[Federal Register Volume 78, Number 54 (Wednesday, March 20, 2013)]
[Notices]
[Pages 17272-17276]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-06319]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69133; File No. SR-NASDAQ-2013-042]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
To Amend Rules 7014 and 7018

March 14, 2013.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\, and Rule 19b-4 \2\ thereunder, notice is hereby given 
that on March 1, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I, II and III, below, which Items have been prepared by NASDAQ. 
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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NASDAQ is proposing changes to its schedule of fees and rebates for 
execution of orders for securities priced at $1 or more under Rule 
7018, as well as a minor change to its Routable Order Program under 
Rule 7014. The changes pursuant to this proposal are effective upon 
filing, and the Exchange will implement the proposed rule changes on 
March 1, 2013.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://www.nasdaq.cchwallstreet.com, at the principal 
office of the Exchange, and at the Commission's Public Reference Room.

[[Page 17273]]

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

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
Designated Retail Orders
    NASDAQ proposes to introduce new liquidity provider credit tiers 
for orders designated by a member as Designated Retail Orders. The 
proposed change is part of an ongoing effort by NASDAQ to use financial 
incentives to encourage greater participation in NASDAQ by members that 
represent retail customers.\3\ For purposes of the proposed new tiers 
and credits, a Designated Retail Order would be defined as an agency or 
riskless principal \4\ order that originates from a natural person and 
is submitted to NASDAQ by a member that designates it pursuant to Rule 
7018, provided that no change is made to the terms of the order with 
respect to price or side of market and the order does not originate 
from a trading algorithm or any other computerized methodology. If a 
member enters Designated Retail Orders through an MPID through which 
(i) at least 90% of the shares of liquidity provided during the month 
are provided through Designated Retail Orders, and (ii) the member 
accesses, provides, or routes shares of liquidity that represent at 
least 0.10% of Consolidated Volume \5\ during the month, the member 
will receive a credit of $0.0034 per share executed for Designated 
Retail Orders that provide liquidity if they are displayed orders. For 
all other Designated Retail Orders that are displayed orders and that 
provide liquidity, the credit will be $0.0033 per share executed. With 
respect to Designated Retail Orders that are not displayed, NASDAQ's 
existing credits for midpoint pegged and midpoint peg post-only orders 
(``midpoint orders'') and other forms of non-displayed orders would 
apply.\6\
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    \3\ Thus, the change complements NASDAQ's existing Investor 
Support Program (``ISP'') and Routable Order Program (``ROP'') under 
Rule 7014, both of which provide enhanced rebates for orders with 
characteristics associated with retail investors. The Commission has 
expressed concern that a significant percentage of the orders of 
individual investors are executed in over-the-counter markets, that 
is, at off-exchange markets. Securities Exchange Act Release No. 
61358 (January 14, 2010), 75 FR 3594 (January 21, 2010) (Concept 
Release on Equity Market Structure, ``Concept Release''). In the 
Concept Release, the Commission recognized the strong policy 
preference under the Act in favor of price transparency and 
displayed markets. See also Mary L. Schapiro, Strengthening Our 
Equity Market Structure (Speech at the Economic Club of New York, 
Sept. 7, 2010) (``Schapiro Speech,'' available on the Commission Web 
site) (comments of Commission Chairman on what she viewed as a 
troubling trend of reduced participation in the equity markets by 
individual investors, and that a significant percentage of volume in 
U.S.-listed equities is executed in venues that do not display their 
liquidity or make it generally available to the public).
    \4\ To qualify as a Designated Retail Order, a riskless 
principal order must satisfy the criteria set forth in FINRA Rule 
5320.03. These criteria include that the member maintain supervisory 
systems to reconstruct, in a time-sequenced manner, all orders that 
are entered on a riskless principal basis; and the member submits a 
report, contemporaneously with the execution of the facilitated 
order, that identifies the trade as riskless principal.
    \5\ ``Consolidated Volume'' is defined as the total consolidated 
volume reported to all consolidated transaction plans by all 
exchanges and trade reporting facilities.
    \6\ Specifically, NASDAQ provides a credit of $0.0017 per share 
executed for midpoint orders if the member provides an average daily 
volume of more than 3 million shares through midpoint orders during 
the month, $0.0015 per share executed for midpoint orders if the 
member provides an average daily volume of 3 million or fewer shares 
through midpoint orders during the month, and $0.0010 per share 
executed for other orders that are not displayed.
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    A member wishing to qualify for either of these tiers may do so by 
designating orders as Designated Retail Orders, either on an order-by-
order basis, or by designating all orders on a particular order entry 
port as Designated Retail Orders.\7\ The member would be required to 
attest, in a form prescribed by NASDAQ, that it has implemented 
policies and procedures that are reasonably designed to ensure that 
every order designated by the member as a ``Designated Retail Order'' 
complies with NASDAQ's definition of a Designated Retail Order, as 
described above.
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    \7\ A Designated Retail Order flag will be made available for 
the purpose of designating orders.
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    The member's written policies and procedures must be reasonably 
designed to assure that it will only designate orders as Designated 
Retail Orders if all requirements of a Designated Retail Order are met. 
Such written policies and procedures must require the member to (i) 
exercise due diligence before entering a Designated Retail Order to 
assure that entry as a Designated Retail Order is in compliance with 
the requirements specified by NASDAQ, and (ii) monitor whether orders 
entered as Designated Retail Orders meet the applicable requirements. 
If the member represents Designated Retail Orders from another broker-
dealer customer, the member's supervisory procedures must be reasonably 
designed to assure that the orders it receives from such broker-dealer 
customer that it designates as Designated Retail Orders meet the 
definition of a Designated Retail Order. The member must (i) obtain an 
annual written representation, in a form acceptable to NASDAQ, from 
each broker-dealer customer that sends it orders to be designated as 
Designated Retail Orders that entry of such orders as Designated Retail 
Orders will be in compliance with the requirements specified by NASDAQ, 
and (ii) monitor whether its broker-dealer customer's Designated Retail 
Order flow continues to meet the applicable requirements.\8\
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    \8\ FINRA will, on behalf of NASDAQ, review a member's 
compliance with these requirements through an exam-based review of 
the member's internal controls.
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    NASDAQ may disqualify a member from qualifying for Designated 
Retail Order rebates if NASDAQ determines, in its sole discretion, that 
a member has failed to abide by the requirements proposed herein, 
including, for example, if a member designates orders submitted to 
NASDAQ as Designated Retail Orders but those orders fail to meet any of 
the requirements of Designated Retail Orders.
New Tier for Members Active in the NASDAQ Market Center and the NASDAQ 
Options Market
    NASDAQ is proposing to introduce a new liquidity provider credit 
tier for members that are active in both the Nasdaq Market Center and 
the NASDAQ Options Market (``NOM''). At present, NASDAQ provides a 
credit of $0.0027 per share executed for displayed orders that provide 
liquidity if a member has (i) shares of liquidity provided in all 
securities during the month representing more than 0.10% of 
Consolidated Volume, through one or more of its Nasdaq Market Center 
MPIDs, and (ii) an average daily volume during the month of more than 
100,000 contracts of liquidity accessed or provided through one or more 
of its NOM MPIDs. NASDAQ provides a credit of $0.0029 per share 
executed for displayed orders that provide liquidity if a member has 
(i) shares of liquidity provided in all securities during the month 
representing more than 0.15% of Consolidated Volume, through one or 
more of its Nasdaq Market Center MPIDs, and (ii) an average daily 
volume

[[Page 17274]]

during the month of more than 100,000 contracts of liquidity accessed 
or provided through one or more of its NOM MPIDs. Finally, NASDAQ 
currently provides a credit of $0.00295 per share executed for 
displayed orders that provide liquidity if a member has (i) shares of 
liquidity provided in all securities during the month representing more 
than 1.0% of Consolidated Volume, through one or more of its Nasdaq 
Market Center MPIDs, and (ii) an average daily volume during the month 
of more than 200,000 contracts of liquidity accessed or provided 
through one or more of its NOM MPIDs. Under the proposed additional 
tier, NASDAQ will provide a credit of $0.0030 per share executed for 
displayed orders that provide liquidity if a member (i) has shares of 
liquidity provided in all securities during the month representing at 
least 0.45% of Consolidated Volume during the month, through one or 
more of its Nasdaq Market Center MPIDs, and (ii) qualifies for the 
Penny Pilot Tier 7 Customer and Professional Rebate to Add Liquidity 
under Chapter XV, Section 2 of the NOM rules during the month through 
one or more of its NOM MPIDs. The Tier 7 Customer and Professional 
Rebate is being proposed for NOM through a contemporaneous proposed 
rule change.\9\ A NOM Participant may qualify for the Tier 7 Customer 
and Professional Rebate if it (i) has Total Volume \10\ of 325,000 or 
more contracts per day in a month, (2) adds Customer and Professional 
liquidity of 1.00% or more of national customer volume in multiply-
listed equity and ETF options classes in a month, or (iii) adds 
Customer and Professional liquidity of 60,000 or more contracts per day 
in a month and NOM Market Maker liquidity of 30,000 or more per day per 
month. Thus, as with existing tiers that require participation in both 
the Nasdaq Market Center and NOM, the criteria for the new tier 
establish volume thresholds that must be met on both markets in order 
to receive the higher rebate. In doing so, the pricing incentive 
recognizes the prevalence of trading in which members simultaneously 
trade different asset classes within the same strategy. Because cash 
equities and options markets are linked, with liquidity and trading 
patterns on one market affecting those on the other, NASDAQ believes 
that pricing incentives that encourage market participant activity in 
NOM also support price discovery and liquidity provision in the Nasdaq 
Market Center.
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    \9\ SR-NASDAQ-2013-041 (March 1, 2013).
    \10\ ``Total Volume'' is defined as Customer, Professional, 
Firm, Broker-Dealer, Non-NOM Market Maker and NOM Market Maker 
volume in Penny Pilot Options and Non-Penny Pilot Options that 
either adds or removes liquidity on NOM. The term ``Customer'' 
applies to any transaction that is identified by a Participant for 
clearing in the Customer range at The Options Clearing Corporation 
(``OCC'') which is not for the account of a broker or dealer or for 
the account of a Professional. The term ``Professional'' means any 
person or entity that (i) is not a broker or dealer in securities, 
and (ii) places more than 390 orders in listed options per day on 
average during a calendar month for its own beneficial account(s) 
pursuant to Chapter I, Section 1(a)(48) of the NOM Rules. The term 
``Non-NOM Market Maker'' means a registered market maker on another 
options exchange that is not a NOM Market Maker. The term ``NOM 
Market Maker'' means a Participant that has registered as a Market 
Maker on NOM pursuant to Chapter VII, Section 2 of the NOM Rules, 
and must also remain in good standing pursuant to Chapter VII, 
Section 4 of the NOM Rules. The term ``Firm'' applies to any 
transaction that is identified by a Participant for clearing in the 
Firm range at OCC. The term ``Broker-Dealer'' applies to any 
transaction that is not subject to any of the other transaction fees 
applicable within a particular category.
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Designated Securities Pricing
    In December 2012,\11\ NASDAQ introduced a discounted execution fee 
of $0.0028 per share executed for certain securities designated in the 
rule (``Designated Securities'').\12\ The discounted fee applied to all 
orders in Designated Securities entered through an MPID through which a 
member accessed, provided, or routed shares of liquidity that represent 
more than 0.25% of Consolidated Volume during the month, including a 
daily average volume of at least 2 million shares of liquidity 
provided. NASDAQ is proposing to eliminate the discount for Designated 
Securities, effective March 1, 2013. The program has not been 
successful at achieving its goal of materially altering NASDAQ's market 
share of executions of trades in Designated Securities, and accordingly 
NASDAQ believes that it may appropriately be discontinued.
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    \11\ Securities Exchange Act Release No. 68421 (December 13, 
2012), 77 FR 75232 (December 19, 2012) (SR-NASDAQ-2012-135).
    \12\ In February 2013, NASDAQ amended the list of Designated 
Securities. Securities Exchange Act Release No. 68905 (February 12, 
2013), 78 FR 11716 (February 19, 2013) (SR-NASDAQ-2013-023).
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Routable Order Program
    In February 2013, NASDAQ introduced a new Routable Order Program 
aimed at encouraging greater participation in NASDAQ by members that 
represent retail customers.\13\ NASDAQ is now proposing a minor 
enhancement to the program to broaden its availability. Under the 
program, a member must have an MPID through which it provides an 
average daily volume of at least 35 million shares of displayed 
liquidity using orders that employ the SCAN or LIST routing 
strategies,\14\ including an average daily volume of at least 2 million 
shares that are provided prior to the NASDAQ Opening Cross and/or after 
the NASDAQ Closing Cross. Under the proposed change, a qualifying 
member must have an MPID through which it (i) provides an average daily 
volume of at least 35 million shares of displayed liquidity using 
orders that employ the SCAN or LIST routing strategies, and (ii) 
provides displayed liquidity and/or routes an average daily volume of 
at least 2 million shares prior to the NASDAQ Opening Cross and/or 
after the NASDAQ Closing Cross using orders that employ the SCAN or 
LIST strategies. Thus, the satisfaction of the volume requirements for 
participation in the program would not be affected by the extent to 
which, during pre- and post-market hours, routable orders execute at 
NASDAQ or at another venue to which they are routed prior to posting to 
the NASDAQ book. The change reflects the fact that wider spreads during 
pre- and post-market hours make it more likely that orders will be 
marketable against quotes posted at other markets and therefore will 
route rather than posting to the NASDAQ book. The pricing associated 
with SCAN and LIST orders entered by ROP participants through a 
qualifying MPID is not being altered.\15\
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    \13\ Securities Exchange Act Release No. 68905 (February 12, 
2013), 78 FR 11716 (February 19, 2013) (SR-NASDAQ-2013-023).
    \14\ SCAN is a basic routing strategy that is widely used by 
firms that represent retail customers. SCAN orders check the Nasdaq 
Market Center System for available shares, while remaining shares 
are simultaneously routed to destinations on the applicable routing 
table. If shares remain un-executed after routing, they are posted 
on the book. Once on the book, if the order is subsequently locked 
or crossed by another market center, the System will not route the 
order to the locking or crossing market center. LIST is a routing 
strategy that is used by firms that wish for their orders to 
participate in the opening and closing processes of each security's 
primary listing exchange, to access liquidity on all exchanges if 
marketable, and otherwise to post to the NASDAQ book. Members, 
including those that represent retail customers, use the LIST 
strategy to offload on the Exchange and its routing broker the 
technical complexity associated with routing orders to participate 
in the market open and/or close.
    \15\ For orders in securities priced at $1 per share or more, 
NASDAQ charges a fee of $0.0029 per share executed with respect to 
such orders when they access liquidity in the Nasdaq Market Center, 
and provides a credit of $0.0037 per share executed with respect to 
such orders when they provide liquidity on NASDAQ. For orders in 
securities priced less than $1 per share, NASDAQ charges a fee of 
0.30% of the total transaction cost with respect to such orders when 
they access liquidity in the Nasdaq Market Center, and provides a 
credit of $0.00003 per share executed if they are designated for 
display and provide liquidity after posting to the book.

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[[Page 17275]]

2. Statutory Basis
    NASDAQ believes that the proposed rule change is consistent with 
the provisions of Section 6 of the Act,\16\ in general, and with 
Sections 6(b)(4) and 6(b)(5) of the Act,\17\ in particular, in that 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 which NASDAQ operates or controls, and is not 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \16\ 15 U.S.C. 78f.
    \17\ 15 U.S.C. 78f(b)(4) and (5).
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    The proposed changes with respect to the ROP and the tiers for 
Designated Retail Orders are reflective of NASDAQ's ongoing efforts to 
use pricing incentive programs to attract orders of retail customers to 
NASDAQ and improve market quality. As NASDAQ noted in its filing to 
introduce the ROP, the goal of that program is to provide meaningful 
incentives for members that represent significant numbers of retail 
customers to increase their participation in NASDAQ. The proposed 
change to the program is reasonable because it will broaden the 
availability of the significant fee reductions available through the 
program, thereby reducing the costs of members that represent retail 
customers and that take advantage of the program, and potentially also 
reducing costs to the customers themselves. The change is consistent 
with an equitable allocation of fees because it will make it easier for 
more members to qualify for the program. NASDAQ further believes that 
the proposed change is not unreasonably discriminatory because it will 
ensure that eligibility to participate in the program is not affected 
by the extent to which orders that are entered during pre- and post-
market hours route to quotes of other trading venues against which they 
are marketable rather than posting to the NASDAQ book.
    The proposed pricing tiers for Designated Retail Orders are 
reasonable because they reflect the availability of a significant fee 
reduction for members that represent retail customers. NASDAQ believes 
that it is reasonable to use fee reductions as a means to encourage 
greater retail participation in NASDAQ. Because retail orders are 
likely to reflect long-term investment intentions, they promote price 
discovery and dampen volatility. Accordingly, their presence in the 
NASDAQ market has the potential to benefit all market participants. For 
this reason, NASDAQ believes that it is equitable to provide 
significant financial incentives to encourage greater retail 
participation in the market. NASDAQ further believes that the proposal 
is equitable and not unreasonably discriminatory because it will 
significantly broaden the retail pricing incentives already provided 
through the ROP and the ISP by offering a meaningful pricing incentive 
($0.0033 per share executed) that is available to all members that are 
able to attest that orders designated by them for participation in the 
program meet the definition of a Designated Retail Order. Moreover, the 
higher rebate of $0.0034 per share executed for members that trade 
higher volumes (at least 0.1% of Consolidated Volume) and that are able 
to focus the Designated Retail Orders they introduce through a 
particular MPID is consistent with existing NASDAQ pricing policies 
that offer higher rebates and/or lower fees for members based on volume 
but that require concentration of activity through particular MPIDs as 
a means of encouraging members to manage their trading activity in a 
unified manner rather than merely serving as an aggregator of orders 
from sponsored participants. NASDAQ believes that these requirements 
are consistent with an equitable allocation of fees and not 
unreasonably discriminatory because they provide the most favorable 
pricing to the market participants that are most active on NASDAQ and 
that thereby promote price discovery and market stability. These 
requirements also avoid providing excessive encouragement to members 
aggregating the activity of several firms (some of whom may not 
themselves by members of the Exchange) for the sole purpose of earning 
a higher rebate.\18\
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    \18\ See Securities Exchange Act Release No. 64003 (March 2, 
2011), 76 FR 12784 (March 8, 2011) (SR-NASDAQ-2011-028) (discussing 
introduction of fees designed to discourage aggregation for purposes 
of earning a rebate).
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    The change with respect to Designated Securities is reasonable: 
Although it eliminates a pricing incentive that was in effect for a 
short period of time, the change causes NASDAQ's fees to access 
liquidity in Designated Securities to revert to the same levels as in 
effect for other securities. These fees are, in turn, consistent with 
the requirements imposed by SEC Rule 610 with respect to access 
fees.\19\ The change is also consistent with an equitable allocation of 
fees and not unreasonably discriminatory because all members will pay 
the same access fees with respect to Designated Securities as they 
currently pay with respect to all other securities.
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    \19\ 17 CFR 242.610.
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    The new tier for members active in both the NASDAQ Market Center 
and NOM is reasonable because it reflects the availability of a 
significant price reduction for members that support liquidity on both 
markets. The change is consistent with an equitable allocation of fees 
because the pricing tier requires significant levels of liquidity 
provision, which benefits all market participants, and because activity 
in NOM also supports price discovery and liquidity provision in the 
NASDAQ Market Center due to the increasing propensity of market 
participants to be active in both markets and the influence of each 
market on the pricing of securities in the other. The new tier is not 
unreasonably discriminatory because market participants may qualify for 
a comparable or a higher rebate through alternative means that do not 
require participation in NOM, including through the new program for 
Designated Retail Orders introduced through this proposed rule change, 
through the ROP, and through a combination of qualification for volume-
based tiers and participation in the ISP.
    Finally, NASDAQ notes that it operates in a highly competitive 
market in which market participants can readily favor competing venues 
if they deem fee levels at a particular venue to be excessive, or 
rebate opportunities available at other venues to be more favorable. In 
such an environment, NASDAQ must continually adjust its fees to remain 
competitive with other exchanges and with alternative trading systems 
that have been exempted from compliance with the statutory standards 
applicable to exchanges. NASDAQ believes that all aspects of the 
proposed rule change reflect this competitive environment because the 
changes reflect significant price reductions, offset only to a small 
extent by the elimination of the program for Designated Securities.

B. Self-Regulatory Organization's Statement on Burden on Competition

    NASDAQ 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. Specifically, 
NASDAQ believes that these changes reflect significant price 
reductions, offset only to a small extent by the elimination of the 
program for Designated Securities. Such reductions reflect the high 
degree of competition in the cash equities markets and will further 
enhance that competition by lowering fees and possibly encouraging 
NASDAQ's competitors to make

[[Page 17276]]

competitive responses. The market for order execution is extremely 
competitive and members may readily opt to disfavor NASDAQ's execution 
services if they believe that alternatives offer them better value. 
Accordingly, NASDAQ believes that the degree to which fee changes in 
this market may impose any burden on competition is extremely limited. 
Because competitors are free to modify their own fees in response, and 
because market participants may readily adjust their order routing 
practices, NASDAQ does not believe that the proposed changes will 
impair the ability of members or competing order execution venues to 
maintain their competitive standing in the financial markets.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \20\ and paragraph (f) of Rule 19b-4 
thereunder.\21\ At any time within 60 days of the filing of the 
proposed rule change, the Commission summarily may temporarily suspend 
such rule change 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.
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    \20\ 15 U.S.C. 78s(b)(3)(A).
    \21\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NASDAQ-2013-042 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2013-042. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). 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 Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NASDAQ-2013-042 and should 
be submitted on or before April 10, 2013.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-06319 Filed 3-19-13; 8:45 am]
BILLING CODE 8011-01-P