[Federal Register Volume 67, Number 189 (Monday, September 30, 2002)]
[Notices]
[Page 61368]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-24700]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46534; File No. SR-NASD-2002-86]


Self-Regulatory Organizations; Order Granting Approval of 
Proposed Rule Change by the National Association of Securities Dealers, 
Inc. to Establish and Set a Fee for a New Data Feed for the Nasdaq 
InterMarket

September 23, 2002.
    On June 27, 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-4 thereunder,\2\ a 
proposed rule change to make available a new data feed of market 
participant quotations from the Nasdaq InterMarket, Nasdaq's facility 
for over-the-counter trading of exchange-listed securities, and set a 
fee for purchase of that data feed. The proposed rule change was 
published for notice and comment in the Federal Register on August 20, 
2002.\3\ The Commission received no comments on the proposal. This 
order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 46350 (August 14, 
2002), 67 FR 54003.
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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 \4\ and, in 
particular, the requirements of section 15A(b)(5)\5\ 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. The Commission 
believes it is important that Nasdaq provide real-time market 
participant quotations, and believes that the iM Quotes data feed 
should provide broker-dealers and market data vendors with access to 
real-time InterMarket participant quotations to that effect. 
Additionally, the Commission believes that the fees Nasdaq will charge 
for the data feed are reasonable.
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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).
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    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act\6\, that the proposed rule change (SR-NASD-2002-86) be, and it 
hereby is, approved.
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-24700 Filed 9-27-02; 8:45 am]
BILLING CODE 8010-01-P