option
orders. The MOPB routing option is very similar to the MOPP routing
option, in that both order types require the member firm to enter the
size and limit price of the order, which then routes only to protected
quotations (``Protected Quotes''),\4\ including the NASDAQ Market
Center, but only for displayed size. Unlike the MOPP routing option, an
order with the MOPB routing option will not route if, at the time of
entry, the MOPB order's quantity is insufficient to clear the entire
size of Protected Quotes, which are better than or equal to the order's
limit price. In such a case, a MOPB order will instead cancel back
immediately thus avoiding any execution. Also unlike the MOPP routing
option, if shares of an order with the MOPB routing option remain un-
executed after routing they will be immediately cancelled back to the
member rather than posting to the NASDAQ book.
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    \3\ Securities Exchange Act Release No. 69631 (May 23, 2011)
(SR-NASDAQ-2013-078).
    \4\ As defined by Rule 600(b)(58) of Regulation NMS.
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    NASDAQ is proposing to assess the same fees for execution of MOPB
routing option orders as are assessed for execution of MOPP routing
option orders because of the similarity of the two routing options.
Specifically, NASDAQ is proposing to assess a fee of $0.0035 per share
executed for a MOPB order in a NASDAQ- \5\ or NYSE-listed \6\ security
or a Tape B security,\7\ except for those MOPB orders that execute at
the New York Stock Exchange, which will be charged $0.0027 per share
executed. NASDAQ notes that the fees assessed for MOPP routing option
orders are assessed only on a shares executed basis. As such, both MOPP
and MOPB routing options operate in the same manner for all executed
shares, with the only difference being that some MOPB orders are
canceled back in part or in full, as described above. Accordingly,
NASDAQ believes that it is appropriate to assess the same fee, based on
shares executed.
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    \5\ Rule 7018(a)(1).
    \6\ Rule 7018(a)(2).
    \7\ Rule 7018(a)(3).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \8\ in general, and with Section 6(b)(4) \9\ of the
Act, in particular. The Exchange believes it is consistent with Section
6(b)(4) of the Act because it provides for the equitable allocation of
reasonable dues, fees and other charges among members and issuers and
other persons using any facility or system which the Exchange operates
or controls. The proposed fee structure is equitable and not unfairly
discriminatory because the Exchange would uniformly assess members the
same fee structure to access the NASDAQ service. As noted, the MOPB
order routing option is very similar to the MOPP order routing option,
differing only in the initial requirements for order entry and how
unexecuted shares are handled. Both order routing options route to all
displayed protected quotes, including NASDAQ. As such, the costs
incurred by NASDAQ in the execution and routing of the shares for both
MOPP and MOPB routing options are identical and therefore assessing the
same fees is reasonable.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
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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. The proposed fees
allow NASDAQ to recapture the costs associated with offering an order
routing option and the proposed fees are identical to the fees assessed
for a very similar order routing option. For these reasons, NASDAQ does
not believe that the proposed rule change will result in any burden on
competition whatsoever.

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

    The foregoing change has become effective pursuant to Section
19(b)(3)(A) of the Act,\10\ and paragraph (f) \11\ of Rule 19b-4,
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend 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.
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    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f).
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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 email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2013-080 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-2013-080. This
file number should be included on the subject line if email 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 Web site viewing and printing in the Commission's Public
Reference Room, 100 F Street NE., Washington, DC 20549, on official
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of
such filing also will be available for inspection and copying at the
principal offices 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 SR-NASDAQ-2013-080, and should be submitted on or before
July 2, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-13775 Filed 6-10-13; 8:45 am]
BILLING CODE 8011-01-P


Comment Info: =================

General Comment:I  respectfully request that the period for comment be extended to 180 days." Paul Broderick


[Federal Register: August 7, 2008 (Volume 73, Number 153)]
[Notices]
[Page 46104-46105]
[DOCID:fr07au08-111]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58277; File No. SR-Amex-2008-59]

 Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Delete Outdated Sections of Its Delisting Rules

July 31, 2008.
    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 July 24, 2008, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by Amex. Amex filed the
proposal as a ``non-controversial'' proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6)
thereunder,\4\ which renders it 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\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 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

    Amex proposes to delete certain outdated sections of its rules
related to delisting procedures that became inapplicable by their terms
on April 24, 2006. On that date, amendments to Amex Rule 18 and
Sections 1010, 1011, 1201, 1202, 1203, 1204, 1205 and 1206 of the Amex
Company Guide became effective for the purpose of conforming the
Exchange's rules to certain requirements of Rule 12d2-2 under the
Act.\5\ The rule text adopted in connection with these amendments
specifically provided that the portion of each rule that was effective
only through April 23, 2006 would be rescinded after that date, and the
purpose of this proposed rule change is to delete this language that is
no longer applicable. The text of the proposed rule change is available
at Amex, the Commission's Public Reference Room, and www.amex.com.
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    \5\ 15 U.S.C. 78f(b).
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, Amex 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 these statements may be examined at the places specified in
Item IV below. Amex has prepared summaries, set forth in Sections A, B,
and C below, of the most significant aspects of such statements.

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

1. Purpose
    On April 17, 2006, the Commission approved a change to the
Exchange's delisting procedures to conform them to new procedural
requirements for delisting as mandated by amendments to Rule 12d2-2
under the Act.\6\ Rule 12d2-2 required all national securities
exchanges, including the Exchange, to amend their delisting rules to
conform to these new requirements. Consequently, on April 24, 2006,
amendments to Rule 18 and Sections 1010, 1011, 1201, 1202, 1203, 1204,
1205 and 1206 of the Amex Company Guide became effective for the
foregoing purpose, and other sections of these rules became
inapplicable by their terms on that date. The rule text adopted in
connection with these amendments specifically provided that the portion
of each rule that was effective only through April 23, 2006 would be
rescinded after that date, and the purpose of this proposed rule change
is to delete this language that is no longer applicable.
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    \6\ See Securities Exchange Act Release No. 53666 (April 17,
2006), 71 FR 21056 (April 24, 2006) (SR-Amex-2005-107).
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
Section 6(b) \7\ of the Act in general, and furthers the objectives of
Section 6(b)(5) \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 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 Exchange
believes that the proposed rule change is consistent with the
protection of investors and the public interest because its elimination
of obsolete rule text will make the Amex's currently effective rules
more transparent to investors and other interested parties, thereby
eliminating potential confusion regarding the meaning of those rules
that might otherwise result.
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    \7\ 15 U.S.C. 78f(b)
    \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

    No written comments were solicited or received with respect to the
proposed rule change.

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, if consistent with
the protection of investors and public interest, 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).
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    A proposed rule change filed under Commission Rule 19b-4(f)(6) may
not become operative prior to 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii) \11\ permits the Commission to

designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay set
forth in Rule 19b-4(f)(6)(iii) under the Act.\12\ The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest because the proposed
rule change would allow the proposed non-substantive revisions to
Amex's rules to be effective immediately. Deleting the outdated rule
text will eliminate potential confusion and accurately reflect the
rules currently in effect. For this reason, the Commission designates
the proposal to be operative upon filing with the Commission.\13\
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    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires that a self-regulatory organization submit to the
Commission written notice of its intent to file the proposed rule
change, along with a brief description and text of 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 Commission notes that Amex has satisfied this
requirement.
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ For purposes only of waiving the 30-day operative delay of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
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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<EMAIL_ADDRESS>Please include
File Number SR-Amex-2008-59 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-Amex-2008-59. 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 Amex. 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-Amex-2008-59 and should be
submitted on or before August 28, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-18157 Filed 8-6-08; 8:45 am]

BILLING CODE 8010-01-P