Notice: Joint Industry Plan

Federal Register / Vol. 71, No.
190 / Monday, October 2, 2006 / Notices 58027
submission of trade reports. As such, as III. Date of Effectiveness of the Room. Copies of such filing also will be
Nasdaq begins to operate as a national Proposed Rule Change and Timing for available for inspection and copying at
securities exchange, Weblink ACT Commission Action the principal office of NASDAQ. All
provides basic front-end access to the The proposed rule change has become comments received will be posted
Trade Reporting Facility (‘‘TRF’’) effective pursuant to Section without change; the Commission does
operated by Nasdaq and the National 19(b)(3)(A)(ii) of the Act 10 and Rule not edit personal identifying
Association of Securities Dealers, Inc. 19b–4(f)(2) thereunder,11 in that the information from submissions. You
(‘‘NASD’’),7 as well as access to ACT proposed rule change establishes or should submit only information that
functionality still offered by Nasdaq Inc. changes a member due, fee, or other you wish to make available publicly. All
under authority delegated by NASD. charge. At any time within 60 days of submissions should refer to File
Since the introduction of NNW and the filing of the proposed rule change, Number SR–NASDAQ–2006–025 and
Weblink ACT, a number of former NWII the Commission may summarily should be submitted on or before
users have opted to move to Weblink abrogate such rule change if it appears October 23, 2006.
ACT rather than NNW, reflecting a to the Commission that such action is For the Commission, by the Division of
desire to use these Web-based products necessary or appropriate in the public Market Regulation, pursuant to delegated
exclusively for trade reporting, rather interest, for the protection of investors, authority.12
than active trading. Accordingly, or otherwise in furtherance of the Nancy M. Morris,
Nasdaq proposes to increase the purposes of the Act. Secretary.
comparatively low fees for Weblink [FR Doc. E6–16115 Filed 9–29–06; 8:45 am]
ACT to ensure that, as between NNW IV. Solicitation of Comments
BILLING CODE 8010–01–P
and Weblink ACT, fees are allocated Interested persons are invited to
appropriately to allow recovery of submit written data, views, and
Nasdaq’s costs. Specifically, the current arguments concerning the foregoing, SECURITIES AND EXCHANGE
$150 fee for Weblink ACT users that including whether the proposed rule COMMISSION
report a daily average of 20 or fewer change is consistent with the Act.
[Release No. 34–54501; File No. SR–
trades during a month is being raised to Comments may be submitted by any of
NASDAQ–2006–026]
$200, while the $300 fee for higher the following methods:
volume users is being increased to $375. Self-Regulatory Organizations; The
Electronic Comments
2. Statutory Basis NASDAQ Stock Market LLC; Notice of
• Use the Commission’s Internet Filing and Order Granting Accelerated
Nasdaq believes that the proposed comment form (http://www.sec.gov/
Approval of Proposed Rule Change as
rule change is consistent with the rules/sro.shtml); or
Amended Regarding Pricing for Non-
provisions of Section 6 of the Act,8 in • Send an e-mail to rule-
comments@sec.gov. Please include File Members Using the New Nasdaq
general, and with Section 6(b)(4) of the Workstation and Weblink ACT
Act,9 in particular, in that the proposed Number SR–NASDAQ–2006–025 on the
rule change provides for the equitable subject line. September 25, 2006.
allocation of reasonable dues, fees and Paper Comments Pursuant to Section 19(b)(1) of the
other charges among members and Securities Exchange Act of 1934
issuers and other persons using any • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2
facility or system which Nasdaq to Nancy M. Morris, Secretary, notice is hereby given that on August 1,
operates or controls. The proposed rule Securities and Exchange Commission, 2006, The NASDAQ Stock Market LLC
change reflects demand patterns for Station Place, 100 F Street, NE., (‘‘Nasdaq’’) filed with the Securities and
NNW and Weblink ACT and is designed Washington, DC 20549–1090. Exchange Commission (‘‘Commission’’)
to ensure that as between the products, All submissions should refer to File the proposed rule change as described
fees are allocated appropriately to allow Number SR–NASDAQ–2006–025. This in Items I and II below, which Items
recovery of Nasdaq’s costs. file number should be included on the have been prepared by Nasdaq. Nasdaq
subject line if e-mail is used. To help the amended the proposed rule change on
B. Self-Regulatory Organization’s Commission process and review your September 20, 2006.3 The Commission
Statement on Burden on Competition comments more efficiently, please use is publishing this notice to solicit
Nasdaq does not believe that the only one method. The Commission will comments on the proposed rule change,
proposed rule change will result in any post all comments on the Commission’s as amended, from interested persons,
burden on competition that is not Internet Web site (http://www.sec.gov/ and simultaneously granting accelerated
necessary or appropriate in furtherance rules/sro.shtml). Copies of the approval of the proposed rule change, as
of the purposes of the Act, as amended. submission, all subsequent amended.
amendments, all written statements
C. Self-Regulatory Organization’s with respect to the proposed rule I. Self-Regulatory Organization’s
Statement on Comments on the change that are filed with the Statement of the Terms of Substance of
Proposed Rule Change Received From Commission, and all written the Proposed Rule Change
Members, Participants, or Others communications relating to the This proposed rule change relates to
Written comments were neither proposed rule change between the the pricing for non-Nasdaq members
solicited nor received. Commission and any person, other than using Nasdaq’s New Nasdaq
those that may be withheld from the Workstation (‘‘NNW’’) and Weblink
7 Nasdaq expects that, consistent with current public in accordance with the ACT products. The proposal will apply
rmajette on PROD1PC67 with NOTICES1
practice, most NASD members seeking access to the provisions of 5 U.S.C. 552, will be
TRF would use a proprietary front-end system
to these non-members the same changes
developed by the broker-dealer or a product offered
available for inspection and copying in
by a service bureau. Weblink ACT is designed as the Commission’s Public Reference 12 17 CFR 200.30–3(a)(12).
a basic front-end system for low volume users. 1 15 U.S.C. 78s(b)(1).
8 15 U.S.C. 78f. 10 15 U.S.C. 78s(b)(3)(A)(ii). 2 17 CFR 240.19b–4.
9 15 U.S.C. 78f(b)(4). 11 17 CFR 240.19b–4(f)(2). 3 See Amendment No. 1.
VerDate Aug<31>2005 15:07 Sep 29, 2006 Jkt 211001 PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 E:\FR\FM\02OCN1.SGM 02OCN1
58028 Federal Register / Vol. 71, No. 190 / Monday, October 2, 2006 / Notices
that Nasdaq is instituting for Nasdaq access to the Trade Reporting Facility C. Self-Regulatory Organization’s
members in SR–NASDAQ–2006–025. (‘‘TRF’’) operated by Nasdaq and the Statement on Comments on the
Nasdaq seeks to implement this NASD,5 as well as access to ACT Proposed Rule Change Received From
proposed rule change retroactively as of functionality still offered by Nasdaq Inc. Members, Participants or Others
August 1, 2006. The text of the proposed under authority delegated by NASD.
rule change is available at the Written comments were neither
Since the introduction of NNW and solicited nor received.
Commission’s Public Reference Room, Weblink ACT, a number of former NWII
at Nasdaq, and at http:// users have opted to move to Weblink III. Solicitation of Comments
www.nasdaq.com.4 ACT rather than NNW, reflecting a
Interested persons are invited to
II. Self-Regulatory Organization’s desire to use these Web-based products
submit written data, views, and
Statement of the Purpose of, and exclusively for trade reporting, rather
arguments concerning the foregoing,
Statutory Basis for, the Proposed Rule than active trading. Accordingly, in SR–
including whether the proposed rule
Change NASDAQ–2006–025, Nasdaq increased
change is consistent with the Act.
the comparatively low fees for Weblink
In its filing with the Commission, Comments may be submitted by any of
ACT to ensure that, as between NNW
Nasdaq included statements concerning the following methods:
and Weblink ACT, fees are allocated
the purpose of and basis for the Electronic Comments
appropriately to allow recovery of
proposed rule change. The text of these
Nasdaq’s costs. Specifically, the current
statements may be examined at the • Use the Commission’s Internet
$150 fee for Weblink ACT users that
places specified in Item III below. comment form (http://www.sec.gov/
report a daily average of 20 or fewer
Nasdaq has prepared summaries, set rules/sro.shtml); or
trades a month is being raised to $200,
forth in Sections A, B, and C below, of
while the $300 fee for higher volume • Send an e-mail to rule-
the most significant aspects of such comments@sec.gov. Please include File
users is being increased to $375.
statements. Number SR–NASDAQ–2006–026 on the
Nasdaq is submitting this filing to
A. Self-Regulatory Organization’s subject line.
apply the foregoing changes to non-
Statement of the Purpose of, and Nasdaq members using the NNW and Paper Comments
Statutory Basis for, the Proposed Rule Weblink ACT. These non-members are
Change comprised primarily of service bureaus, • Send paper comments in triplicate
while in the case of Weblink ACT, they to Nancy M. Morris, Secretary,
1. Purpose Securities and Exchange Commission,
would also include NASD members that
In SR–NASDAQ–2006–025, Nasdaq are not members of Nasdaq but that 100 F Street, NE., Washington, DC
amended Rule 7015 to change Nasdaq submit trade reports to the TRF. 20549–1090.
member fees associated with its Web- All submissions should refer to File
based NNW and Weblink ACT products. 2. Statutory Basis Number SR–NASDAQ–2006–026. This
Since the NNW’s inception as a file number should be included on the
Nasdaq believes that the proposed
replacement for the Nasdaq Workstation subject line if e-mail is used. To help the
rule change is consistent with the
II (‘‘NWII’’) last year, the fee for the Commission process and review your
provisions of Section 6 of the Act,6 in
NNW has been $435 per user per month, comments more efficiently, please use
general, and with Section 6(b)(4) of the
plus $90 per month for data feeds only one method. The Commission will
Act,7 in particular, in that it provides for
included with the NNW, for a total cost post all comments on the Commission’s
the equitable allocation of reasonable
of $525 per user per month. In SR– Internet Web site (http://www.sec.gov/
dues, fees and other charges among
NASDAQ–2006–025, Nasdaq reduced
members and issuers and other persons rules/sro.shtml). Copies of the
the fee to $475 per user per month,
using any facility or system which submission, all subsequent
including the cost of the data feeds
Nasdaq operates or controls. The amendments, all written statements
provided with the NNW. The change is
proposed rule change applies to non- with respect to the proposed rule
designed to enhance the
members that use NNW and Weblink change that are filed with the
competitiveness of the NNW in contrast
ACT a fee change that is being Commission, and all written
to front-end applications provided by
implemented for Nasdaq members. communications relating to the
broker-dealers and service bureaus, and,
Accordingly, the proposed rule change proposed rule change between the
as discussed below, also reflects
promotes an equitable allocation of fees Commission and any person, other than
decreasing demand for the product.
Weblink ACT, also referred to as between members and non-members those that may be withheld from the
Nasdaq Workstation Post Trade, is a using these services. public in accordance with the
Web-based application used for provisions of 5 U.S.C. 552, will be
B. Self-Regulatory Organization’s available for inspection and copying in
submission of trade reports. As such, as Statement on Burden on Competition
the Nasdaq Exchange begins to operate the Commission’s Public Reference
as a national securities exchange, Nasdaq does not believe that the Room. Copies of the filing also will be
Weblink ACT provides basic front-end proposed rule change will result in any available for inspection and copying at
burden on competition that is not the principal offices of NASDAQ. All
4 Changes to the proposed rule text are marked to necessary or appropriate in furtherance comments received will be posted
the rule text that appears in the electronic Nasdaq of the purposes of the Act, as amended. without change; the Commission does
Manual found at www.complinet.com/nasd.com, as not edit personal identifying
further amended on an immediately effective basis
by SR–NASDAQ–2006–024 and SR–NASDAQ–
5 Nasdaq expects that, consistent with current information from submissions. You
2006–025. Because the NNW and Weblink ACT are practice, most NASD members seeking access to the should submit only information that
also used with respect to the quotation, execution, TRF would use a proprietary front-end system you wish to make available publicly. All
and trade reporting systems operated by The developed by the broker-dealer or a product offered
by a service bureau. Weblink ACT is designed as
submissions should refer to File
Nasdaq Stock Market, Inc. (‘‘Nasdaq Inc.’’) with
respect to non-Nasdaq securities, Nasdaq Inc. is also a basic front-end system for low volume users. Number SR–NASDAQ–2006–026 and
filing this proposed rule change as a modification 6 15 U.S.C. 78f. should be submitted on or before
to NASD Rule 7010(f). See SR–NASD–2006–095. 7 15 U.S.C. 78f(b)(4). October 23, 2006.
Federal Register / Vol. 71, No. 190 / Monday, October 2, 2006 / Notices 58029
IV. Commission’s Findings and Order SECURITIES AND EXCHANGE II. Self-Regulatory Organization’s
Granting Accelerated Approval of COMMISSION Statement of the Purpose of, and
Proposed Rule Change Statutory Basis for, the Proposed Rule
[Release No. 34–54498; File No. SR–NASD–
2006–095]
Change
The Commission finds that the
In its filing with the Commission,
proposed rule change is consistent with Self-Regulatory Organizations; Nasdaq included statements concerning
the requirements of the Act and the National Association of Securities the purpose of and basis for the
rules and regulations thereunder Dealers, Inc.; Notice of Filing and proposed rule change. The text of these
applicable to an exchange.8 Specifically, Order Granting Accelerated Approval statements may be examined at the
the Commission believes that the of Proposed Rule Change and places specified in Item III below.
proposed rule change is consistent with Amendment No. 1 Thereto Regarding Nasdaq has prepared summaries, set
Section 6(b)(4) of the Act,9 which Fees for Non-NASD Member forth in Sections A, B, and C below, of
requires that the rules of an exchange Subscribers to the New Nasdaq the most significant aspects of such
provide for the equitable allocation of Workstation and Weblink ACT statements.
reasonable dues, fees, and other charges
among members and issuers and other September 25, 2006. A. Self-Regulatory Organization’s
Pursuant to Section 19(b)(1) of the Statement of the Purpose of, and
persons using any facilities or system
Securities Exchange Act of 1934 Statutory Basis for, the Proposed Rule
which it operates or controls.
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Change
The Commission notes that this notice is hereby given that on August 1,
proposal would permit the schedule for 1. Purpose
2006, the National Association of
non-Nasdaq members to mirror the Securities Dealers, Inc. (‘‘NASD’’), In SR–NASD–2006–094, Nasdaq
schedule applicable to Nasdaq members through its subsidiary, The Nasdaq amended Rule 7010 to change NASD
that became effective on August 1, 2006, Stock Market, Inc. (‘‘Nasdaq’’), filed member fees associated with its Web-
pursuant to SR–NASDAQ–2006–025. with the Securities and Exchange based New Nasdaq Workstation
Commission (‘‘Commission’’) the (‘‘NNW’’) and Weblink ACT products.
The Commission finds good cause for
proposed rule change as described in Since the NNW’s inception as a
approving the proposed rule change replacement for the Nasdaq Workstation
prior to the 30th day after the date of Items I and II below, which Items have
been prepared by Nasdaq. Nasdaq II (‘‘NWII’’) last year, the fee for the
publication of the notice thereof in the NNW had been $435 per user per
amended the proposed rule change on
Federal Register. The proposed fees for month, plus $90 per month for data
September 20, 2006.3 The Commission
non-Nasdaq members are identical to feeds included with the NNW, for a total
is publishing this notice to solicit
those in SR–NASDAQ–2006–025, which comments on the proposed rule change, cost of $525 per user per month. In SR–
implemented those fees for Nasdaq as amended, from interested persons, NASD–2006–094, Nasdaq reduced the
members and which became effective as and simultaneously granting accelerated fee to $475 per user per month,
of August 1, 2006. The Commission approval of the proposed rule change, as including the cost of the data feeds
notes that the instant proposed rule amended. provided with the NNW. The change is
change will promote consistency in designed to enhance the
Nasdaq’s fee schedule by applying I. Self-Regulatory Organization’s competitiveness of the NNW in contrast
simultaneously the same pricing Statement of the Terms of Substance of to front-end applications provided by
schedule for Nasdaq members and non- the Proposed Rule Change broker-dealers and service bureaus, and,
Nasdaq members alike. Therefore, the Nasdaq proposes to modify fees for as discussed below, also reflects
Commission finds that there is good non-NASD member subscribers to the decreasing demand for the product.
cause, consistent with Section 19(b)(2) New Nasdaq Workstation (‘‘NNW’’) and Weblink ACT, also referred to as
of the Act, to approve the proposed rule Weblink ACT. The proposed rule Nasdaq Workstation Post Trade, is a
change, as amended, on an accelerated change will apply to these non-members Web-based application used for
basis. the same changes that Nasdaq is submission of trade reports. As such, as
instituting for members.4 Nasdaq seeks the Nasdaq Exchange begins to operate
V. Conclusion to implement the proposed rule change as a national securities exchange,
retroactively as of August 1, 2006. The Weblink ACT provides basic front-end
It is therefore ordered, pursuant to text of the proposed rule change is access to the Trade Reporting Facility
Section 19(b)(2) of the Act, that the available at the Commission’s Public (‘‘TRF’’) operated by Nasdaq and the
proposed rule change (SR–NASDAQ– Reference Room, at NASD, and at NASD,6 as well as access to ACT
2006–026), as amended, be, and hereby http://www.nasd.com.5 functionality still offered by Nasdaq
is, approved on an accelerated basis. under authority delegated by NASD.
For the Commission, by the Division of 1 15 U.S.C. 78s(b)(1). Since the introduction of NNW and
2 17 CFR 240.19b–4.
Market Regulation, pursuant to delegated Weblink ACT, a number of former NWII
3 See Amendment No. 1.
authority.10 4 See SR–NASD–2006–094.
users have opted to move to Weblink
Nancy M. Morris, 5 Changes are marked to the rule text that appears
ACT rather than NNW, reflecting a
Secretary. in the electronic NASD Manual found at http:// desire to use these Web-based products
www.nasd.com, as modified on an immediately exclusively for trade reporting, rather
[FR Doc. E6–16117 Filed 9–29–06; 8:45 am] effective basis by SR–NASD–2006–094. Nasdaq is than active trading. Accordingly, in SR–
BILLING CODE 8010–01–P filing this proposed rule change because the NNW
and Weblink ACT may be used in limited
NASD–2006–094, Nasdaq increased the
circumstances by service bureaus that are not NASD

8 In approving the proposed rule change, the 6 Nasdaq expects that, consistent with current
members with respect to the quotation, execution,
Commission has considered the proposed rule’s and trade reporting systems operated by Nasdaq practice, most NASD members seeking access to the
impact on efficiency, competition and capital with respect to non-Nasdaq securities. The TRF would use a proprietary front-end system
formation. See 15 U.S.C. 78c(f). NASDAQ Stock Market LLC (‘‘Nasdaq Exchange’’) developed by the broker-dealer or a product offered
9 15 U.S.C. 78f(b)(4).
is also filing a comparable modification to Nasdaq by a service bureau. Weblink ACT is designed as
10 17 CFR 200.30–3(a)(12). Exchange Rule 7015. a basic front-end system for low volume users.

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Federal Register / Vol. 71, No.

190 / Monday, October 2, 2006 / Notices 58027

circumstances by service bureaus that are not NASD

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