Self-Regulatory Organizations; International Securities Exchange, Inc.; Notice of Filing of Proposed Rule Change Establishing Fees for Historical Options Tick Market Data for Non-Members, 6801-6803 [E6-1752]

Download as PDF Federal Register / Vol. 71, No. 27 / Thursday, February 9, 2006 / Notices processing, DTC proposes to (1) Increase fees relating to processing of audit confirmations to $22 per request for requests of up to and including five CUSIPs and an additional $5.00 per item for each CUSIP beyond the fifth CUSIP and (2) implement fees for CD confirmation requests that are identical to those proposed for audit confirmation requests relating to securities. The proposed audit confirmation fees will be effective upon approval by the Commission. 2. Imaging DTC frequently receives requests from transfer agents for access to DTC’s security image database to obtain copies of certificates deposited at DTC. DTC incurs significant costs to maintain the database but currently does not charge transfer agents for access to the database. Therefore, in order to recover costs associated with this function, DTC proposes to implement a new subscription fee of $350 per month for access to the DTC security image database. This fee will be effective upon approval by the Commission.5 DTC believes that the proposed rule change is consistent with the requirements of Section 17A of the Act 6 and the rules and regulations thereunder applicable to DTC because it should provide for the equitable allocation of reasonable dues, fees, and other charges among the users of DTC’s services. (B) Self-Regulatory Organization’s Statement on Burden on Competition DTC does not believe that the proposed rule change will have any impact or impose any burden on competition. cprice-sewell on PROD1PC66 with NOTICES (C) Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments have not been solicited with respect to the proposed rule change, and none have been received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within thirty-five days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to ninety days of such date if it finds such 5 DTC has separately filed a proposed rule change (File No. SR–DTC–2005–22) with the Commission to impose a subscription fee in the same amount on participants who subscribe for access to the DTC security image database. 6 15 U.S.C. 28q–l. VerDate Aug<31>2005 13:56 Feb 08, 2006 Jkt 208001 longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve such proposed rule change or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as amended, 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 rulecomments@sec.gov. Please include File Number SR-DTC–2005–21 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR-DTC–2005–21. 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 Section, 100 F Street, NE, Washington, DC 20549. Copies of such filing also will be available for inspection and copying at the principal office of DTC and on DTC’s Web site at https:// login.dtcc.com/dtcorg/. 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 PO 00000 Frm 00055 Fmt 4703 Sfmt 4703 6801 available publicly. All submissions should refer to File Number SR-DTC– 2005–21 and should be submitted on or before March 2, 2006. For the Commission by the Division of Market Regulation, pursuant to delegated authority.7 Nancy M. Morris, Secretary. [FR Doc. E6–1779 Filed 2–8–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53211; File No. SR–ISE– 2006–08] Self-Regulatory Organizations; International Securities Exchange, Inc.; Notice of Filing of Proposed Rule Change Establishing Fees for Historical Options Tick Market Data for Non-Members February 2, 2006. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on February 1, 2006, 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 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 nonmember fees for historical options tick market data.3 The text of the proposed rule change is available at the Exchange, at the Commission’s Public Reference Room and at the Exchange’s Web site: https://www.iseoptions.com/legal/ proposed_rule_changes.asp. 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Historical options tick market data is Options Price Reporting Authority (‘‘OPRA’’) tick data, a complete file, tick-by-tick, of all quote and transaction data of all instruments disseminated by OPRA during a trading day. OPRA tick data includes data from all six options exchanges. On any given trading day, OPRA tick data is publicly available and may be stored. The OPRA tick data collected and stored by ISE is neither exclusive nor proprietary to the Exchange. 1 15 E:\FR\FM\09FEN1.SGM 09FEN1 6802 Federal Register / Vol. 71, No. 27 / Thursday, February 9, 2006 / Notices 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 proposal. The text of these statements may be examined at the places specified in Item IV below. The Exchange 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 cprice-sewell on PROD1PC66 with NOTICES Currently, the ISE creates market data that consists of options quotes and orders that are generated by ISE members and all trades that are executed on the Exchange. The ISE also produces a Best Bid/Offer, or ‘‘BBO,’’ with the aggregate size from all outstanding quotes and orders at the top price level, or the ‘‘top of the book.’’ This data is formatted according to OPRA specification and sent to OPRA for redistribution. OPRA processes ISE data along with the same data sets from the other five options exchanges and creates a National BBO, or ‘‘NBBO,’’ from all six options exchanges. The ISE also captures the OPRA tick data 4 and will make it available as an ‘‘end of day’’ file 5 or as a ‘‘historical’’ file 6 for ISE members and non-ISE members alike. The instant proposed rule change proposes to establish a fee for non-ISE members only. The Exchange has also filed a separate proposed rule change, SR–ISE–2006– 07,7 that established fees for ISE members. The proposed fees for both 4 The Exchange collects this data throughout each trading day, and by way of this proposed rule change, intends to market this offering to both ISE members and the investing public. At the end of each trading day, the Exchange compresses the data collected throughout the day and uploads it onto a server. Once the data is loaded onto the server, it will then be made available to subscribers. 5 An end of day file refers to OPRA tick data for a trading day that is distributed prior to the opening of the next trading day. An end of day file will be made available to subscribers as soon as practicable at the end of each trading day on an on-going basis pursuant to an annual subscription or through an ad-hoc request. 6 An end of day file that is distributed after the start of the next trading day is called a historical file. A historical file will be available to customers for a pre-determined date range by ad-hoc requests only. 7 Securities Exchange Act Release No. 53212 (February 2, 2006). VerDate Aug<31>2005 13:56 Feb 08, 2006 Jkt 208001 ISE members and non-ISE members are the same. The Exchange conducted extensive market research to conclude that OPRA tick data is primarily used by market participants in the financial services industry for back-testing trading models, post-trade analysis, compliance purposes and analyzing time and sales information. By this proposed rule change (if approved), and proposed rule change SR–ISE–2006–07,8 both non-ISE members and ISE members will have the choice to subscribe to a service that provides a daily file on an on-going basis (end of day file), or simply request data on an ad-hoc basis for a predetermined date range (historical file). 2. Statutory Basis The ISE believes the basis under the Act for this proposed rule change is the requirement under section 6(b)(4) 9 that an exchange have an equitable allocation of reasonable dues, fees and other charges among its members and other persons using its facilities. The Exchange developed and conducted a comprehensive survey of a cross-section of participants in the financial services industry regarding their level of interest in a number of market data offerings. Based on the results of that survey, the Exchange developed a business plan to create and offer a number of market data products targeted to potential user groups, e.g., individual investors, institutional investors, broker-dealers, etc. The Exchange also retained a consultant to validate the business plan and to provide advice on the structure and amount of fees to charge for these products. Based on all of this information, the Exchange established a pricing structure for historical options tick data that is based on both a subscription and a non-subscription basis. With an annual subscription, nonISE members would pay a flat monthly fee to subscribe to a daily file of OPRA tick data. Alternatively, non-ISE members that want a limited amount of data and do not want an annual subscription would have the ability to submit ad-hoc requests for the limited amount of data that they require based on daily periods. Under the ad-hoc structure, non-ISE members would pay a fixed amount per day plus a processing fee for the hardware and shipping costs associated with these requests. Further, the Exchange believes that these pricing levels for the proposed market data offering would provide non-ISE members with an ability to choose a plan that best suits 8 See 9 15 PO 00000 id. U.S.C. 78f(b)(4). Frm 00056 Fmt 4703 Sfmt 4703 their needs. The Exchange believes the proposed rule filing would provide market participants with an opportunity to obtain historical options tick data in furtherance of their investment decisions. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange believes that the proposed rule change will 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 neither solicited nor received comments on the proposed rule change. The ISE 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 Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the Exchange consents, the Commission will: A. By order approve such proposed rule change, or B. Institute proceedings to determine whether the proposed rule change should be disapproved. The ISE has requested accelerated approval of the proposed rule change. While the Commission will not grant accelerated approval at this time, the Commission will consider granting accelerated approval of the proposal at the close of the abbreviated comment period of 15 days from the date of publication of the proposal in the Federal Register. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and 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 rulecomments@sec.gov. Please include File Number SR–ISE–2006–08 on the subject line. E:\FR\FM\09FEN1.SGM 09FEN1 Federal Register / Vol. 71, No. 27 / Thursday, February 9, 2006 / Notices (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on February • Send paper comments in triplicate 1, 2006, the International Securities to Nancy M. Morris, Secretary, Exchange, Inc. (‘‘ISE’’ or ‘‘Exchange’’) Securities and Exchange Commission, filed with the Securities and Exchange 100 F Street, NE., Washington, DC Commission (‘‘Commission’’) the 20549–1090. proposed rule change as described in All submissions should refer to File Items I, II and III below, which Items Number SR–ISE–2006–08. This file have been prepared by the ISE. The ISE number should be included on the subject line if e-mail is used. To help the has designated this proposal as one Commission process and review your establishing or changing a due, fee, or comments more efficiently, please use other charge imposed by a selfonly one method. The Commission will regulatory organization pursuant to post all comments on the Commission’s Section 19(b)(3)(A)(ii) of the Act 3 and Internet Web site (https://www.sec.gov/ Rule 19b–4(f)(2) thereunder,4 which rules/sro.shtml). Copies of the renders the proposal effective upon submission, all subsequent filing with the Commission. The amendments, all written statements Commission is publishing this notice to with respect to the proposed rule solicit comments on the proposed rule change that are filed with the change from interested persons. Commission, and all written I. Self-Regulatory Organization’s communications relating to the Statement of the Terms of Substance of proposed rule change between the Commission and any person, other than the Proposed Rule Change those that may be withheld from the The ISE is proposing to amend its public in accordance with the Schedule of Fees to establish fees for provisions of 5 U.S.C. 552, will be historical options tick market data.5 The available for inspection and copying in text of the proposed rule change is the Commission’s Public Reference Room. Copies of such filing also will be available at the Exchange, at the Commission’s Public Reference Room available for inspection and copying at and at the Exchange’s Web site: https:// the ISE. All comments received will be posted without change; the Commission www.iseoptions.com/legal/ does not edit personal identifying proposed_rule_changes.asp. information from submissions. You II. Self-Regulatory Organization’s should submit only information that you wish to make available publicly. All Statement of the Purpose of, and Statutory Basis for, the Proposed Rule submissions should refer to File Number SR–ISE–2006–08 and should be Change submitted on or before February 24, In its filing with the Commission, the 2006. ISE included statements concerning the For the Commission, by the Division of purpose of, and basis for, the proposed Market Regulation, pursuant to delegated rule change and discussed any 10 authority. comments it received on the proposal. Nancy M. Morris, The text of these statements may be Secretary. examined at the places specified in Item [FR Doc. E6–1752 Filed 2–8–06; 8:45 am] IV below. The Exchange has prepared BILLING CODE 8010–01–P summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. SECURITIES AND EXCHANGE Paper Comments COMMISSION [Release No. 34–53212; File No. SR–ISE– 2006–07] cprice-sewell on PROD1PC66 with NOTICES 1 15 Self-Regulatory Organizations; International Securities Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Establishing Fees for Historical Options Tick Market Data February 2, 2006. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 10 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 13:56 Feb 08, 2006 Jkt 208001 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 Historical options tick market data is Options Price Reporting Authority (‘‘OPRA’’) tick data, a complete file, tick-by-tick, of all quote and transaction data of all instruments disseminated by OPRA during a trading day. OPRA tick data includes data from all six options exchanges. On any given trading day, OPRA tick data is publicly available and may be stored. The OPRA tick data collected and stored by ISE is neither exclusive nor proprietary to the Exchange. 2 17 PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 6803 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Currently, the ISE creates market data that consists of options quotes and orders that are generated by ISE members and all trades that are executed on the Exchange. The ISE also produces a Best Bid/Offer, or ‘‘BBO,’’ with the aggregate size from all outstanding quotes and orders at the top price level, or the ‘‘top of the book.’’ This data is formatted according to OPRA specification and sent to OPRA for redistribution. OPRA processes ISE data along with the same data sets from the other five options exchanges and creates a National BBO, or ‘‘NBBO,’’ from all six options exchanges. The ISE also captures the OPRA tick data 6 and will make it available as an ‘‘end of day’’ file 7 or as a ‘‘historical’’ file 8 for ISE members and non-ISE members alike. The instant proposed rule change establishes a fee for ISE members only. The Exchange has also filed a separate proposed rule change, SR–ISE–2006–08,9 to establish fees for non-ISE members. The proposed fees for both ISE members and non-ISE members are the same. The Exchange conducted extensive market research to conclude that OPRA tick data is primarily used by market participants in the financial services industry for back-testing trading models, post-trade analysis, compliance purposes and analyzing time and sales information. By this proposed rule change, and SR–ISE–2006–08,10 both ISE members and non-ISE members will have the choice to subscribe to a service that provides a daily file on an on-going basis (end of day file), or simply request 6 The Exchange collects this data throughout each trading day, and by way of this proposed rule change, intends to market this offering to both ISE members and the investing public. At the end of each trading day, the Exchange compresses the data collected throughout the day and uploads it onto a server. Once the data is loaded onto the server, it will then be made available to subscribers. 7 An end of day file refers to OPRA tick data for a trading day that is distributed prior to the opening of the next trading day. An end of day file will be made available to subscribers as soon as practicable at the end of each trading day on an on-going basis pursuant to an annual subscription or through an ad-hoc request. 8 An end of day file that is distributed after the start of the next trading day is called a historical file. A historical file will be available to customers for a pre-determined date range by ad-hoc requests only. 9 Securities Exchange Act Release No. 53211 (Feburary 2, 2006). 10 See supra, at n.9. E:\FR\FM\09FEN1.SGM 09FEN1

Agencies

[Federal Register Volume 71, Number 27 (Thursday, February 9, 2006)]
[Notices]
[Pages 6801-6803]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-1752]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53211; File No. SR-ISE-2006-08]


Self-Regulatory Organizations; International Securities Exchange, 
Inc.; Notice of Filing of Proposed Rule Change Establishing Fees for 
Historical Options Tick Market Data for Non-Members

February 2, 2006.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on February 1, 2006, 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 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.
---------------------------------------------------------------------------

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 
non-member fees for historical options tick market data.\3\ The text of 
the proposed rule change is available at the Exchange, at the 
Commission's Public Reference Room and at the Exchange's Web site: 
https://www.iseoptions.com/legal/proposed_rule_changes.asp.
---------------------------------------------------------------------------

    \3\ Historical options tick market data is Options Price 
Reporting Authority (``OPRA'') tick data, a complete file, tick-by-
tick, of all quote and transaction data of all instruments 
disseminated by OPRA during a trading day. OPRA tick data includes 
data from all six options exchanges. On any given trading day, OPRA 
tick data is publicly available and may be stored. The OPRA tick 
data collected and stored by ISE is neither exclusive nor 
proprietary to the Exchange.

---------------------------------------------------------------------------

[[Page 6802]]

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 proposal. The text of these 
statements may be examined at the places specified in Item IV below. 
The Exchange 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
    Currently, the ISE creates market data that consists of options 
quotes and orders that are generated by ISE members and all trades that 
are executed on the Exchange. The ISE also produces a Best Bid/Offer, 
or ``BBO,'' with the aggregate size from all outstanding quotes and 
orders at the top price level, or the ``top of the book.'' This data is 
formatted according to OPRA specification and sent to OPRA for 
redistribution. OPRA processes ISE data along with the same data sets 
from the other five options exchanges and creates a National BBO, or 
``NBBO,'' from all six options exchanges.
    The ISE also captures the OPRA tick data \4\ and will make it 
available as an ``end of day'' file \5\ or as a ``historical'' file \6\ 
for ISE members and non-ISE members alike. The instant proposed rule 
change proposes to establish a fee for non-ISE members only. The 
Exchange has also filed a separate proposed rule change, SR-ISE-2006-
07,\7\ that established fees for ISE members. The proposed fees for 
both ISE members and non-ISE members are the same.
---------------------------------------------------------------------------

    \4\ The Exchange collects this data throughout each trading day, 
and by way of this proposed rule change, intends to market this 
offering to both ISE members and the investing public. At the end of 
each trading day, the Exchange compresses the data collected 
throughout the day and uploads it onto a server. Once the data is 
loaded onto the server, it will then be made available to 
subscribers.
    \5\ An end of day file refers to OPRA tick data for a trading 
day that is distributed prior to the opening of the next trading 
day. An end of day file will be made available to subscribers as 
soon as practicable at the end of each trading day on an on-going 
basis pursuant to an annual subscription or through an ad-hoc 
request.
    \6\ An end of day file that is distributed after the start of 
the next trading day is called a historical file. A historical file 
will be available to customers for a pre-determined date range by 
ad-hoc requests only.
    \7\ Securities Exchange Act Release No. 53212 (February 2, 
2006).
---------------------------------------------------------------------------

    The Exchange conducted extensive market research to conclude that 
OPRA tick data is primarily used by market participants in the 
financial services industry for back-testing trading models, post-trade 
analysis, compliance purposes and analyzing time and sales information. 
By this proposed rule change (if approved), and proposed rule change 
SR-ISE-2006-07,\8\ both non-ISE members and ISE members will have the 
choice to subscribe to a service that provides a daily file on an on-
going basis (end of day file), or simply request data on an ad-hoc 
basis for a pre-determined date range (historical file).
---------------------------------------------------------------------------

    \8\ See id.
---------------------------------------------------------------------------

2. Statutory Basis
    The ISE believes the basis under the Act for this proposed rule 
change is the requirement under section 6(b)(4) \9\ that an exchange 
have an equitable allocation of reasonable dues, fees and other charges 
among its members and other persons using its facilities. The Exchange 
developed and conducted a comprehensive survey of a cross-section of 
participants in the financial services industry regarding their level 
of interest in a number of market data offerings. Based on the results 
of that survey, the Exchange developed a business plan to create and 
offer a number of market data products targeted to potential user 
groups, e.g., individual investors, institutional investors, broker-
dealers, etc. The Exchange also retained a consultant to validate the 
business plan and to provide advice on the structure and amount of fees 
to charge for these products. Based on all of this information, the 
Exchange established a pricing structure for historical options tick 
data that is based on both a subscription and a non-subscription basis. 
With an annual subscription, non-ISE members would pay a flat monthly 
fee to subscribe to a daily file of OPRA tick data. Alternatively, non-
ISE members that want a limited amount of data and do not want an 
annual subscription would have the ability to submit ad-hoc requests 
for the limited amount of data that they require based on daily 
periods. Under the ad-hoc structure, non-ISE members would pay a fixed 
amount per day plus a processing fee for the hardware and shipping 
costs associated with these requests. Further, the Exchange believes 
that these pricing levels for the proposed market data offering would 
provide non-ISE members with an ability to choose a plan that best 
suits their needs. The Exchange believes the proposed rule filing would 
provide market participants with an opportunity to obtain historical 
options tick data in furtherance of their investment decisions.
---------------------------------------------------------------------------

    \9\ 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 will 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 neither solicited nor received comments on the 
proposed rule change. The ISE 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

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission will:
    A. By order approve such proposed rule change, or
    B. Institute proceedings to determine whether the proposed rule 
change should be disapproved.
    The ISE has requested accelerated approval of the proposed rule 
change. While the Commission will not grant accelerated approval at 
this time, the Commission will consider granting accelerated approval 
of the proposal at the close of the abbreviated comment period of 15 
days from the date of publication of the proposal in the Federal 
Register.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
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 Number SR-ISE-2006-08 on the subject line.

[[Page 6803]]

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.
    All submissions should refer to File Number SR-ISE-2006-08. 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 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-2006-08 
and should be submitted on or before February 24, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E6-1752 Filed 2-8-06; 8:45 am]
BILLING CODE 8010-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.