[Federal Register Volume 67, Number 143 (Thursday, July 25, 2002)]
[Notices]
[Page 48693]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-18843]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46234; File No. SR-NASD-2002-73]


Self-Regulatory Organizations; Order Granting Approval of 
Proposed Rule Change by the National Association of Securities Dealers, 
Inc. Relating to Nasdaq Testing Facility Fees, and Adding the Ability 
to Test Computer-to-Computer Interface, Application Programming 
Interface, and Market Data Vendor Feeds Over Dedicated Circuits

July 19, 2002.
    On June 4, 2002, 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-thereunder,\2\ a 
proposed rule change to apply the same schedule of fees in SR-NASD-
2002-72 \3\ to non-member subscribers that use a dedicated circuit or 
circuits to test their communication interfaces and/or market data 
vendor feeds with Nasdaq's central processing facilities. The fees 
consist of monthly fees and one-time installation fees, and would be 
charged in addition to the hourly fees currently charged. The proposed 
rule change was published for notice and comment in the Federal 
Register on June 18, 2002.\4\ The Commission received no comments on 
the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 46065 (June 12, 2002), 
67 FR 41556 (June 18, 2002).
    \4\ Securities Exchange Act Release No. 46066 (June 12, 2002), 
67 FR 41554.
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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 association \5\ and, in 
particular, the requirements of section 15A(b)(5),\6\ which requires 
the rules of a national securities association to provide for the 
equitable allocation of reasonable dues, fees and other charges among 
members and issuers and other persons using any facility which the 
association operates or controls. The Commission finds the proposed 
rule change is consistent with section 15A(b)(5) because the same fees 
will be charged to member and non-member subscribers that choose to 
test their communication systems interfaces with Nasdaq's central 
processing facilities over a dedicated circuit or circuits. The 
Commission accepts Nasdaq's representation that the fees are reasonable 
because the fees have been calculated to recover Nasdaq's actual costs 
of installation and maintenance of the dedicated circuit(s).
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    \5\ 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).
    \6\ 15 U.S.C. 78o-3(b)(5).
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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-2001-73) 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\
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    \8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-18843 Filed 7-24-02; 8:45 am]
BILLING CODE 8010-01-P