The NASDAQ UTP Plan Fee Increase

SIFMA provides comments to the Securities and Exchange Commission (SEC), Chair of the Nasdaq UTP Plan Operating Committee, and the Nasdaq UTP Plan Administrator on Nasdaq UTP Plan Amendment for Level 1 Professional Fee Increase.

SIFMA believes the Nasdaq UTP Plan’s action was a clear violation of the Commission’s “Governance Amendment” to the UTP Plan in 2005, which was a fundamental component of the Commission’s adoption of Regulation NMS.

SIFMA understands that on or around February 14, 2013, the Plan adopted a price increase for core data in executive session without notice to or participation by the Plan’s Advisory Committee members.

Although the Nasdaq UTP Plan amendment filing has not yet been published on the SEC’s website, SIFMA urges the SEC to take action now to avoid confusion in the market place and to uphold the integrity of the National Market System.