SIFMA and NetCoalition provide comments and a petition for disapproval to the Securities and Exchange Commission (SEC) on a proposed rule change by NASDAQ to establish fees for a direct market data product, NASDAQ Options Trade Outline (NOTO), File No. SR-NASDAQ-2011-153.  The groups underscore the SEC’s duty to ensure that all proposed fees are “fair and reasonable.”  In addition, the groups note the exchanges have not shown that these market data fees are constrained by competitive forces.  SIFMA and NetCoalition point out that NASDAQ’s actions are inconsistent with the recent decision of the United States Court of Appeals for the District of Columbia Circuit in NetCoalition v. Securities and Exchange Commission. The groups petition the Commission to temporarily suspend this rule change and institute proceedings to preferably disapprove the proposal.