Monday, March 12, 2007

Equity Trader Alert #2007 - 58
NASDAQ Announces Clearly Erroneous Rule Change, Effective Monday, March 19, 2007

Please Route To: Head Traders; Technical Contacts; Compliance Officers

What you need to know:

  • Effective Monday, March 19, 2007, NASDAQ will implement a $500 fee for unsuccessful appeals of Clearly Erroneous Rule 11890 adjudications. This fee was filed with the Securities and Exchange Commission (SEC) on an immediately effective basis.

Whom you should contact:

    NASDAQ MarketWatch at 800.211.4953 or 301.978.8501

***Please show this to your Compliance Officer***

What is changing?
Effective Monday, March 19, 2007, NASDAQ® will implement a $500 fee for unsuccessful appeals of Clearly Erroneous Rule 11890 adjudications. This fee was filed with the SEC on an immediately effective basis.

Firms are encouraged to review NASDAQ’s Clearly Erroneous Guidance documents and consider whether the facts and economic value at stake merit appellate consideration.

When will I be charged the fee?
The party initiating the appeal shall be assessed the $500 fee if the Market Operations Review Committee (MORC) upholds the decision of the NASDAQ official who made the initial determination. The fee will be reflected in the monthly invoice.

Where can I get additional information?

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