NASDAQ Market Data Fees

SIFMA and NetCoalition provide comments to the Securities and Exchange Commission (SEC) on the Nasdaq Stock Market proposed two rule changes related to non-display usage of certain Nasdaq depth-of-book data, File No. SR-NASDAQ-2012-042, Exchange Act Release No. 66740, 77 Fed. Reg. 21609, File No. SR-NASDAQ-2012-044, Exchange Act Release No. 66724, 77 Fed. Reg. 21125.  Because the proposed changes are not simply imposing a fee change and, instead, constitute a new and substantial change to Nasdaq’s policies, the groups believe they should not be deemed effective upon filing.  For these reasons, set out in more detail in this correspondence, and because Nasdaq’s actions are inconsistent with the decision of the United States Court of Appeals for the District of Columbia Circuit in NetCoalition v. Securities and Exchange Commission, SIFMA and NetCoalition respectfully petition the SEC to temporarily suspend these rule changes.