[Federal Register Volume 68, Number 103 (Thursday, May 29, 2003)]
[Notices]
[Page 32144]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-13445]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47897; File No. SR-NASD-2003-48]


Self-Regulatory Organizations; Order Granting Approval to 
Proposed Rule Change by the National Association of Securities Dealers, 
Inc. To Modify the Display Charge Associated With the Use of the Nasdaq 
Workstation II Service by Persons That Are Not NASD Members

May 21, 2003.
    On March 21, 2003, the National Association of Securities Dealers, 
Inc. (``NASD'' or ``Association''), 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 modify the display charge 
associated with the use of the Nasdaq Workstation II Service 
(``Service'') by persons that are not NASD Members. Specifically, the 
proposal would provide a discount on each additional Service logon to 
subscribers with more than 150 logons.\3\ The proposed rule change was 
published for comment in the Federal Register on April 21, 2003.\4\ The 
Commission received no comments on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The Commission notes that Nasdaq also submitted a separate 
proposed rule change, pursuant to section 19b(3)(A) of the Act, 15 
U.S.C. 78s(b)(3)(A), to modify this charge for NASD members. See 
Securities Exchange Act Release No. 47637 (April 7, 2003), 68 FR 
17849 (April 11, 2003) (File No. SR-NASD-2003-47).
    \4\ See Securities Exchange Act Release No. 47679 (April 15, 
2003), 68 FR 19593.
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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 of the Act \6\ and the 
rules and regulations thereunder. The Commission finds specifically 
that the proposal is consistent with the requirements of section 
15A(b)(5) of the Act,\7\ because it provides for the equitable 
allocation of reasonable dues, fees, and other charges among members 
and issuers and other persons using any facility or system that NASD 
operates. Nasdaq has represented that it is proposing to modify the 
display charge to reflect the economies of scale realized when 
providing a subscriber with a large number of logons. Further, Nasdaq 
has already implemented a similar fee schedule for members.\8\ The 
Commission believes that the proposed fee discount on each additional 
Service logon to subscribers with more than 150 logons should assist in 
reducing costs incurred by all market participants using Nasdaq's 
systems and services.
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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.
    \7\ 15 U.S.C. 78o-3(b)(5).
    \8\ See supra note 3.
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    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\9\ that the proposed rule change (File No. SR-NASD-2003-48) be, 
and hereby is, approved.
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    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
Margaret H. McFarland,
Deputy Secretary.
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    \10\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 03-13445 Filed 5-28-03; 8:45 am]
BILLING CODE 8010-01-P