[Federal Register Volume 70, Number 145 (Friday, July 29, 2005)]
[Notices]
[Pages 43917-43918]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-4025]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52112; File No. SR-NASD-2005-060]


Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc.; Order Approving Proposed Rule Change To Create the 
ModelView Entitlement, an Historical Data Product Designed To Provide 
the Aggregate Amount of Both Displayed and Reserve Size Liquidity in 
the Nasdaq Market Center at Each Price Level

July 22, 2005.
    On May 10, 2005, 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 create the ModelView entitlement, an historical 
data product designed to provide the aggregate amount of both displayed 
and reserve size liquidity in the Nasdaq Market Center at each price 
level. The proposed rule change was published for comment in the 
Federal Register on June 21, 2005.\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. 51851 (June 14, 
2005), 70 FR 35752.
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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\ the 
requirements of Section 15A of the Act,\5\ in general, and Section 
15A(b)(5) of the Act,\6\ in particular, which requires, among other 
things, that NASD's rules provide for the equitable allocation of 
reasonable dues, fees, and other charges among persons using any 
facility or system which NASD operates or controls. The Commission 
believes the proposed rule change may encourage the broader 
redistribution on the Nasdaq Market Center depth of book order 
information, thus improving transparency and thereby benefiting the 
investing public.
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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. See 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78o-3.
    \6\ 15 U.S.C. 78o-3(b)(5).

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[[Page 43918]]

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (File No. SR-NASD-2005-060) be, 
and 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. E5-4025 Filed 7-28-05; 8:45 am]
BILLING CODE 8010-01-P