[Federal Register Volume 77, Number 182 (Wednesday, September 19, 2012)]
[Notices]
[Pages 58190-58194]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-23037]
[[Page 58190]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67849; File No. SR-NASDAQ-2012-103]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify the Investor Support Program Under Rule 7014 and To Amend
NASDAQ's Schedule of Execution Fees and Rebates Under Rule 7018
September 13, 2012.
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 August 31, 2012, The NASDAQ Stock Market LLC (``NASDAQ'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a proposed rule change as described in Items I, II and
III below, which Items have been prepared by the Exchange. 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 proposes to modify the Investor Support Program under Rule
7014, and to amend NASDAQ's schedule of execution fees and rebates
under Rule 7018. NASDAQ will implement the proposed change on September
4, 2012. The text of the proposed rule change is available at
nasdaq.cchwallstreet.com, at NASDAQ's principal office, and at the
Commission's Public Reference Room.
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 self-regulatory organization
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 those 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 parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
NASDAQ is proposing (i) to modify the ISP under Rule 7014, and (ii)
to amend NASDAQ's schedule of execution fees and rebates under Rule
7018(a). As a general matter, the changes are designed to reflect the
persistent reduction in trading volumes in the U.S. capital markets
through a range of changes that will both increase incentives for
market participation and enhance revenue.
Investor Support Program
The ISP enables NASDAQ members to earn a monthly fee credit for
providing additional liquidity to NASDAQ and increasing the NASDAQ-
traded volume of what are generally considered to be retail and
institutional investor orders in exchange-traded securities (``targeted
liquidity''). The goal of the ISP is to incentivize members to provide
such targeted liquidity to the NASDAQ Market Center.\3\ The Exchange
noted in its original filing to institute the ISP \4\ that maintaining
and increasing the proportion of orders in exchange-listed securities
executed on a registered exchange (rather than relying on any of the
available off-exchange execution methods) would help raise investors'
confidence in the fairness of their transactions and would benefit all
investors by deepening NASDAQ's liquidity pool, supporting the quality
of price discovery, promoting market transparency and improving
investor protection.
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\3\ The Commission has expressed its concern that a significant
percentage of the orders of individual investors are executed at
over the counter (``OTC'') markets, that is, at off-exchange
markets; and that a significant percentage of the orders of
institutional investors are executed in dark pools. 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 has
recognized the strong policy preference under the Act in favor of
price transparency and displayed markets. The Commission published
the Concept Release to invite public comment on a wide range of
market structure issues, including high frequency trading and un-
displayed, or ``dark,'' liquidity. 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 nearly 30 percent
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\ Securities Exchange Act Release No. 63270 (November 8,
2010), 75 FR 69489 (November 12, 2010) (NASDAQ-2010-141) (notice of
filing and immediate effectiveness).
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Participants in the ISP are required to designate specific NASDAQ
order entry ports for use under the ISP and to meet specified criteria
focused on market participation, liquidity provision, and high rates of
order execution. Currently, a member that participates in the ISP
receives a credit of $0.00005, $0.000275, or $0.000375 per share with
respect to the number of shares of displayed liquidity provided by the
member that execute at $1 or more per share.\5\ The precise credit rate
is determined by factors designed to measure the degree of the member's
participation in the Nasdaq Market Center and the percentage of orders
that it enters that execute--its ``ISP Execution Ratio''--which is seen
as indicative of retail or institutional participation. Without making
any other modifications to the program, NASDAQ will reduce the credit
paid to market participants that currently qualify for a $0.000275 per
share credit to $0.0001 per share. The specific requirements for
qualifying for the $0.0001 credit are described below.
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\5\ A participant in the ISP must designate specific order-entry
ports for use in tabulating certain requirements under the program.
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As provided in Rule 7014(c)(2), NASDAQ will pay a credit of $0.0001
per share \6\ with respect to shares of displayed liquidity executed at
a price of $1 or more and entered through ISP-designated ports, and
$0.00005 per share with respect to all other shares of displayed
liquidity executed at a price of $1 or more, if the following
conditions are met:
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\6\ A reduction from $0.000275 per share.
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(1) The member's Participation Ratio \7\ for the month exceeds its
Baseline Participation Ratio \8\ by at least 0.43%.
[[Page 58191]]
The requirement reflects the expectation that in order to earn a higher
rebate under the program, a member participating in the program must
increase its participation in NASDAQ as compared with an historical
baseline.
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\7\ ``Participation Ratio'' is defined as follows: ``[F]or a
given member in a given month, the ratio of (A) the number of shares
of liquidity provided in orders entered by the member through any of
its Nasdaq ports and executed in the Nasdaq Market Center during
such month to (B) the Consolidated Volume.'' ``Consolidated Volume''
is defined as follows: ``[F]or a given member in a given month, the
consolidated volume of shares of System Securities in executed
orders reported to all consolidated transaction reporting plans by
all exchanges and trade reporting facilities during such month.''
``System Securities'' means all securities listed on NASDAQ and all
securities subject to the Consolidated Tape Association Plan and the
Consolidated Quotation Plan.
\8\ ``Baseline Participation Ratio'' is defined as follows:
``[W]ith respect to a member, the lower of such member's
Participation Ratio for the month of August 2010 or the month of
August 2011, provided that in calculating such Participation Ratios,
the numerator shall be increased by the amount (if any) of the
member's Indirect Order Flow for such month, and provided further
that if the result is zero for either month, the Baseline
Participation Ratio shall be deemed to be 0.485% (when rounded to
three decimal places).'' ``Indirect Order Flow'' is defined as
follows: ``[F]or a given member in a given month, the number of
shares of liquidity provided in orders entered into the Nasdaq
Market Center at the member's direction by another member with
minimal substantive intermediation by such other member and executed
in the Nasdaq Market Center during such month.''
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(2) The member's ``ISP Execution Ratio'' for the month must be less
than 10. The ISP Execution Ratio is defined as ``the ratio of (A) the
total number of liquidity-providing orders entered by a member through
its ISP-designated ports during the specified time period to (B) the
number of liquidity-providing orders entered by such member through its
ISP-designated ports and executed (in full or partially) in the Nasdaq
Market Center during such time period; provided that: (i) No order
shall be counted as executed more than once; and (ii) no Pegged Orders,
odd-lot orders, or MIOC or SIOC orders shall be included in the
tabulation.'' \9\ Thus, the definition requires a ratio between the
total number of orders that post to the NASDAQ book and the number of
such orders that actually execute that is low, a characteristic that
NASDAQ believes to be reflective of retail and institutional order
flow.
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\9\ These terms have the meanings assigned to them in Rule 4751.
MIOC and SIOC orders are forms of ``immediate or cancel'' orders and
therefore cannot be liquidity-providing orders.
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(3) The shares of liquidity provided through ISP-designated ports
during the month are equal to or greater than 0.2% of Consolidated
Volume during the month, reflecting the ISP's goals of encouraging
higher levels of liquidity provision.
(4) At least 40% of the liquidity provided by the member during the
month is provided through ISP-designated ports. This requirement is
designed to mitigate ``gaming'' of the program by firms that do not
generally represent retail or institutional order flow but that
nevertheless are able to channel a portion of their orders that they
intend to execute through ISP-designated ports and thereby receive a
credit with respect to those orders.
Alternatively, as provided in Rule 7014(c)(3), NASDAQ will pay a
credit of $0.0001 per share \10\ with respect to shares of displayed
liquidity executed at a price of $1 or more and entered through ISP-
designated ports, and $0.00005 per share with respect to all other
shares of displayed liquidity executed at a price of $1 or more, if the
following conditions are met:
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\10\ A reduction from $0.000275 per share.
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(1) The member's Participation Ratio for the month exceeds its
Baseline Participation Ratio by at least 0.30%.
(2) The member's ``ISP Execution Ratio'' for the month is less than
10.
(3) The shares of liquidity provided through ISP-designated ports
during the month are equal to or greater than 0.2% of Consolidated
Volume during the month.
(4) At least 80% of the liquidity provided by the member during the
month is provided through ISP-designated ports.
(5) The member has an average daily volume during the month of more
than 100,000 contracts of liquidity provided through one or more of its
Nasdaq Options Market market participant identifiers (``MPIDs''),
provided that such liquidity is provided through Public Customer
Orders, as defined in Chapter I, Section 1 of the Nasdaq Options Market
Rules; and
(6) The ratio between shares of liquidity provided through ISP-
designated ports and total shares accessed, provided, or routed through
ISP-designated ports during the month is at least 0.70.
Execution Fees and Rebates
NASDAQ is making a number of changes to its general schedule of
fees and rebates for order execution. Overall, the changes are designed
to (i) raise additional revenue to offset reductions caused by a
sustained decrease in trading volumes in the U.S. capital markets, (ii)
continue the process of replacing volume-based pricing tiers measured
by share volume with tiers measured by a market participant's
percentage of ``Consolidated Volume,'' \11\ and (iii) enhance market
participation incentives by broadening the eligibility for several
rebate tiers. Specifically, NASDAQ is proposing to make the following
changes to Rule 7018(a), which governs execution and routing of order
for securities priced at $1 or more per share:
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\11\ See Securities Exchange Act Release No. 64453 (May 10,
2011), 76 FR 28252 (May 16, 2011) (SR-NASDAQ-2011-062).
``Consolidated Volume'' is defined as the total consolidated volume
reported to all consolidated transaction reporting plans by all
exchanges and trade reporting facilities.
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Currently, NASDAQ pays a credit of $0.0029 per share
executed with respect to displayed quotes/orders for a member with
shares of liquidity provided in all securities through one or more of
its NASDAQ Market Center MPIDs that represent more than 0.45% of
Consolidated Volume during the month. NASDAQ is modifying this rebate
tier to increase the requirement to 0.50% of Consolidated Volume.
Similarly, NASDAQ currently pays a credit of $0.0029 per
share executed with respect to displayed quotes/orders for a member
with shares of liquidity accessed in all securities through one or more
of its MPIDs that represent more than 0.65% of Consolidated Volume
during the month, and that provides a daily average of at least 2
million shares of liquidity in all securities through one or more of
its NASDAQ Market Center MPIDs during the month. NASDAQ is proposing to
eliminate this rebate tier.\12\
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\12\ Other rebate tiers under which members may be eligible to
receive rebates of $0.00295 or $0.0029 per share will remain
unchanged.
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Currently, NASDAQ pays a credit of $0.0027 per share
executed with respect to displayed quotes/orders for a member with an
average daily volume in all securities of more than 25 million shares
of liquidity provided through one or more of its NASDAQ Market Center
MPIDs during the month. The requirement for this tier is being modified
to require that the member provide liquidity representing more than
0.30% of Consolidated Volume. NASDAQ believes that given the volume
levels that have recently prevailed in the market, the change will make
it slightly easier for members to qualify for this pricing tier.
Similarly, NASDAQ pays a credit of $0.0025 per share
executed with respect to displayed quotes/orders for a member with an
average daily volume in all securities of more than 20 million shares
of liquidity provided through one or more of its NASDAQ Market Center
MPIDs during the month. The requirement for this tier is being modified
to require that the member provide liquidity representing more than
0.10% of Consolidated Volume. Again, NASDAQ believes that this change
will make it easier for members to qualify for this pricing tier.
NASDAQ currently pays a credit of $0.0025 per share
executed with respect to displayed quotes/orders for a member with
shares of liquidity accessed in all securities through one or more of
its MPIDs that represent 0.20% or more of Consolidated Volume during
the month, and with shares of liquidity provided in all securities
during the month representing 0.10% or more of Consolidated Volume
during the month. NASDAQ is proposing to eliminate this rebate
tier.\13\
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\13\ Other rebate tiers under which members may be eligible to
receive rebates of $0.0025 per share will remain unchanged or will
have their associated rebate increased.
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NASDAQ currently pays a credit of $0.0025 per share
executed with respect
[[Page 58192]]
to displayed quotes/orders for a member with shares of liquidity
provided in all securities through one or more of its NASDAQ Market
Center MPIDs representing more than 0.10% of Consolidated Volume during
the month, and with an average daily volume during the month of more
than 100,000 contracts of liquidity accessed or provided through one or
more of its NASDAQ Options Market MPIDs. NASDAQ is proposing to
increase the rebate for this tier to $0.0027 per share executed.
NASDAQ currently pays a credit of $0.0029 per share
executed with respect to displayed quotes/orders for a member with
shares of liquidity provided in all securities through one or more of
its NASDAQ Market Center MPIDs representing more than 0.15% of
Consolidated Volume during the month, and with an average daily volume
during the month of more than 100,000 contracts of liquidity accessed
or provided through one or more of its NASDAQ Options Market MPIDs.
NASDAQ is proposing to increase the Consolidated Volume requirement for
this tier to 0.25%.
For securities listed on an exchange other than NASDAQ or the New
York Stock Exchange (``Tape B Securities''), NASDAQ currently charges a
discounted order execution fee of $0.0027 per share executed with
respect to an order entered through a NASDAQ Market Center MPID through
which a member (i) accesses shares of liquidity in Tape B Securities
that represent more than 1.5% of Consolidated Volume in Tape B
Securities during the month, and (ii) provides shares of liquidity in
Tape B Securities that represent more than 0.5% of Consolidated Volume
in Tape B Securities during the month. Similarly, NASDAQ currently
charges a discounted order execution fee of $0.0028 per share executed
with respect to an order entered through a NASDAQ Market Center MPID
through which a member (i) accesses shares of liquidity in Tape B
Securities that represent more than 0.5% of Consolidated Volume in Tape
B Securities during the month, and (ii) provides shares of liquidity in
Tape B Securities that represent more than 0.25% of Consolidated Volume
in Tape B Securities during the month. NASDAQ is eliminating both of
these discounted fees, such that the uniform access fee will be $0.0030
per share executed for all securities priced above $1.
2. Statutory Basis
NASDAQ believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\14\ in general, and with
Sections 6(b)(4) and 6(b)(5) of the Act,\15\ 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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\14\ 15 U.S.C. 78f.
\15\ 15 U.S.C. 78f(b)(4) and (5).
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Changes to the ISP
The ISP encourages members to add targeted liquidity that is
executed in the Nasdaq Market Center. NASDAQ believes that the
reduction in the rebates paid under the ISP from $0.000275 to $0.0001
with respect to certain tiers of the ISP is reasonable, because it
provides a means for NASDAQ to reduce costs during a period of
persistently low trading volumes, while maintaining the overall
structure of the ISP for the purpose of providing incentives for retail
and institutional investors to provide targeted liquidity at NASDAQ.
The change is consistent with an equitable allocation of fees: although
the change maintains the ISP's purpose of paying higher rebates to
certain market participants in order to encourage them to benefit all
NASDAQ members through the submission of targeted liquidity, the change
reduces the disparity between rebates paid to ISP participants and
other members for providing liquidity. Similarly, although NASDAQ
believes that the price differentiation inherent in the ISP is fair,
because it is designed to benefit all market participants by drawing
targeted liquidity to the Exchange, the change reduces the level of
differentiation between the rebates paid to ISP participants and those
paid to other liquidity providers.
Changes to Fees and Other Rebates
NASDAQ believes that the proposed change to the fee to access
liquidity in Tape B Securities is reasonable because NASDAQ already
charges the same fee with respect to other securities, and because the
fee is consistent with the requirements of SEC Rule 610.\16\ The change
is consistent with an equitable allocation of fees because it will
result in uniform access fees for all market participants and all
securities. Similarly, the change is not unreasonably discriminatory
because it will eliminate existing price differentials among market
participants with respect to execution of orders for Tape B Securities.
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\16\ 17 CFR 242.610.
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NASDAQ further believes that the proposed changes to rebate tiers
are reasonable, because they are not expected to result in significant
rebate reductions for market participants. This is the case because
members that no longer qualify for rebate tiers whose criteria are
being restricted will likely qualify for other tiers that pay an
enhanced rebate, while other market participants are likely to qualify
for tiers that they have not qualified for in the past. Thus, although
some market participants may see reduced rebates, NASDAQ does not
believe that the reductions will be significant. NASDAQ further
believes that the changes are consistent with an equitable allocation
of fees because the modified rebate schedule will continue to provide
the incentives for provision of displayed liquidity that NASDAQ
believes benefit all market participants by dampening price volatility
and promoting price discovery. Finally, NASDAQ believes that the
changes are not unreasonably discriminatory because opportunities for
enhanced rebates to liquidity providers will continue to exist under
the modified schedule. Specifically:
The change to one of the rebate tiers through which
members may earn a $0.029 [sic] per share executed rebate by requiring
liquidity representing 0.50% of Consolidated Volume (rather than 0.45%
of Consolidated Volume), as well as the elimination of another $0.0029
per share rebate tier that requires shares of liquidity accessed that
represent more than 0.65% of Consolidated Volume during the month and
provision of a daily average of at least 2 million shares of liquidity,
are reasonable because members may continue to receive a rebate of
$0.0029 per share through several alternative tiers, or may qualify for
slightly lower rebates of $0.0027 per share or $0.0025 per share
through a range of alternative tiers. In addition, the changes are
consistent with an equitable allocation of fees because after the
change, the rebate schedule will continue to reflect an allocation of
rebates to liquidity providers designed to encourage beneficial market
activity, with affected market participants still able to earn
comparable or slightly lower rebates through alternative means.
Finally, the changes are not unreasonably discriminatory because
although they affect only those market participants currently
qualifying for the tiers in question, they serve the reasonable
purposes of reducing costs while continuing to provide reasonable
rebate opportunities to those participants.
[[Page 58193]]
The changes to express the requirements for certain
$0.0027 and $0.0025 per share tiers in terms of percentage of
Consolidated Volume rather than share amounts is reasonable because at
currently prevailing volume levels, the changes will make it easier for
market participants to qualify for these tiers. The changes are
consistent with an equitable allocation of fees because they encourage
liquidity provision and help to ensure that market participants
affected by changes that restrict eligibility for other rebate tiers
will continue to have alternative means to earn a favorable rebate.
Finally, the changes are not unreasonably discriminatory because they
broaden the eligibility of members to receive rebates at these levels.
The elimination of the $0.0025 per share tier requiring
liquidity accessing equal or greater to 0.20% of Consolidated Volume
and liquidity provision of 0.10% or more of Consolidation Volume is
reasonable because affected members will continue to qualify for the
modified tier requiring comparable liquidity provision in order to earn
a $0.0025 per share rebate. Thus, the change is also consistent with an
equitable allocation of fees, and is not unreasonably discriminatory,
because it will not deprive market participants of the rebate
opportunity in question.
The increase in the rebate paid with respect to market participants
providing liquidity representing 0.10% of Consolidated Volume and
active in the NASDAQ Options Market, as well as the tightening of the
requirements for a $0.0029 per share credit paid to market participants
active in both the NASDAQ Market Center and the NASDAQ Options Market,
are reasonable because they provide an increased rebate to members
currently in the lower tier while ensuring that members no longer
qualifying for the higher tier can nevertheless receive the new higher
rebate for the lower tier. The changes are consistent with an equitable
allocation of fees because the modified rebates continue to be
responsive to the convergence of trading in which members
simultaneously trade different asset classes within a single strategy.
NASDAQ also notes that cash equities and options markets are linked,
with liquidity and trading patterns on one market affecting those on
the other. Accordingly, pricing incentives that encourage market
participant activity in both markets recognize that activity in the
options markets also supports price discovery and liquidity provision
in the NASDAQ Market Center. Finally, the changes are not unreasonably
discriminatory, since NASDAQ Market Center participants have
alternative means of early rebates of $0.0027 or $0.0029 per share
rebates that do not require participation in the NASDAQ Options Market.
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. These competitive forces help to ensure that
NASDAQ's fees are reasonable, equitably allocated, and not unfairly
discriminatory since market participants can largely avoid fees to
which they object by changing their trading behavior.
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. Because the market
for order execution is extremely competitive, members may readily opt
to disfavor NASDAQ's execution services if they believe that
alternatives offer them better value. For this reason and the reasons
discussed in connection with the statutory basis for the proposed rule
change, 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
Written comments were neither solicited nor 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)(ii) of the Act.\17\ 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. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
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\17\ 15 U.S.C. 78s(b)(3)(a)(ii).
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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-2012-103 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-2012-103.
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-
[[Page 58194]]
NASDAQ-2012-103 and should be submitted on or before October 10, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-23037 Filed 9-18-12; 8:45 am]
BILLING CODE 8011-01-P