Self-Regulatory Organizations; International Securities Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Changes, 55932-55933 [05-19035]
Download as PDF
<![CDATA[
55932
Federal Register / Vol. 70, No. 184 / Friday, September 23, 2005 / Notices
records that contain testing or
examination material the release of
which may compromise testing or
examination procedures are also
exempted from 5 U.S.C. 552a(c)(3), (d),
(e)(1), (e)(4)(G), (H), and (I), and (f).
proposed rule change is available on the
ISE’s Web site (https://
www.iseoptions.com/legal/
proposed_rule_changes.asp), at the
principal office of the ISE, and at the
Commission’s Public Reference Room.
Dated: August 15, 2005.
Gilbert Smith
Associate Director for Management.
[FR Doc. 05–19023 Filed 9–22–05; 8:45 am]
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
ISE included statements concerning the
purpose of, and basis for, the proposed
rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The ISE has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
BILLING CODE 6501–01–M
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52462; File No. SR–ISE–
2005–43]
Self-Regulatory Organizations;
International Securities Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Fee Changes
September 19, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 1, 2005, the International
Securities Exchange, Inc. (‘‘ISE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the ISE. The ISE has
designated this proposal as one
establishing or changing a due, fee, or
other charge imposed by the ISE under
Section 19(b)(3)(A)(ii) of the Act,3 and
Rule 19b–4(f)(2) thereunder,4 which
renders the proposal effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The ISE is proposing to amend its
Schedule of Fees to establish fees for
transactions in options on the
DIAMONDS Trust, Series 1, an
exchange-traded fund.5 The text of the
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
5 DIAMONDS is a registered trademark of Dow
Jones & Company, Inc. (‘‘Dow Jones’’) for securities
issued by the Diamonds Trust, Series 1 and has
been licensed for use for certain purposes by Dow
Jones to PDR Services Corporation (‘‘PDR’’) and the
American Stock Exchange LLC (‘‘Amex’’) pursuant
to a license agreement with Dow Jones. DIAMONDS
and options which have DIAMONDS as their sole
underlying interest (‘‘DIAMONDS Options’’) are not
2 17
VerDate Aug<31>2005
15:21 Sep 22, 2005
Jkt 205001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is proposing to amend
its Schedule of Fees to establish fees for
transactions in options on the
DIAMONDS Trust, Series 1 (‘‘DIA’’),
an exchange-traded fund.6 Specifically,
the Exchange is proposing to adopt an
execution fee and a comparison fee for
all transactions in options on DIA.7 The
amount of the execution fee and
comparison fee for the product covered
by this filing shall be the same for all
order types on the Exchange—that is,
orders for Public Customers 8 and NonCustomers 9 (which include Market
sponsored, endorsed, sold, or promoted by Dow
Jones. Dow Jones, PDR, and Amex have not licensed
or authorized ISE to (i) engage in the creation,
listing, provision of a market for trading, marketing,
and promotion of DIAMONDS Options or (ii) to use
and refer to the DIAMONDS trademark in
connection with the listing, provision of a market
for trading, marketing, and promotion of
DIAMONDS Options or with making disclosures
concerning DIAMONDS Options under any
applicable federal or state laws, rules or regulations,
and do not sponsor, endorse, or promote such
activity by ISE. ISE is not affiliated in any manner
with Dow Jones, PDR, or Amex.
6 The ISE represents that DIA constitutes ‘‘Fund
Shares,’’ as defined in ISE Rule 502(h). Telephone
conversation between Samir Patel, Assistant
General Counsel, ISE, and Richard Holley III,
Special Counsel, Division of Market Regulation,
Commission, on September 8, 2005.
7 The ISE represents that these fees will be
charged only to Exchange members. Telephone
conversation between Samir Patel, Assistant
General Counsel, ISE, and Richard Holley III,
Special Counsel, Division of Market Regulation,
Commission, on September 8, 2005.
8 See ISE Rule 100(32) (defining ‘‘Public
Customer’’ as a person that is not a broker or dealer
in securities).
9 See ISE Rule 100(22) (defining ‘‘Non-Customer’’
as a person or entity that is a broker or dealer in
securities).
PO 00000
Frm 00118
Fmt 4703
Sfmt 4703
Makers and Firm Proprietary)—and
shall be equal to the execution fee and
comparison fee, respectively, that are
currently charged by the Exchange for
transactions by Non-Customers in
equity options.10 The Exchange believes
the proposed rule change will further
the Exchange’s goal of introducing new
products to the marketplace that are
competitively priced.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b)(4) of the Act,11 which
requires that an exchange have an
equitable allocation of reasonable dues,
fees, and other charges among its
members and other persons using its
facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change does not impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
establishes or changes a due, fee, or
other charge imposed by the Exchange,
it has become effective pursuant to
Section 19(b)(3)(A) of the Act 12 and
Rule 19b–4(f)(2) 13 thereunder. At any
time within 60 days of the filing of such
proposed rule change, the Commission
may summarily abrogate such rule
change if it appears to the Commission
that such action is necessary or
appropriate in the public interest, for
the protection of investors, or otherwise
in furtherance of the purposes of the
Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
10 The Commission notes that the applicable
execution fee is currently between $.21 and $.12 per
contract side, depending on the Exchange Average
Daily Volume, and the comparison fee is currently
$.03 per contract per side.
11 15 U.S.C. 78f(b)(4).
12 15 U.S.C. 78s(b)(3)(A).
13 17 CFR 19b–4(f)(2).
E:\FR\FM\23SEN1.SGM
23SEN1
Federal Register / Vol. 70, No. 184 / Friday, September 23, 2005 / Notices
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
Self-Regulatory Organizations; New
York Stock Exchange, Inc.; Notice of
Filing of Proposed Rule Change and
Amendment Nos. 1 and 2 Thereto
Relating to Changes to Listed
Company Manual Section 902.00
Regarding Listing Fees
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–ISE–2005–43 on the subject
line.
[Release No. 34–52463; File No. SR–NYSE–
2005–35]
September 16, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 18,
• Send paper comments in triplicate
2005, the New York Stock Exchange,
to Jonathan G. Katz, Secretary,
Inc. (‘‘NYSE’’ or ‘‘Exchange’’) filed with
Securities and Exchange Commission,
the Securities and Exchange
Station Place, 100 F Street, NE.,
Commission (‘‘Commission’’) the
Washington, DC 20549–9303.
proposed rule change as described in
All submissions should refer to File
Items I, II, and III below, which Items
Number SR–ISE–2005–43. This file
have been prepared by the NYSE. On
number should be included on the
July 29, 2005, NYSE filed Amendment
subject line if e-mail is used. To help the No. 1 to the proposed rule change.3 On
Commission process and review your
August 16, 2005, NYSE filed
comments more efficiently, please use
Amendment No. 2 to the proposed rule
only one method. The Commission will change.4 The Commission is publishing
post all comments on the Commission’s this notice to solicit comments on the
Internet Web site (https://www.sec.gov/
proposed rule change, as amended, from
rules/sro.shtml). Copies of the
interested persons.
submission, all subsequent
I. Self-Regulatory Organization’s
amendments, all written statements
Statement of the Terms of Substance of
with respect to the proposed rule
the Proposed Rule Change
change that are filed with the
Commission, and all written
The proposed rule filing proposes a
communications relating to the
number of changes to the current fee
proposed rule change between the
chapter set out in Sections 902.01 to
Commission and any person, other than 902.04 of the Listed Company Manual.
those that may be withheld from the
In addition, the Exchange is proposing
public in accordance with the
a reorganization of the relevant sections
provisions of 5 U.S.C. 552, will be
of the Listed Company Manual into a
available for inspection and copying in
clearer and more concise format setting
the Commission’s Public Reference
out fees by type of listed security.
Room. Copies of such filing also will be
The text of the proposed rule change
available for inspection and copying at
is below. Proposed new language is in
the principal office of the ISE. All
italics; proposed deletions are in
comments received will be posted
[brackets].
without change; the Commission does
Listed Company Manual
not edit personal identifying
*
*
*
*
*
information from submissions. You
should submit only information that
1 15 U.S.C. 78s(b)(1).
you wish to make available publicly. All
2 17 CFR 240.19b–4.
submissions should refer to File
3 In Amendment No. 1, the Exchange clarified
Number SR–ISE–2005–43 and should be
and supplemented certain aspects of its proposal.
submitted on or before October 14,
Amendment No. 1 supplements the information
2005.
provided in various sections of the Exchange’s
Paper Comments
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 05–19035 Filed 9–22–05; 8:45 am]
BILLING CODE 8010–01–P
14 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
15:21 Sep 22, 2005
Jkt 205001
Form 19b–4.
4 In Amendment No. 2, the Exchange made
technical and clarifying changes to its proposal.
Amendment No. 2 supplements the information
provided in various sections of the Exchange’s
Form 19b–4. The Commission has made minor
technical changes to this notice with Nasdaq’s
consent. Telephone conversation between Susie
Cho, Special Counsel, Jan Woo, Attorney, Division
of Market Regulation, Commission, and John Carey,
Assistant General Counsel, NYSE, on August 19,
2005.
PO 00000
Frm 00119
Fmt 4703
Sfmt 4703
55933
902.00 [Listing] Fees for Listed
Securities
902.01 Listed[ing] Securities Fee
Agreement [, Current Form]
Each Listing Application submitted to
the Exchange should must be
accompanied by a Listed Securities Fee
Agreement, in which the Company
undertakes to pay Listing Fees and
Annual Fees, unless such an agreement
in the form shown below has previously
been filed with the Exchange.
AGREEMENT made this ll day of
llllll 20ll by
llllllllll organized and
existing under the laws of the State of
llllll (hereinafter called the
‘‘Company’’) with the New York Stock
Exchange, Inc. (hereinafter called the
‘‘Exchange’’).
WITNESSETH:
I. WHEREAS the Company has applied
for the listing upon the Exchange of:
llllllllllllllllll
l
2. WHEREAS it is a condition
precedent to the consideration of listing
applications that this fee agreement be
in effect between the Company and the
Exchange covering the payment of
Listing Fees [initial] and [continuing]
A[a]nnual F[ f]ees.
NOW, THEREFORE, in consideration
of the Exchange receiving and
considering the application for the
listing of the aforementioned securities,
and subsequent applications, if any, for
the listing of additional shares of such
securities and/or other securities of the
Company, the Company covenants and
agrees to pay, when due, any applicable
L[l]isting F[f]ees and Annual Fees
established from time to time by the
Exchange.
IN WITNESS WHEREOF, the
Company has caused these presents to
be executed by its proper officers
thereunto duly authorized and its
corporate seal to be hereunto affixed, as
of the day and year first above written.
llllllll
byllllllll lllllllll
(Name and Title)
902.02
FEES
GENERAL INFORMATION ON
There are two types of fees applicable
to listed issuers—Listing Fees and
Annual Fees. All fees are payable upon
receipt of invoice. This chapter sets out
fees by type of security, with different
fees applicable to equity securities,
closed-end funds, structured products
(defined as securities listed under
Sections 703.18, 703.19 and 703.21),
short-term securities (defined as
securities having a term of seven years
or less), investment company units
E:\FR\FM\23SEN1.SGM
23SEN1
]]>Agencies
[Federal Register Volume 70, Number 184 (Friday, September 23, 2005)]
[Notices]
[Pages 55932-55933]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-19035]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52462; File No. SR-ISE-2005-43]
Self-Regulatory Organizations; International Securities Exchange,
Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Fee Changes
September 19, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 1, 2005, the International Securities Exchange, Inc.
(``ISE'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the ISE.
The ISE has designated this proposal as one establishing or changing a
due, fee, or other charge imposed by the ISE under Section
19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b-4(f)(2) thereunder,\4\
which renders the proposal effective upon filing with the Commission.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The ISE is proposing to amend its Schedule of Fees to establish
fees for transactions in options on the DIAMONDS[supreg] Trust, Series
1, an exchange-traded fund.\5\ The text of the proposed rule change is
available on the ISE's Web site (https://www.iseoptions.com/legal/
proposed_rule_changes.asp), at the principal office of the ISE, and
at the Commission's Public Reference Room.
---------------------------------------------------------------------------
\5\ DIAMONDS[supreg] is a registered trademark of Dow Jones &
Company, Inc. (``Dow Jones'') for securities issued by the
Diamonds[supreg] Trust, Series 1 and has been licensed for use for
certain purposes by Dow Jones to PDR Services Corporation (``PDR'')
and the American Stock Exchange LLC (``Amex'') pursuant to a license
agreement with Dow Jones. DIAMONDS and options which have DIAMONDS
as their sole underlying interest (``DIAMONDS Options'') are not
sponsored, endorsed, sold, or promoted by Dow Jones. Dow Jones, PDR,
and Amex have not licensed or authorized ISE to (i) engage in the
creation, listing, provision of a market for trading, marketing, and
promotion of DIAMONDS Options or (ii) to use and refer to the
DIAMONDS[supreg] trademark in connection with the listing, provision
of a market for trading, marketing, and promotion of DIAMONDS
Options or with making disclosures concerning DIAMONDS Options under
any applicable federal or state laws, rules or regulations, and do
not sponsor, endorse, or promote such activity by ISE. ISE is not
affiliated in any manner with Dow Jones, PDR, or Amex.
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the ISE included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The ISE has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to amend its Schedule of Fees to
establish fees for transactions in options on the DIAMONDS[supreg]
Trust, Series 1 (``DIA''), an exchange-traded fund.\6\ Specifically,
the Exchange is proposing to adopt an execution fee and a comparison
fee for all transactions in options on DIA.\7\ The amount of the
execution fee and comparison fee for the product covered by this filing
shall be the same for all order types on the Exchange--that is, orders
for Public Customers \8\ and Non-Customers \9\ (which include Market
Makers and Firm Proprietary)--and shall be equal to the execution fee
and comparison fee, respectively, that are currently charged by the
Exchange for transactions by Non-Customers in equity options.\10\ The
Exchange believes the proposed rule change will further the Exchange's
goal of introducing new products to the marketplace that are
competitively priced.
---------------------------------------------------------------------------
\6\ The ISE represents that DIA constitutes ``Fund Shares,'' as
defined in ISE Rule 502(h). Telephone conversation between Samir
Patel, Assistant General Counsel, ISE, and Richard Holley III,
Special Counsel, Division of Market Regulation, Commission, on
September 8, 2005.
\7\ The ISE represents that these fees will be charged only to
Exchange members. Telephone conversation between Samir Patel,
Assistant General Counsel, ISE, and Richard Holley III, Special
Counsel, Division of Market Regulation, Commission, on September 8,
2005.
\8\ See ISE Rule 100(32) (defining ``Public Customer'' as a
person that is not a broker or dealer in securities).
\9\ See ISE Rule 100(22) (defining ``Non-Customer'' as a person
or entity that is a broker or dealer in securities).
\10\ The Commission notes that the applicable execution fee is
currently between $.21 and $.12 per contract side, depending on the
Exchange Average Daily Volume, and the comparison fee is currently
$.03 per contract per side.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b)(4) of the Act,\11\ which requires that an exchange
have an equitable allocation of reasonable dues, fees, and other
charges among its members and other persons using its facilities.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change does not impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change establishes or changes a due,
fee, or other charge imposed by the Exchange, it has become effective
pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-4(f)(2)
\13\ thereunder. At any time within 60 days of the filing of such
proposed rule change, the Commission may summarily abrogate such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
[[Page 55933]]
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File No. SR-ISE-2005-43 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-9303.
All submissions should refer to File Number SR-ISE-2005-43. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room. Copies of such
filing also will be available for inspection and copying at the
principal office of the ISE. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-ISE-2005-43 and should be submitted on or before October
14, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 05-19035 Filed 9-22-05; 8:45 am]
BILLING CODE 8010-01-P
