Self-Regulatory Organizations; International Securities Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Fee Changes, 14757-14758 [E6-4184]
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Federal Register / Vol. 71, No. 56 / Thursday, March 23, 2006 / Notices
SECURITIES AND EXCHANGE
COMMISSION
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53491; File No. SR–ISE–
2006–13]
[Release No. 34–53398A; File No. SR–
Amex–2005–107]
Self-Regulatory Organizations;
American Stock Exchange, Inc.; Notice
of Filing of Proposed Rule Change and
Amendment Nos. 1 and 2 Relating To
Amending Exchange Delisting Rules
To Conform to Recent Amendments to
Commission Rules Regarding Removal
From Listing and Withdrawal From
Registration
March 17, 2006.
Correction
wwhite on PROD1PC61 with NOTICES
In FR Document No. E6–3490,
beginning on page 12738 for Monday
March 13, 2006, the release heading in
the text of column 2 on page 12738,
which provides a description of the
release, was incorrectly stated. The
heading should read as follows:
Self-Regulatory Organizations;
American Stock Exchange LLC.; Notice
of Filing of Proposed Rule Change and
Amendment Nos. 1 and 2 Relating to
Amending Exchange Delisting Rules to
Conform to Recent Amendments to
Commission Rules Regarding Removal
from Listing and Withdrawal from
Registration
Also in FR Document No. E6–3490,
beginning on page 12738 for Monday
March 13, 2006, the first full sentence
in the text of column 2 on page 12738,
which states that the American Stock
Exchange, Inc. filed with the Securities
and Exchange Commission a proposed
rule change, was incorrectly stated. The
sentence should read as follows:
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 October
24, 2005, the American Stock Exchange
LLC. (‘‘Amex’’ 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 substantially prepared by the
Exchange.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.3
Nancy M. Morris,
Secretary.
[FR Doc. E6–4185 Filed 3–22–06; 8:45 am]
BILLING CODE 8010–01–P
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 200.30–3(a)(12).
2 17
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16:54 Mar 22, 2006
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Self-Regulatory Organizations;
International Securities Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change Relating to Fee Changes
March 16, 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 March 13,
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 ISE. ISE has
designated the proposed rule change as
one establishing or changing a due, fee,
or other charge, pursuant to 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
ISE is proposing to amend its
Schedule of Fees to establish fees for
transactions in options on 3 Premium
Products.5 The text of the proposed rule
change is available on ISE’s Web site at
https://www.iseoptions.com, at the Office
of the Secretary at ISE, and at the
Commission’s Public Reference Room.
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
Exchange 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.
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 ‘‘Premium Products’’ are defined in the
Schedule of Fees as the products enumerated
therein.
2 17
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
14757
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 following
3 Premium Products: Standard & Poor’s
MidCap 400 Depository Receipts
(‘‘MDY’’),6 iShares MSCI Canada Index
Fund (‘‘EWC’’),7 and iShares MSCI
EAFE Index Fund (‘‘EFA’’).8
Specifically, the Exchange is proposing
to adopt an execution fee and a
comparison fee for all transactions in
options on MDY, EWC and EFA.9 The
amount of the execution fee and
comparison fee for products covered by
this filing would be $0.15 and $0.03 per
contract, respectively, for all Public
6 ‘‘Standard & Poor’s,’’ ‘‘S&P,’’ ‘‘S&P 400,’’
‘‘Standard & Poor’s Depositary Receipts,’’
‘‘SPDR,’’ ‘‘Standard & Poor’s MidCap 400
Depositary ReceiptsTM,’’ and ‘‘MidCap SPDRsTM,’’
are trademarks of The McGraw-Hill Companies, Inc.
(‘‘McGraw-Hill’’) and have been licensed for use by
PDR Services LLC and the American Stock
Exchange LLC (‘‘Amex’’) in connection with the
listing and trading of MidCap SPDRs (‘‘MDY’’) on
the Amex. MDY is not sponsored, sold, or endorsed
by Standard & Poor’s, (‘‘S&P’’), a division of
McGraw-Hill, and S&P makes no representation
regarding the advisability of investing in MDY.
McGraw-Hill and S&P have not licensed or
authorized ISE to (i) engage in the creation, listing,
provision of a market for trading, marketing, and
promotion of options on MDY or (ii) to use and
refer to any of their trademarks or service marks in
connection with the listing, provision of a market
for trading, marketing, and promotion of options on
MDY or with making disclosures concerning
options on MDY under any applicable federal or
state laws, rules, or regulations. McGraw-Hill and
S&P do not sponsor, endorse, or promote such
activity by ISE and are not affiliated in any manner
with ISE.
7 iShares is a registered trademark of Barclays
Global Investors, N.A. (‘‘BGI’’), a wholly owned
subsidiary of Barclays Bank PLC. ‘‘MSCI Canada
Index’’ and ‘‘MSCI EAFE Index’’ are service marks
of Morgan Stanley Capital International (‘‘MSCI’’)
and have been licensed for use for certain purposes
by BGI. All other trademarks and service marks are
the property of their respective owners. Neither
MSCI Canada Index Fund (‘‘EWC’’) nor MSCI EAFE
Index Fund (‘‘EFA’’) are sponsored, endorsed,
issued, sold or promoted by MSCI. BGI and MSCI
have not licensed or authorized ISE to (i) engage in
the creation, listing, provision of a market for
trading, marketing, and promotion of options on
EWC and EFA or (ii) to use and refer to any of their
trademarks or service marks in connection with the
listing, provision of a market for trading, marketing,
and promotion of options on EWC and EFA or with
making disclosures concerning options on EWC and
EFA under any applicable federal or state laws,
rules or regulations. BGI and MSCI do not sponsor,
endorse, or promote such activity by ISE, and are
not affiliated in any manner with ISE.
8 See id.
9 These fees will be charged to Exchange
members. Under a pilot program that is set to expire
on July 31, 2006, these fees will also be charged to
Linkage Orders (as defined in ISE Rule 1900).
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14758
Federal Register / Vol. 71, No. 56 / Thursday, March 23, 2006 / Notices
Customer Orders 10 and Firm
Proprietary orders. The amount of the
execution fee and comparison fee for all
Market Maker transactions would be
equal to the execution fee and
comparison fee currently charged by the
Exchange for Market Maker transactions
in equity options.11 The Exchange
believes the proposed rule change will
further the Exchange’s goal of
introducing new products to the
marketplace that are competitively
priced.
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
2. Statutory Basis
The Exchange believes that the
statutory basis for the proposal is the
requirement under Section 6(b)(4) of the
Act 12 that an exchange have an
equitable allocation of reasonable dues,
fees, and other charges among its
members and other persons using its
facilities.
Electronic Comments
B. Self-Regulatory Organization’s
Statement on Burden on Competition
ISE 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.
wwhite on PROD1PC61 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 13 and
subparagraph (f)(2) of Rule 19b–4
thereunder 14 because it establishes or
changes a due, fee, or other charge. At
any time within 60 days of the filing of
the 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
10 Public Customer Order is defined in Exchange
Rule 100(a)(33) as an order for the account of a
Public Customer. Public Customer is defined in
Exchange Rule 100(a)(32) as a person that is not a
broker or dealer in securities.
11 The 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 side.
12 15 U.S.C. 78f(b)(4).
13 15 U.S.C. 78s(b)(3)(A)(ii).
14 17 CFR 240.19b–4(f)(2).
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16:54 Mar 22, 2006
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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:
• 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–2006–13 on the subject
line.
• 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–2006–13. 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 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–2006–13 and should be
submitted on or before April 13, 2006.
Frm 00082
Fmt 4703
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53505; File No. SR–NASD–
2006–032]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Order Granting Accelerated Approval
of a Proposed Rule Change and
Amendment No. 1 Thereto To Reduce
Routing Charges for Non-NASD
Members
March 16, 2006.
Paper Comments
PO 00000
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Nancy M. Morris,
Secretary.
[FR Doc. E6–4184 Filed 3–22–06; 8:45 am]
Sfmt 4703
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 March 1,
2006, the National Association of
Securities Dealers, Inc. (‘‘NASD’’),
through its subsidiary, The Nasdaq
Stock Market, Inc. (‘‘Nasdaq’’), filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by Nasdaq. On March 15,
2006, Nasdaq submitted Amendment
No. 1 to the proposed rule change.3 The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as amended, from interested
persons, and at the same time is
granting accelerated approval of the
proposed rule change, as amended.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes to reduce routing
charges for non-NASD members that use
Nasdaq systems and to eliminate for
those non-members a volume-based port
fee waiver for non-NASD members that
use Nasdaq’s INET facility. The filing
would apply to these non-members a
pricing schedule similar to the schedule
that Nasdaq instituted for members.4
Nasdaq requests approval to implement
these reduced non-member fees on an
accelerated basis with a retroactive
effective date of March 1, 2006, the
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 adds a technical correction
to the rule text.
4 See File No. SR–NASD–2006–031 (March 1,
2006).
1 15
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]]>Agencies
[Federal Register Volume 71, Number 56 (Thursday, March 23, 2006)]
[Notices]
[Pages 14757-14758]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-4184]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53491; File No. SR-ISE-2006-13]
Self-Regulatory Organizations; International Securities Exchange,
Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change Relating to Fee Changes
March 16, 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 March 13, 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 ISE. ISE has
designated the proposed rule change as one establishing or changing a
due, fee, or other charge, pursuant to 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
ISE is proposing to amend its Schedule of Fees to establish fees
for transactions in options on 3 Premium Products.\5\ The text of the
proposed rule change is available on ISE's Web site at https://
www.iseoptions.com, at the Office of the Secretary at ISE, and at the
Commission's Public Reference Room.
---------------------------------------------------------------------------
\5\ ``Premium Products'' are defined in the Schedule of Fees as
the products enumerated therein.
---------------------------------------------------------------------------
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 Exchange 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
The Exchange is proposing to amend its Schedule of Fees to
establish fees for transactions in options on the following 3 Premium
Products: Standard & Poor's MidCap 400 Depository Receipts
(``MDY''),\6\ iShares MSCI Canada Index Fund (``EWC''),\7\ and iShares
MSCI EAFE Index Fund (``EFA'').\8\ Specifically, the Exchange is
proposing to adopt an execution fee and a comparison fee for all
transactions in options on MDY, EWC and EFA.\9\ The amount of the
execution fee and comparison fee for products covered by this filing
would be $0.15 and $0.03 per contract, respectively, for all Public
[[Page 14758]]
Customer Orders \10\ and Firm Proprietary orders. The amount of the
execution fee and comparison fee for all Market Maker transactions
would be equal to the execution fee and comparison fee currently
charged by the Exchange for Market Maker transactions in equity
options.\11\ 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\ ``Standard & Poor's[reg],'' ``S&P[reg],'' ``S&P 400[reg],''
``Standard & Poor's Depositary Receipts[reg],'' ``SPDR[reg],''
``Standard & Poor's MidCap 400 Depositary Receipts\TM\,'' and
``MidCap SPDRs\TM\,'' are trademarks of The McGraw-Hill Companies,
Inc. (``McGraw-Hill'') and have been licensed for use by PDR
Services LLC and the American Stock Exchange LLC (``Amex'') in
connection with the listing and trading of MidCap SPDRs (``MDY'') on
the Amex. MDY is not sponsored, sold, or endorsed by Standard &
Poor's, (``S&P''), a division of McGraw-Hill, and S&P makes no
representation regarding the advisability of investing in MDY.
McGraw-Hill and S&P have not licensed or authorized ISE to (i)
engage in the creation, listing, provision of a market for trading,
marketing, and promotion of options on MDY or (ii) to use and refer
to any of their trademarks or service marks in connection with the
listing, provision of a market for trading, marketing, and promotion
of options on MDY or with making disclosures concerning options on
MDY under any applicable federal or state laws, rules, or
regulations. McGraw-Hill and S&P do not sponsor, endorse, or promote
such activity by ISE and are not affiliated in any manner with ISE.
\7\ iShares[reg] is a registered trademark of Barclays Global
Investors, N.A. (``BGI''), a wholly owned subsidiary of Barclays
Bank PLC. ``MSCI Canada Index'' and ``MSCI EAFE Index'' are service
marks of Morgan Stanley Capital International (``MSCI'') and have
been licensed for use for certain purposes by BGI. All other
trademarks and service marks are the property of their respective
owners. Neither MSCI Canada Index Fund (``EWC'') nor MSCI EAFE Index
Fund (``EFA'') are sponsored, endorsed, issued, sold or promoted by
MSCI. BGI and MSCI have not licensed or authorized ISE to (i) engage
in the creation, listing, provision of a market for trading,
marketing, and promotion of options on EWC and EFA or (ii) to use
and refer to any of their trademarks or service marks in connection
with the listing, provision of a market for trading, marketing, and
promotion of options on EWC and EFA or with making disclosures
concerning options on EWC and EFA under any applicable federal or
state laws, rules or regulations. BGI and MSCI do not sponsor,
endorse, or promote such activity by ISE, and are not affiliated in
any manner with ISE.
\8\ See id.
\9\ These fees will be charged to Exchange members. Under a
pilot program that is set to expire on July 31, 2006, these fees
will also be charged to Linkage Orders (as defined in ISE Rule
1900).
\10\ Public Customer Order is defined in Exchange Rule
100(a)(33) as an order for the account of a Public Customer. Public
Customer is defined in Exchange Rule 100(a)(32) as a person that is
not a broker or dealer in securities.
\11\ The 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 side.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the statutory basis for the proposal is
the requirement under Section 6(b)(4) of the Act \12\ that an exchange
have an equitable allocation of reasonable dues, fees, and other
charges among its members and other persons using its facilities.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
ISE 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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \13\ and subparagraph (f)(2) of Rule 19b-4
thereunder \14\ because it establishes or changes a due, fee, or other
charge. At any time within 60 days of the filing of the 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.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(A)(ii).
\14\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-2006-13 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-ISE-2006-13. 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 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-2006-13 and should be submitted on or before April 13, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E6-4184 Filed 3-22-06; 8:45 am]
BILLING CODE 8010-01-P
