Letters

NASDAQ Market Data Fee Rule

Summary

The Market Data Subcommittee of the Technology and Regulation Committee of the Securities Industry Association (SIA)* provide comments to the Securities and Exchange Commission (SEC) on a market data rule filing, File No. SR-NASDAQ-2006-013.  SIA applauds the approach NASDAQ is taking to aggregate its various data feeds, data products, and data fee schedules into a single platform. But SIA remains concerned because the information that was previously free is being packaged into a “product” for sale; and the exchanges fail to provide any data to support the fees are “an equitable allocation of overall costs” and are “fair and reasonable.”

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.

Committee

Equity Markets and Trading Committee

Date

18

August

2006