Self-regulatory organizations; proposed rule changes: NASDAQ Stock Market LLC,

[Federal Register: May 29, 2007 (Volume 72, Number 102)]

[Notices]

[Page 29565]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr29my07-119]

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55790; File No. SR-NASDAQ-2007-039]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed Rule Change to Modify the Distributor Fee for Nasdaq Index Weighting Information

May 21, 2007.

On April 4, 2007, 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 decrease the distributor fee for the lowest pricing tier for Nasdaq Index Weighting Information. According to Nasdaq, the lowest pricing tier is the most common option selected by existing customers. The proposed rule change was published for comment in the Federal Register on April 18, 2007.\3\ The Commission received no comments on the proposed rule change.

\1\ 15 U.S.C. 78s(b)(1).

\2\ 17 CFR 240.19b-4.

\3\ See Securities Exchange Act Release No. 55620 (April 12, 2007), 72 FR 19569.

The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange \4\ and, in particular, the requirements of Section 6(b)(4) of the Act,\5\ which requires, among other things, that Nasdaq's rules provide for the equitable allocation of reasonable dues, fees, and other charges among its 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. Nasdaq proposes to decrease the distributor fee for the tier that encompasses one to 500 subscribers for Nasdaq Index Weighting Information from $1,000 to $300 in the case of unlimited frequency of distribution, and from $500 to $275 in the case of distribution once a month, quarter, or year. The remaining tiers of the fee schedules for Nasdaq Index Weighting Information (i.e., fees for 501-999, 1,000-4,999, 5,000- 9,999, and 10,000+ subscribers) will not change under this proposal. The Commission believes that decreasing the distributor fee for the lowest pricing tier for Nasdaq Index Weighting Information is beneficial to the recipients of such data and should encourage its broader distribution.

\4\ In approving this proposed rule change, the Commission notes that it has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).

\5\ 15 U.S.C. 78f(b)(4).

It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\6\ that the proposed rule change (SR-NASDAQ-2007-039) be, and hereby is, approved.

\6\ 15 U.S.C. 78s(b)(2).

For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\7\

\7\ 17 CFR 200.30-3(a)(12).

Florence E. Harmon, Deputy Secretary. [FR Doc. E7-10207 Filed 5-25-07; 8:45 am]

BILLING CODE 8010-01-P