[Federal Register Volume 67, Number 68 (Tuesday, April 9, 2002)]
[Notices]
[Pages 17091-17092]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-8485]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45685; File No. SR-NASD-2001-86]


Self-Regulatory Organizations; Order Granting Approval of 
Proposed Rule Change by the National Association of Securities Dealers, 
Inc. Relating to Fees for Nasdaq Index Information

April 3, 2002.
    On December 4, 2001, the National Association of Securities 
Dealers, Inc. (``NASD''), through its subsidiary, The Nasdaq Stock 
Market, Inc. (``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 amend NASD Rule 7030 (Special 
Options) to increase the monthly fee charged to market data vendors for 
non-core, real-time information about Nasdaq indexes. Nasdaq 
established the fee in 1992 at $500 per month. The proposed rule change 
would raise the fee to $2,000 per month.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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    The proposed rule change was published for notice and comment in 
the Federal Register on March 1, 2002.\3\ The Commission received no 
comments on the proposal. This order approves the proposed rule change.
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    \3\ See Securities Exchange Act Release No. 45472 (February 22, 
2002), 67 FR 9489.
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    The Commission 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

[[Page 17092]]

association \4\ and, in particular, the requirements of Sections 
15A(b)(5)\5\ and (6)\6\ of the Act. Section 15A(b)(5) requires the 
equitable allocation of reasonable fees and charges among members and 
other users of facilities operated or controlled by a national 
securities association. Section 15A(b)(6) requires rules that foster 
cooperation and coordination with persons engaged in facilitating 
transactions in securities and that are not designed to permit unfair 
discrimination between customers, issuers, brokers or dealers. The 
Commission received no comments on the proposed fee increase. The 
Commission believes that the fee is reasonable, given Nasdaq's 
representations regarding the 1,800% growth of Nasdaq trading volume, 
the increase in processing demands, and the increase in the subscriber 
audience since the fee's inception. The Commission believes that 
increasing the fee from $500 per month to $2,000 per month should not 
impede the widespread availability of the index information on a non-
discriminatory basis.
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    \4\ 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).
    \5\ 15 U.S.C. 78o-3(b)(5).
    \6\ 15 U.S.C. 78o-3(b)(6).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-NASD-2001-86) 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\
J. Lynn Taylor,
Assistant Secretary.
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    \8\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 02-8485 Filed 4-8-02; 8:45 am]
BILLING CODE 8010-01-P