Self-Regulatory Organizations; International Securities Exchange, Inc.; Notice of Filing of Proposed Rule Change and Amendment Nos. 1 and 2 Relating to Complex Order Execution, 32617-32619 [E6-8717]
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Federal Register / Vol. 71, No. 108 / Tuesday, June 6, 2006 / Notices
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32617
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[FR Doc. E6–8720 Filed 6–5–06; 8:45 am]
BILLING CODE 6325–39–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53903; File No. SR–ISE–
2005–49]
Self-Regulatory Organizations;
International Securities Exchange, Inc.;
Notice of Filing of Proposed Rule
Change and Amendment Nos. 1 and 2
Relating to Complex Order Execution
May 31, 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 October
4, 2005, the International Securities
Exchange, Inc. (‘‘Exchange’’ or ‘‘ISE’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
1 15
2 17
E:\FR\FM\06JNN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
06JNN1
32618
Federal Register / Vol. 71, No. 108 / Tuesday, June 6, 2006 / Notices
sroberts on PROD1PC70 with NOTICES
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the ISE. The ISE
filed Amendment Nos. 1 and 2 to the
proposal on February 1, 2006, and April
20, 2006, respectively.3 The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as amended, from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is proposing to amend
ISE Rule 722, ‘‘Complex Orders,’’ with
respect to complex order execution. The
text of the proposed rule change is
below. Proposed new language is in
italics; proposed deletions are in
[brackets].
*
*
*
*
*
Rule 722. Complex Orders.
(a) no change.
(b) Applicability of Exchange Rules.
Except as otherwise provided in this
Rule, complex orders shall be subject to
all other Exchange Rules that pertain to
orders generally.
(1) Minimum Increments. Bids and
offers on complex orders may be
expressed in any decimal price, and the
[option] leg(s) of a [stock-option]
complex order may be executed in one
cent increments, regardless of the
minimum increments otherwise
applicable to the individual [options]
legs of the order. [Complex orders
expressed in net price increments that
are not multiples of the minimum
increment are not entitled to the same
priority under subparagraph (b)(2) of
this Rule as such orders expressed in
increments that are multiples of the
minimum increment.]
(2) Complex Order Priority.
Notwithstanding the provisions of Rule
713, a complex order, as defined in
paragraph (a) of this Rule, may be
executed at a total credit or debit price
with one other Member without giving
priority to bids or offers established in
the marketplace that are no better than
the bids or offers comprising such total
credit or debit; provided, however, that
if any of the bids or offers established
in the marketplace consist of a Public
Customer limit order, the price of at
least one leg of the complex order must
trade at a price that is better than the
corresponding bid or offer in the
marketplace by at least one minimum
trading increment as defined in Rule
710. Under the circumstances described
above, the option leg of a stock-option
order, as defined in subparagraph
3 Amendment No. 2 replaced the initial filing and
Amendment No. 1 in their entirety.
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17:06 Jun 05, 2006
Jkt 208001
(a)(5)(i)(A) of this Rule, or SSF-option
order as defined in subparagraph
(a)(5)(ii)(A) of this Rule, has priority
over bids and offers established in the
marketplace by Non-Customer orders
and market maker quotes that are no
better than the price of the options leg,
but not over such bids and offers
established by Public Customer Orders.
The option legs of a stock-option order
as defined in subparagraph (a)(5)(ii)(B),
or SSF-option order as defined in
subparagraph (a)(5)(ii)(B), consisting of
a combination order with stock or single
stock futures, as the case may be, may
be executed in accordance with the first
sentence of this subparagraph (b)(2).
(3) through (5) no change.
*
*
*
*
*
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
proposed rule change. 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 proposes to allow the
legs of an options-only complex order to
be executed in penny increments.
Currently under ISE Rule 722, the
options leg of a stock-option order may
be executed in penny increments, but
the legs of an options-only complex
order must be executed at the standard
trading increments. The Exchange
proposes to allow the legs of all
complex orders to trade in penny
increments. The Exchange believes that
the proposed rule change will provide
investors with flexibility in pricing the
complex orders and create more
opportunities for complex orders to
receive an execution.
Under ISE Rule 722, a complex order
may be executed at a total credit or debit
price with one other Member without
giving priority to bids or offers
established in the marketplace that are
no better than the bids or offers
comprising such total credit or debit,
provided that if any of the bids or offers
established in the marketplace consist of
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
a Public Customer limit order, the price
of at least one leg of the complex order
must trade at a price that is better than
the corresponding bid or offer in the
marketplace. While the Exchange
proposes to allow the legs of complex
orders to be executed in penny
increments, it does not propose to
change the existing requirement that to
have priority over Public Customer limit
orders, at least one leg of the complex
order must trade at a price that is better
than the corresponding bid or offer in
the marketplace by at least one
minimum trading increment.4 Thus,
Public Customer limit orders will
maintain their existing priority under
ISE Rule 722.
2. Statutory Basis
The Exchange believes that the basis
under the Act for this proposed rule
change is found in Section 6(b)(5), in
that the proposed rule change is
designed to promote just and equitable
principles of trade, to remove 5
impediments to, and perfect the
mechanisms of, a free and open market
and a national market system and, in
general, to protect investors and the
public interest in that it will provide
investors with more flexibility in
pricing complex orders and increase the
opportunity for complex orders to be
executed.
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 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
4 A minimum trading increment is defined in ISE
Rule 710, ‘‘Minimum Trading Increments,’’ as $0.05
if the options contract is trading at less than $3.00
and $0.10 if the options contract is trading at or
above $3.00.
5 15 U.S.C. 78f(b).
E:\FR\FM\06JNN1.SGM
06JNN1
Federal Register / Vol. 71, No. 108 / Tuesday, June 6, 2006 / Notices
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.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.6
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6–8717 Filed 6–5–06; 8:45 am]
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:
SECURITIES AND EXCHANGE
COMMISSION
sroberts on PROD1PC70 with NOTICES
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–2005–49 on the subject
line.
BILLING CODE 8010–01–P
[Release No. 34–53879; File No. SR–
NYSEArca–2006–03]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and Order
Granting Accelerated Approval of
Proposed Rule Change and
Amendment Nos. 1 and 2 Thereto To
Establish a Public Disclosure Program
May 26, 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 April 6,
2006, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
Paper Comments
‘‘Exchange’’) filed with the Securities
• Send paper comments in triplicate
and Exchange Commission
to Nancy M. Morris, Secretary,
(‘‘Commission’’) the proposed rule
Securities and Exchange Commission,
change as described in Items I and II
100 F Street, NE., Washington, DC
below, which Items have been prepared
20549–1090.
by the Exchange. On May 9, 2006, NYSE
All submissions should refer to File
Arca filed Amendment No. 1 to the
Number SR–ISE–2005–49. This file
proposed rule change. On May 17, 2006,
number should be included on the
NYSE Arca filed Amendment No. 2 to
subject line if e-mail is used. To help the the proposed rule change. The
Commission process and review your
Commission is publishing this notice to
comments more efficiently, please use
solicit comments on the proposed rule
only one method. The Commission will change, as amended, from interested
post all comments on the Commission’s persons and is approving the proposal
Internet Web site (https://www.sec.gov/
on an accelerated basis.
rules/sro.shtml). Copies of the
I. Self-Regulatory Organization’s
submission, all subsequent
Statement of the Terms of Substance of
amendments, all written statements
the Proposed Rule Change
with respect to the proposed rule
change that are filed with the
NYSE Arca proposes to implement a
Commission, and all written
new rule, NYSE Arca Rule 10.17, that
communications relating to the
would institute and govern a program
proposed rule change between the
(‘‘Public Disclosure Program’’) in which
Commission and any person, other than certain disciplinary actions involving
those that may be withheld from the
Option Trading Permit Holders (‘‘OTP
public in accordance with the
Holders’’), Option Trading Permit Firms
provisions of 5 U.S.C. 552, will be
(‘‘OTP Firms’’), and associated persons
available for inspection and copying in
thereof would be publicized. The text of
the Commission’s Public Reference
the proposed rule change is below.
Room. Copies of the filing also will be
Proposed new language is in italics.
available for inspection and copying at
Rules of the NYSE Arca, Inc.
the principal office of the ISE. All
comments received will be posted
*
*
*
*
*
without change; the Commission does
Rule 10 Disciplinary Proceedings and
not edit personal identifying
Appeals
information from submissions. You
should submit only information that
*
*
*
*
*
you wish to make available publicly. All
submissions should refer to File
6 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
Number SR–ISE–2005–49 and should be
2 17 CFR 240.19b–4.
submitted on or before June 27, 2006.
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17:06 Jun 05, 2006
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32619
Release of Disciplinary Information
Through the Public Disclosure Program
Rule 10.17(a) The Exchange shall, in
response to a request, release a copy of
any identified disciplinary decision
issued by the Exchange or any
Committee thereof; provided, however,
that each copy of:
(1) A decision that is released prior to
the expiration of the time period
provided under NYSE Arca Rule 10.8
for appeal or while such an appeal is
pending shall be accompanied by a
statement that the findings and
sanctions imposed in the decision may
be increased, decreased, modified, or
reversed by the Exchange;
(2) A final decision of the Exchange
that is released prior to the time period
provided under the Securities Exchange
Act of 1934 for appeal to the Securities
and Exchange Commission or while
such an appeal is pending shall be
accompanied by a statement that the
findings and sanctions of the Exchange
are subject to review and modification
by the Securities and Exchange
Commission; and
(3) A final decision of the Exchange
that is released after the decision is
appealed to the Securities and
Exchange Commission shall be
accompanied by a statement as to
whether the effectiveness of the
sanctions has been stayed pending the
outcome of proceedings before the
Securities and Exchange Commission.
(b)(1) The Exchange shall release to
the public information with respect to
any disciplinary decision issued
pursuant to NYSE Arca Rule 10
imposing: (i) A suspension, cancellation
or expulsion upon an OTP Holder or
OTP Firm; or (ii) suspension or
revocation of the registration of an
associated person of an OTP Holder or
OTP Firm; or (iii) suspension or barring
of an OTP Holder or OTP Firm or
associated person from association with
all OTP Holders or OTP Firms; or (iv)
imposition of monetary sanctions of
$10,000 or more upon an OTP Holder or
OTP Firm or associated person; or (v)
containing an allegation of a violation
of a Designated Rule; and may also
release to the public such information
with respect to any disciplinary decision
or group of decisions that involve a
significant policy or enforcement
determination where the release of
information is deemed by the President
of the Exchange to be in the public
interest. The Exchange may, in its
discretion, determine to waive the
requirement to release information with
respect to a disciplinary decision under
those extraordinary circumstances
where the release of such information
E:\FR\FM\06JNN1.SGM
06JNN1
Agencies
[Federal Register Volume 71, Number 108 (Tuesday, June 6, 2006)]
[Notices]
[Pages 32617-32619]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-8717]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53903; File No. SR-ISE-2005-49]
Self-Regulatory Organizations; International Securities Exchange,
Inc.; Notice of Filing of Proposed Rule Change and Amendment Nos. 1 and
2 Relating to Complex Order Execution
May 31, 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 October 4, 2005, the International Securities Exchange, Inc.
(``Exchange'' or ``ISE'') filed with the Securities and Exchange
Commission (``Commission'') the
[[Page 32618]]
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the ISE. The ISE filed Amendment Nos. 1 and
2 to the proposal on February 1, 2006, and April 20, 2006,
respectively.\3\ The Commission is publishing this notice to solicit
comments on the proposed rule change, as amended, from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Amendment No. 2 replaced the initial filing and Amendment
No. 1 in their entirety.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to amend ISE Rule 722, ``Complex
Orders,'' with respect to complex order execution. The text of the
proposed rule change is below. Proposed new language is in italics;
proposed deletions are in [brackets].
* * * * *
Rule 722. Complex Orders.
(a) no change.
(b) Applicability of Exchange Rules. Except as otherwise provided
in this Rule, complex orders shall be subject to all other Exchange
Rules that pertain to orders generally.
(1) Minimum Increments. Bids and offers on complex orders may be
expressed in any decimal price, and the [option] leg(s) of a [stock-
option] complex order may be executed in one cent increments,
regardless of the minimum increments otherwise applicable to the
individual [options] legs of the order. [Complex orders expressed in
net price increments that are not multiples of the minimum increment
are not entitled to the same priority under subparagraph (b)(2) of this
Rule as such orders expressed in increments that are multiples of the
minimum increment.]
(2) Complex Order Priority. Notwithstanding the provisions of Rule
713, a complex order, as defined in paragraph (a) of this Rule, may be
executed at a total credit or debit price with one other Member without
giving priority to bids or offers established in the marketplace that
are no better than the bids or offers comprising such total credit or
debit; provided, however, that if any of the bids or offers established
in the marketplace consist of a Public Customer limit order, the price
of at least one leg of the complex order must trade at a price that is
better than the corresponding bid or offer in the marketplace by at
least one minimum trading increment as defined in Rule 710. Under the
circumstances described above, the option leg of a stock-option order,
as defined in subparagraph (a)(5)(i)(A) of this Rule, or SSF-option
order as defined in subparagraph (a)(5)(ii)(A) of this Rule, has
priority over bids and offers established in the marketplace by Non-
Customer orders and market maker quotes that are no better than the
price of the options leg, but not over such bids and offers established
by Public Customer Orders. The option legs of a stock-option order as
defined in subparagraph (a)(5)(ii)(B), or SSF-option order as defined
in subparagraph (a)(5)(ii)(B), consisting of a combination order with
stock or single stock futures, as the case may be, may be executed in
accordance with the first sentence of this subparagraph (b)(2).
(3) through (5) no change.
* * * * *
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 proposed rule change. 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 proposes to allow the legs of an options-only complex
order to be executed in penny increments. Currently under ISE Rule 722,
the options leg of a stock-option order may be executed in penny
increments, but the legs of an options-only complex order must be
executed at the standard trading increments. The Exchange proposes to
allow the legs of all complex orders to trade in penny increments. The
Exchange believes that the proposed rule change will provide investors
with flexibility in pricing the complex orders and create more
opportunities for complex orders to receive an execution.
Under ISE Rule 722, a complex order may be executed at a total
credit or debit price with one other Member without giving priority to
bids or offers established in the marketplace that are no better than
the bids or offers comprising such total credit or debit, provided that
if any of the bids or offers established in the marketplace consist of
a Public Customer limit order, the price of at least one leg of the
complex order must trade at a price that is better than the
corresponding bid or offer in the marketplace. While the Exchange
proposes to allow the legs of complex orders to be executed in penny
increments, it does not propose to change the existing requirement that
to have priority over Public Customer limit orders, at least one leg of
the complex order must trade at a price that is better than the
corresponding bid or offer in the marketplace by at least one minimum
trading increment.\4\ Thus, Public Customer limit orders will maintain
their existing priority under ISE Rule 722.
---------------------------------------------------------------------------
\4\ A minimum trading increment is defined in ISE Rule 710,
``Minimum Trading Increments,'' as $0.05 if the options contract is
trading at less than $3.00 and $0.10 if the options contract is
trading at or above $3.00.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the basis under the Act for this
proposed rule change is found in Section 6(b)(5), in that the proposed
rule change is designed to promote just and equitable principles of
trade, to remove \5\ impediments to, and perfect the mechanisms of, a
free and open market and a national market system and, in general, to
protect investors and the public interest in that it will provide
investors with more flexibility in pricing complex orders and increase
the opportunity for complex orders to be executed.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
---------------------------------------------------------------------------
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 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
[[Page 32619]]
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.
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 rule-comments@sec.gov. Please include
File Number SR-ISE-2005-49 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-2005-49. 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 the 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-
2005-49 and should be submitted on or before June 27, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6-8717 Filed 6-5-06; 8:45 am]
BILLING CODE 8010-01-P