The NASDAQ Stock Market LLC (NASDAQ) proposed a rule change to establish the fees it will charge NASDAQ members that trade equities in the NASDAQ Market Center using the “Flash” functionality set forth in NASDAQ Rule 4758(a)(1)(A). The Flash functionality provides an optional pre-routing display period for orders using NASDAQ’s DOT, SCAN or STGY routing strategies. When voluntarily employed by a member, the Flash-enabled routing strategies will first execute to the maximum extent possible in NASDAQ’s book, before displaying the remaining share amounts and prices to NASDAQ market participants and market data vendors for not more than one half of one second. If at the end of the Flash period the order is not executed or is partially executed, NASDAQ will route the order automatically to the appropriate venue selected by the chosen routing strategy. This proposed rule change, which is effective upon filing, will become operative when the Flash functionality becomes available.

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