[Federal Register Volume 69, Number 3 (Tuesday, January 6, 2004)]
[Notices]
[Page 716]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-224]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48997; File No. SR-NASD-2003-161]


Self-Regulatory Organizations; Order Granting Approval of 
Proposed Rule Change by the National Association of Securities Dealers, 
Inc. To Establish a Nasdaq Official Opening Price

December 29, 2003.
    On October 28, 2003, 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 establish a Nasdaq Official 
Opening Price that would be made available for wholly voluntary use by 
NASD members and the public. The proposed rule change was published for 
comment in the Federal Register on November 26, 2003.\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. 48810 (November 19, 
2003), 68 FR 66518.
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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\ In 
particular, the Commission believes that the proposed rule change is 
consistent with Section 15A of the Act \5\ in general, and furthers the 
objectives of Section 15A(b)(6) \6\ in particular, in that it is 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in regulating, clearing, 
settling, processing information with respect to, and facilitating 
transactions in securities, to remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and 
in general, to protect investors and the public interest. Specifically, 
the Commission believes that Nasdaq's proposal may result in the public 
dissemination of information that more accurately reflects the trading 
in a particular security on Nasdaq at the open.
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    \4\ In approving the 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.
    \6\ 15 U.S.C. 78o-3(b)(6).
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    For the foregoing reasons, the Commission finds that the proposed 
rule change is consistent with the requirements of the Act and rules 
and regulations thereunder.
    It is therefore ordered, pursuant to section 19(b)(2) of the Act 
\7\, that the proposed rule change (SR-NASD-2003-161) 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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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 04-224 Filed 1-5-04; 8:45 am]
BILLING CODE 8010-01-P