[Federal Register Volume 68, Number 47 (Tuesday, March 11, 2003)]
[Notices]
[Pages 11602-11606]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-5773]



[[Page 11602]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47444; File No. SR-NASD-2003-25]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the National Association of 
Securities Dealers, Inc. Relating to Proposed Temporary Fee Reductions 
and Extension on Pilot Basis of NASD Rule 7010(k) Relating to Fees for 
the Trade Reporting and Compliance Engine (TRACE)

March 4, 2003.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and rule 19b-4 thereunder,\2\ notice is hereby given that 
on February 27, 2003, the National Association of Securities Dealers, 
Inc. (``NASD''), filed with the Securities and Exchange Commission 
(``Commission'' or ``SEC'') the proposed rule change as described in 
items I, II, and III below, which items have been prepared by NASD. 
NASD has designated the proposed rule change as ``establishing or 
changing a due, fee, or other charge'' under section 19(b)(3)(A)(ii) of 
the Act \3\ and rule 19b-4(f)(2) thereunder,\4\ which renders the 
proposal effective upon filing with the Commission. The Commission is 
publishing this notice to solicit comments on the proposed rule change 
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NASD is proposing to amend NASD rule 7010(k) relating to fees for 
the Trade Reporting and Compliance Engine (``TRACE'') prior to the 
expiration of the pilot program for fees on February 28, 2003. NASD is 
proposing to extend the pilot program for TRACE fees to June 30, 2003, 
to provide a temporary reduction of certain fees for a one calendar 
month period during the pilot period, and to clarify certain language 
relating to the Bond Trade Dissemination Service (``BTDS'') fees. In 
addition, NASD is proposing to clean up the rule text by deleting 
references to certain services, and their corresponding fees, that were 
previously eliminated. As a result of the proposed rule change, the 
current fee structure, subject to the temporary reductions being 
implemented, would remain in effect to June 30, 2003. Below is the text 
of the proposed rule change. Proposed new language is italicized; 
proposed deletions are in brackets.
* * * * *

7010. System Services

(k) Trade Reporting and Compliance Engine (TRACE)

    (Rule 7010(k) shall expire on [February 28] June 30, 2003, unless 
amended, extended, or permanently adopted by NASD pursuant to SEC 
approval at or before such date).
    The following charges shall be paid by participants for the use of 
the Trade Reporting and Compliance Engine (``TRACE''):

----------------------------------------------------------------------------------------------------------------
             System fees                   Transaction reporting fees                 Market data fees
----------------------------------------------------------------------------------------------------------------
From 07/01/02 to 12/31/02: Web        From 07/01/02 to 12/31/02: Trades up  BTDS Professional Display--$60/month
 Browser Access: $85/month for 1       to and including $200,000 par         per terminal, except
 user ID; $75/month for 2-9 user       value--$0.50/trade; Trades between   For a period of one calendar month
 IDs; $70/month for 2-10+ user IDs,    $201,000 and $999,999 par value--     to be announced: Waiver of fee
 except                                $0.0025 times the number of bonds     ($0).
If less than 25 trades per month, in   traded/trade; Trades of $1,000,000
 October, November, or December        par value or more--$2.50/trade.
 2002--$25/month per user ID.
From 01/01/03 to [02/28/03] 06/30/    From 01/01/03 to [02/28/03] 06/30/
 03: Level I Trade Report Only Web     03: Trades up to and including
 Browser Access-- $25/month per user   $200,000 par value--$0.475/trade;
 ID; Level II Full Service Web         Trades between $201,000 and
 Browser Access--$85/month per user    $999,999 par value--$0.002375 times
 ID, except                            the number of bonds traded/trade;
For a period of one calendar month     Trades of $1,000,000 par value or
 to be announced: Level II Full        more--$2.375/trade.
 Service Web Browser Access--$25/
 month per user ID.
CTCI--$25/month/line.                 From 07/01/02 to 12/31/02: Cancel/    BTDS Internal Usage Authorization--
                                       Correct--$3/trade, except             $500/month per [organization]
                                      For October 2002--$1.50/trade;         application/service.
                                      For November 2002--$2.25/trade
                                      From 01/01/03 to [02/28/03] 06/30/
                                       03: Cancel/Correct--$1.50/trade.
Third Party--$25/month.               From 07/01/02 to 12/31/02: ``As of''  BTDS External Usage Authorization--
                                       Trade Late--$3/trade, except          $1,000/month per [organization]
                                      For October 2002--$1.50/trade;         application/service.
                                      For November 2002--$2.25/trade.
                                      From 01/01/03 to [02/28/03] 06/30/
                                       03: ``As of'' Trade Late-- $3/
                                       trade.
[From 07/01/02 to 12/31/02: PDN       Browse & Query--$0.05 after first     BTDS Non-Professional Display--$1/
 Administrative--$100/month/line]      page.                                 month per terminal.
[As of 01/01/03: PDN service and
 corresponding fee eliminated].
                                      ....................................  [From 07/01/02 to 12/31/02: Daily
                                                                             List Fax--$15/month per fax number/
                                                                             addressee].
                                      ....................................  [As of 01/01/03: Daily List Fax
                                                                             service and corresponding fee
                                                                             eliminated].
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[[Page 11603]]

    (1) System Related Fees. There are three methods by which a member 
may report corporate bond transactions that are reportable to NASD 
pursuant to the Rule 6200 Series. A member may choose among the 
following methods to report data to NASD: (a) a TRACE web browser 
[(either over the Internet or a secure private data network (``PDN'')]; 
(b) a Computer-to-Computer Interface (``CTCI'') (either one dedicated 
solely to TRACE or a multi-purpose line); or (c) a third-party 
reporting intermediary. Fees will be charged based on the reporting 
methodology selected by the member.

(A) Web Browser Access

    (i) For the period commencing July 1, 2002, and ending December 31, 
2002, the charge to be paid by a member that elects to report TRACE 
data to NASD via a TRACE web browser shall be as follows: for the first 
user ID registered, a charge of $85 per month; for the next two through 
nine user IDs registered, a charge of $75 per month, per such 
additional user ID; and for ten or more user IDs registered, a charge 
of $70 per month, per user ID from two to ten or more. If a member 
reports less than 25 trades per month to the TRACE system in October, 
November, or December 2002, the charge to be paid by a member for the 
TRACE web browser shall be $25, per such month, per user ID.
    (ii) For the period commencing January 1, 2003, and ending 
[February 28] June 30, 2003, the charge to be paid by a member that 
elects to report TRACE data to NASD via a TRACE web browser shall be as 
follows: $25 per month, per user ID for Level I Web Trade Report Only 
Browser Access and $85 per month, per user ID for Level II Full Service 
Web Browser Access. Notwithstanding the above sentence, following the 
effective date of increased bond data dissemination as approved by the 
SEC on January 31, 2003\5\, NASD shall announce a period of one 
calendar month during which the charge for Level II Full Service Web 
Browser Access shall be $25 per month, per user ID.
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    \5\ On January 31, 2003, the SEC approved amendments to NASD 
rule 6250 of the TRACE rules that will allow NASD to begin 
disseminating transaction information on more than 4,000 qualifying 
Investment Grade corporate debt securities. See Securities Exchange 
Act Release No. 47302 (January 31, 2003), 68 FR 6233 (February 6, 
2003) (File No. SR-NASD-2002-174).
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    (iii) A member that elects to report TRACE data to NASD via a web 
browser over a secure PDN rather than over the Internet shall pay an 
additional administrative charge of $100 per month, per line.\6\ As of 
January 1, 2003, PDN service and the corresponding fee shall be 
eliminated.]
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    \6\ Charges that may be imposed by third parties, such as 
network providers, are not included in these fees.
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(B) Computer-to-Computer Interface Access

    No change.

(C) Third Party Access--Indirect Reporting

    No change.

(2) Transaction Reporting Fees

    For each transaction in corporate bonds that is reportable to NASD 
pursuant to the Rule 6200 Series, the following charges shall be 
assessed against the member responsible for reporting the transaction:

(A) Trade Reporting Fee

    (i) For the period commencing July 1, 2002, and ending December 31, 
2002, a member shall be charged a Trade Reporting Fee based upon a 
sliding scale ranging from $0.50 to $2.50 per transaction based on the 
size of the reported transaction. Trades up to and including $200,000 
par value will be charged a $0.50 fee per trade; trades between 
$201,000 par value and $999,999 par value will be charged a fee of 
$0.0025 multiplied by the number of bonds traded per trade; and trades 
of $1,000,000 par value or more will be charged a fee of $2.50 per 
trade.
    (ii) For the period commencing January 1, 2003, and ending 
[February 28] June 30, 2003, a member shall be charged a Trade 
Reporting Fee based upon a sliding scale ranging from $0.475 to $2.375 
per transaction based on the size of the reported transaction. Trades 
up to and including $200,000 par value will be charged a $0.475 fee per 
trade; trades between $201,000 par value and $999,999 par value will be 
charged a fee of $0.002375 multiplied by the number of bonds traded per 
trade; and trades of $1,000,000 par value or more will be charged a fee 
of $2.375 per trade.

(B) Cancel or Correct Trade Fee

    For the period commencing July 1, 2002, and ending December 31, 
2002, a member shall be charged a Cancel or Correct Trade Fee of $3.00 
per canceled or corrected transaction. To provide firms with time to 
adjust to the new reporting system, the Cancel or Correct Trade Fee 
will not be charged until the later of October 1, 2002, or 90 days 
after the effective date of TRACE. For the month of October 2002, the 
Cancel or Correct Trade Fee shall be $1.50 per canceled or corrected 
transaction. For the month of November 2002, the Cancel or Correct 
Trade Fee shall be $2.25 per canceled or corrected transaction. For the 
period commencing January 1, 2003, and ending [February 28] June 30, 
2003, a member shall be charged a Cancel or Correct Trade Fee of $1.50 
per canceled or corrected transaction.

(C) ``As of'' Trade Late Fee

    For the period commencing July 1, 2002, and ending December 31, 
2002, a member shall be charged an ``As of'' Trade Late Fee of $3.00 
per transaction for those transactions that are not timely reported 
``As of'' as required by these rules. To provide firms with time to 
adjust to the new reporting system, the ``As of'' Trade Late Fee will 
not be charged until the later of October 1, 2002, or 90 days after the 
effective date of TRACE. For the month of October 2002, the ``As of'' 
Trade Late Fee shall be $1.50 per such transaction. For the month of 
November 2002, the ``As of'' Trade Late Fee shall be $2.25 per such 
transaction. For the period commencing January 1, 2003, and ending 
[February 28] June 30, 2003, a member shall be charged an ``As of'' 
Trade Late Fee of $3.00 per canceled or corrected transaction.

(D) Browse and Query Fee

    Members may review their own previously reported transaction data 
through a Browse and Query function. A member shall be charged $0.05 
for each returned page of the query beyond the first page.

(3) Market Data Fees

    Professionals and non-professionals may subscribe to receive real-
time TRACE data disseminated by NASD in one or more of the following 
ways for the charges specified. Members, vendors and other 
redistributors shall be required to execute appropriate agreements with 
NASD.

(A) Professional Fees

    Professionals may subscribe for the following:
    (i) Bond Trade Dissemination Service (``BTDS'') Professional 
Display Fee of $60 per month, per terminal charge for each 
interrogation or display device receiving real-time TRACE transaction 
data. Notwithstanding the above sentence, following the effective date 
of increased bond data dissemination as approved by the SEC on January 
31, 2003\7\, NASD shall announce a period of

[[Page 11604]]

one calendar month during which NASD shall waive the $60 per terminal, 
per month charge.
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    \7\ On January 31, 2003, the SEC approved amendments to NASD 
rule 6250 of the TRACE rules that will allow NASD to begin 
disseminating transaction information on more than 4,000 qualifying 
Investment Grade corporate debt securities. See Securities Exchange 
Act Release No. 47302 (January 31, 2003), 68 FR 6233 (February 6, 
2003) (File No. SR-NASD-2002-174).
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    (ii) BTDS Internal Usage Authorization Fee of $500 per month, per 
[organization] application/service charge for internal dissemination of 
real-time TRACE transaction data used in one or more of the following 
ways: internal operational and processing systems, internal monitoring 
and surveillance systems, internal price validation, internal portfolio 
valuation services, internal analytical programs leading to purchase/
sale or other trading decisions, and other related activities.\8\
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    \8\ Under this service, real-time TRACE transaction data may not 
be used in any interrogation display devices, any systems that 
permit end users to determine individual transaction pricing in 
real-time, or disseminated to any external source.
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    (iii) BTDS External Usage Authorization Fee of $1,000 per month, 
per [organization] application/service charge for dissemination of 
real-time TRACE transaction data used in one or more of the following 
ways: repackaging of market data for delivery and dissemination outside 
the organization, such as indices or other derivative products.\9\
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    \9\ Under this service, real-time TRACE transaction data may not 
be used in any interrogation display devices or any systems that 
permit end users to determine individual transaction pricing in 
real-time.
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(B) Non-Professional Fees

    No change.

(C) Non-Professional Defined

    No change.

(4) Daily List Fax Service

    Each subscriber for NASD's Daily List Fax Service shall be charged 
$15 per month, per fax number/addressee. As of January 1, 2003, Daily 
List Fax service and the corresponding fee shall be eliminated.]
* * * * *

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NASD included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
item IV below. NASD has prepared summaries, set forth in sections A, B, 
and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    On July 1, 2002, the Trade Reporting and Compliance Engine (TRACE) 
became effective. On June 28, 2002, the Commission approved proposed 
NASD fees relating to the operation of the TRACE system (rule 7010(k)) 
on a pilot basis for a six-month period expiring on December 28, 
2002.\10\ As part of that rule filing (Amendment No. 3 to SR-NASD-2002-
63), NASD committed to review and reassess the proposed TRACE fees as 
soon as practicable and within six months after the effective date of 
TRACE, based on such factors as actual volume, usage, costs, and 
revenues.
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    \10\ The Commission approved rule 7010(k) relating to TRACE fees 
on June 28, 2002, on a six-month pilot basis. See Securities 
Exchange Act Release No. 46145 (June 28, 2002), 67 FR 44911 (July 5, 
2002) (File No. SR-NASD-2002-63).
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    On November 15, 2002, NASD submitted a proposed rule change to the 
SEC to reduce certain TRACE fees for the fourth quarter of 2002 (i.e., 
the Web Browser Access Fee, the Cancel or Correct Fee, and the ``As 
of'' Trade Late Fee). These fees were reduced effective as of October 
1, 2002.\11\
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    \11\ On November 22, 2002, the Commission issued a notice of the 
filing and immediate effectiveness of this proposed rule change. See 
Securities Exchange Act Release No. 46893 (November 22, 2002), 67 FR 
72008 (December 3, 2002) (SR-NASD-2002-167).
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    On December 12, 2002, NASD submitted a proposed rule change to the 
SEC to extend the pilot program for TRACE fees to February 28, 2003, 
and to modify the pilot effective January 1, 2003.\12\ As of January 1, 
2003, NASD divided the Web Browser Access Fee into two service levels 
`` Level I with no access to real-time TRACE data, and Level II with 
access to real-time TRACE data. A participant who registers for Level I 
Trade Report Only Web Browser Access will be able to report TRACE data 
to NASD over the Internet. Level I Trade Report Only Web Browser Access 
will allow a participant to report TRACE data to NASD, but will not 
allow a participant to receive real-time TRACE transaction data. The 
fee for Level I Trade Report Only Web Browser Access is $25 per month, 
per user ID. A participant who registers for Level II Full Service Web 
Browser Access will be able to report TRACE data to NASD over the 
Internet and to use a query feature to receive real-time TRACE 
transaction data. The fee for Level II Full Service Web Browser Access 
is $85 per month, per user ID. A participant may register for a 
combination of Level I and Level II service based on their usage and 
needs.
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    \12\ On December 19, 2002, the Commission issued a notice of the 
filing and immediate effectiveness of this proposed rule change. See 
Securities Exchange Act Release No. 47056 (December 19, 2002), 67 FR 
79205 (December 27, 2002) (File No. SR-NASD-2002-176).
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    As of January 1, 2003, NASD also reduced trade reporting fees by 5% 
for 2003 and reduced the Cancel or Correct Fee from $3.00 to $1.50 
effective January 1, 2003. The ``As of'' Trade Late Fee will remain at 
$3.00 per trade.
    To provide additional transparency in the debt market, NASD 
submitted a rule filing with the Commission to increase the categories 
of TRACE eligible-securities for which transaction data should be 
required to be disseminated by NASD (``Phase II''). On December 6, 
2002, NASD submitted a rule filing to amend, among other things, NASD 
rule 6250 to provide for the dissemination of transaction information 
on additional Investment Grade TRACE-eligible securities under the NASD 
rule 6200 Series (also known as the ``TRACE Rules''). On January 31, 
2003, the SEC approved these amendments to NASD rule 6250 of the TRACE 
rules.\13\ Approximately 520 bonds have been subject to dissemination 
since TRACE began on July 1, 2002.\14\ NASD believes Phase II will 
substantially increase the amount of information available to the 
public and market participants about debt markets. NASD believes that 
under Phase II, over 4,000 TRACE eligible-securities will be subject to 
dissemination under NASD rule 6250.
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    \13\ See Securities Exchange Act Release No. 47302 (January 31, 
2003), 68 FR 6233 (February 6, 2003) (File No. SR-NASD-2002-174).
    \14\ Minor fluctuations in the number of bonds disseminated 
occur because newly issued bonds are added if they meet the 
dissemination criteria, and outstanding bonds on which information 
is disseminated may no longer be disseminated, if, at some point, 
they fail to meet the dissemination criteria, or mature, or are 
retired.
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Temporary Fee Holiday of BTDS Professional Display Fee

    To improve transparency and provide subscribers a ``trial month'' 
to explore the services provided by the Bond Trade Dissemination 
Service (``BTDS'') terminals, NASD is proposing to provide a temporary 
fee holiday from the BTDS Professional Display Fee to subscribers for a 
period of one calendar month to be announced following the start of 
Phase II TRACE data dissemination. During this one-month period, NASD 
shall not charge

[[Page 11605]]

subscribers the current $60 per month, per terminal charge.

Temporary Reduction of Level II Full Service Web Browser Access Fee

    To further improve transparency and provide subscribers a ``trial 
month'' to explore the additional services provided by Level II Full 
Service Web Browser Access, NASD is proposing a temporary fee reduction 
on the current Level II Full Service Web Browser Access Fee. The 
current fee is $85 per month, per user ID. NASD is proposing to 
temporarily reduce the Level II Full Service Web Browser Access Fee to 
subscribers for a period of one calendar month to be announced 
following the start of Phase II TRACE data dissemination. During this 
one-month period, NASD will reduce the charge for Level II Full Service 
Web Browser Access to $25 per month, per terminal.

Clarified Language of BTDS Fees

    NASD is proposing to revise certain language in the BTDS Internal 
Usage Authorization Fee and the BTDS External Authorization Fee. 
Currently, the language in rule 7010(k)(3)(A)(ii) and (iii) provides 
that the charge for each service is determined ``per month, per 
organization.'' However, NASD staff has received questions on the 
application of these fees from the industry and there has been some 
confusion as to the meaning of the language. To alleviate this 
confusion and to provide clarity in the application of the charges for 
these services, NASD is proposing to replace the language ``per month, 
per organization'' as used in both the BTDS Internal Authorization Fee 
and the BTDS External Authorization Fee with the language ``per month, 
per application/service.'' NASD hopes this change will clarify that the 
charges apply to each application/service by a subscriber of TRACE 
data, including among other things, use of market data (i) to 
disseminate bond tables to press associations or other publishers, or 
for the purpose of furnishing market data via magnetic tape; (ii) in 
operations control programs designed for monitoring and surveillance 
purposes, order/report price validation, order status verification and 
related activities, portfolio valuation, system development, creation 
of a delayed last sale prices system, etc., (iii) in analysis programs; 
or (iv) in proprietary execution systems.

Extension and/or Renewal of Pilot Program for TRACE Fees

    NASD is proposing to extend and/or renew the pilot program for 
TRACE fees that is scheduled to expire on February 28, 2003, to expire 
on June 30, 2003. Further, NASD expects to submit a rule filing to the 
SEC prior to the June 30, 2003, expiration date seeking approval of a 
permanent fee structure for TRACE. NASD believes that the proposed fee 
structure for TRACE is reasonable, however, NASD is committed to an 
ongoing review and reassessment of TRACE fees during 2003. Based on 
data collected during 2003, NASD may recommend additional changes to 
the TRACE fee structure to ensure that the TRACE fees are reasonable.
    NASD will continue to review and reassess the impact of the overall 
TRACE fee structure over time to ensure that the fees are reasonable 
and equitable for participants in the TRACE system.
2. Statutory Basis
    NASD believes that the proposed rule change is consistent with the 
provisions of section 15A(b)(5) of the Act,\15\ which requires, among 
other things, that NASD's rules provide for the equitable allocation of 
reasonable dues, fees, and other charges among members and issuers and 
other persons using any facility or system which NASD operates or 
controls. NASD is proposing to extend the pilot program for TRACE fees 
to June 30, 2003, to provide certain temporary fee reductions for a 
one-month period following implementation of Phase II TRACE data 
dissemination, and to clarify certain language relating to the BTDS 
Internal Authorization Fee and the BTDS External Authorization Fee. In 
addition, NASD is proposing to clean up the Rule text by deleting 
references to certain services, and their corresponding fees, that were 
previously eliminated. As a result of the proposed rule change, the 
current fee structure, subject to the temporary fee reductions, would 
remain in effect to June 30, 2003. NASD believes that such proposed 
rule change will more equitably allocate fees to NASD members during 
the early stages of implementing TRACE.
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    \15\ 15 U.S.C. 78o3(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    NASD does not believe that the proposed rule change will result in 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act, as amended.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The proposed rule change is effective upon filing pursuant to 
section 19(b)(3)(A)(ii) of the Act \16\ and rule 19b-4(f)(2) 
thereunder,\17\ because the proposal is ``establishing or changing a 
due, fee, or other charge.'' The rule change has become effective upon 
filing pursuant to section 19(b)(3)(A) of the Act and rule 19b-4(f)(2) 
thereunder, and will be operational immediately as of the dates 
described in the proposed rule change. NASD will announce the one 
calendar month period during which the described fee reductions will 
take place in a notice to members.
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    \16\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \17\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of this filing, the Commission may 
summarily abrogate this proposal if it appears to the Commission that 
such action is necessary or appropriate in the public interest, for the 
protection of investors, or otherwise in furtherance of the purposes of 
the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposal is 
consistent with the Act. Persons making written submissions should file 
six copies thereof with the Secretary, Securities and Exchange 
Commission, 450 Fifth Street, NW., Washington, DC 20549-0609. Copies of 
the submission, all subsequent amendments, all written statements with 
respect to the proposed rule change that are filed with the Commission, 
and all written communications relating to the proposed rule change 
between the Commission and any person, other than those that may be 
withheld from the public in accordance with the provisions of 5 U.S.C. 
552, will be available for inspection and copying in the Commission's 
Public Reference Room. Copies of such filing will also be available for 
inspection and copying at the principal office of NASD. All submissions 
should refer to file number SR-NASD-2003-25 and should be submitted by 
April 1, 2003.


[[Page 11606]]


    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-5773 Filed 3-10-03; 8:45 am]
BILLING CODE 8010-01-P