On January 28th, the SEC instituted proceedings to determine whether to disapprove the NASDAQ Stock Market's proposal to discount certain market data fees and increase certain liquidity provider rebates for members that both (1) execute specified levels of transaction volume on NASDAQ as a liquidity provider, and (2) purchase specified levels of market data from NASDAQ. The SEC is concerned that such a tying arrangement may not be consistent with the statutory requirements applicable to a national securities exchange, including requirements that market data fees be equitable, fair, and not unreasonably discriminatory. Comments should be submitted on or before March 21, 2011. SEC Release No. 34-63796.