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]

Download as PDF Federal Register / Vol. 71, No. 108 / Tuesday, June 6, 2006 / Notices DLGS60225 Staff Assistant to the Assistant Secretary for Public Affairs. Effective April 26, 2006. Section 213.3316 Department of Health and Human Services DHGS60030 Special Assistant to the General Counsel. Effective April 7, 2006. DHGS60006 Confidential Assistant to the Assistant Secretary for Public Affairs. Effective April 12, 2006. DHGS60032 Special Assistant to the Deputy Commissioner for Policy. Effective April 12, 2006. DHGS60374 Confidential Assistant to the Executive Secretary. Effective April 12, 2006. DHGS60033 Special Assistant to the Assistant Secretary for Administration and Management. Effective April 14, 2006. DHGS60035 Confidential Assistant to the Administrator Centers for Medicare and Medicaid Services. Effective April 21, 2006. DHGS60689 Director of Media Affairs to the Director, Office of External Affairs. Effective April 21, 2006. DHGS60007 Special Assistant to the Associate Commissioner for External Relations. Effective April 26, 2006. Section 213.3317 Department of Education DBGS00514 Special Assistant to the Director, Faith-Based and Community Initiatives Center. Effective April 3, 2006. DBGS00510 Special Assistant to the Director, Intergovernmental Affairs. Effective April 7, 2006. DBGS00285 Special Assistant (Education Attache to the United States Mission to the United Nations Educational, Scientific and Cultural Organization) to the Secretary. Effective April 18, 2006. DBGS00519 Confidential Assistant to the Deputy Assistant Secretary for Media Relations and Strategic Communications. Effective April 21, 2006. DBGS00513 Special Assistant to the Assistant Secretary for Planning, Evaluation, and Policy Development. Effective April 24, 2006. Section 213.3327 Department of Veterans Affairs DVGS60011 Special Assistant to the Assistant Secretary for Public and Intergovernmental Affairs. Effective April 7, 2006. DVGS60036 Protocol Liaison Officer to the Secretary. Effective April 19, 2006. Section 213.3331 Department of Energy DEGS005182 Legislative Advisor to the Assistant Secretary for Congressional and Intergovernmental Affairs. Effective April 21, 2006. DEGS00515 Special Assistant to the Assistant Secretary for Environment, Safety and Health. Effective April 24, 2006. DEGS00519 Special Assistant to the Assistant Secretary for Congressional and Intergovernmental Affairs. Effective April 24, 2006. DEGS00521 Special Assistant to the White House Liaison. Effective April 24, 2006. Section 213.3332 Small Business Administration SBGS00598 Special Assistant to the Associate Administrator for Strategic Alliances. Effective April 12, 2006. SBGS60112 Special Assistant to the Deputy Administrator. Effective April 12, 2006. SBGS00597 Director of Scheduling to the Chief of Staff and Chief Operating Officer. Effective April 14, 2006. SBGS00599 Assistant Administrator for Policy and Planning to the Associate Administrator for Policy. Effective April 28, 2006. Section 213.3337 General Services Administration GSGS00174 Senior Advisor to the Associate Administrator for Congressional and Intergovernmental Affairs. Effective April 6, 2006. GSGS00176 Senior Advisor to the Associate Administrator for Congressional and Intergovernmental Affairs. Effective April 19, 2006. sroberts on PROD1PC70 with NOTICES Section 213.3318 Environmental Protection Agency EPGS06010 Senior Advance Specialist to the Deputy Chief of Staff (Operations). Effective April 20, 2006. Section 213.3339 United States International Trade Commission TCGS60019 Staff Assistant (Legal) to a Commissioner. Effective April 12, 2006. TCGS00013 Staff Assistant (Economics) to the Vice Chairman. Effective April 13, 2006. Section 213.3325 United States Tax Court JCGS60069 Trial Clerk to the Chief Judge. Effective April 7, 2006. JCGS60074 Trial Clerk to the Chief Judge. Effective April 7, 2006. Section 213.3348 National Aeronautics and Space Administration NNGS00170 Program Specialist to the Deputy Administrator, Office of Program and Institutional Integration. Effective April 25, 2006. VerDate Aug<31>2005 18:13 Jun 05, 2006 Jkt 208001 PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 32617 Section 213.3379 Commodity Futures Trading Commission CTGS00091 Chief Economist to the Chairperson. Effective April 21, 2006. Section 213.3384 Department of Housing and Urban Development DUGS60410 Special Assistant to the General Counsel. Effective April 5, 2006. DUGS60543 Staff Assistant to the Director, Center for Faith Based and Community Initiatives. Effective April 14, 2006. DUGS60176 Staff Assistant to the Deputy Assistant Secretary for Intergovernmental Affairs. Effective April 26, 2006. Section 213.3391 Office of Personnel Management PMGS00059 Congressional Relations Officer to the Director, Office of Congressional Relations. Section 213.3394 Department of Transportation DTGS60357 Special Assistant for Scheduling and Advance to the Director for Scheduling and Advance. Effective April 10, 2006. Section 213.3396 National Transportation Safety Board TBGS60107 Confidential Assistant to a Member. Effective April 25, 2006. Authority: 5 U.S.C. 3301 and 3302; E.O. 10577, 3 CFR 1954–1958 Comp., p. 218. Office of Personnel Management. Dan G. Blair, Deputy Director. [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. VerDate Aug<31>2005 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 (http://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 (http://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. VerDate Aug<31>2005 17:06 Jun 05, 2006 Jkt 208001 PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 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 (http://
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 (http://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\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6-8717 Filed 6-5-06; 8:45 am]
BILLING CODE 8010-01-P