Self-Regulatory Organizations; International Securities Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Extension of a Pilot Period To Increase Position Limits and Exercise Limits for Equity Options and Options on the Nasdaq-100 Tracking Stock, 50954-50955 [E6-14208]
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50954
Federal Register / Vol. 71, No. 166 / Monday, August 28, 2006 / Notices
All submissions should refer to File
No. SR–CBOE–2006–69. 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 will also be
available for inspection and copying at
the principal office of the CBOE. 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 No.
SR–CBOE–2006–69 and should be
submitted on or before September 18,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Nancy M. Morris,
Secretary.
[FR Doc. E6–14195 Filed 8–25–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54335; File No. SR–ISE–
2006–47]
Self-Regulatory Organizations;
International Securities Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Extension of a
Pilot Period To Increase Position
Limits and Exercise Limits for Equity
Options and Options on the Nasdaq100 Tracking Stock
10, 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 and II below, which Items have
been prepared by the ISE. The Exchange
has filed the proposal as a ‘‘noncontroversial’’ rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(6) thereunder,4 which renders
it effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The ISE proposes to extend the time
period for the ISE Rule 412 and ISE Rule
414 position and exercise limits pilot
program for equity option contracts and
options on the Nasdaq-100 Index
Tracking Stock (‘‘QQQQ’’) (‘‘Pilot
Program’’). The text of the proposed rule
change is available on the ISE’s Web site
(https://www.iseoptions.com), at the
ISE’s principal office, 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
ISE included statements concerning the
purpose of and basis for the proposed
rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The 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 Pilot Program provides for an
increase to the standard position and
exercise limits for equity option
contracts and for options on QQQQs.5
The Pilot Program, after being extended
on two prior occasions, is set to expire
on September 1, 2006.6 Specifically, the
mstockstill on PROD1PC61 with NOTICES
August 18, 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 August
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<31>2005
15:09 Aug 25, 2006
Jkt 208001
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 See Securities Exchange Act Release No. 51295
(March 2, 2005), 70 FR 11292 (March 8, 2005)
(notice of filing and immediate effectiveness of SR–
ISE–2005–14) (‘‘Pilot Program Notice’’).
6 See Securities Exchange Act Release Nos. 53345
(February 22, 2006), 71 FR 10579 (March 1, 2006)
(notice of filing and immediate effectiveness of SR–
4 17
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
Pilot Program increased the applicable
position and exercise limits for equity
options and options on the QQQQ to the
following levels:
Current equity option
contract limit 7
13,500
22,500
31,500
60,000
75,000
contracts
contracts
contracts
contracts
contracts
.......
.......
.......
.......
.......
Pilot program equity
option contract limit
25,000 contracts.
50,000 contracts.
75,000 contracts.
200,000 contracts.
250,000 contracts.
Current QQQQ option
contract limit
Pilot program QQQQ
option contract limit
300,000 contracts .....
900,000 contracts.
The purpose of the proposed rule
change is to extend the Pilot Program for
an additional six-month period, until
March 1, 2007. The Exchange believes
that extending the Pilot Program for six
months is warranted due to the positive
feedback from members and for the
reasons cited in the original rule filing
that proposed the adoption of the Pilot
Program.8 Additionally, the Exchange
represents that it has not experienced
any problems or difficulties relating to
the Pilot Program since its inception.
For these reasons, the Exchange requests
that the Commission extend the Pilot
Program until March 1, 2007.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 9 in general, and furthers the
objective of Section 6(b)(5) of the Act 10
in particular, in that it is designed to
promote just and equitable principles of
trade and to protect investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition.
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.
ISE–2006–10); and 52265 (August 15, 2005), 70 FR
48996 (August 22, 2005) (notice of filing and
immediate effectiveness of SR–ISE–2005–39).
7 Except when the Pilot Program is in effect.
8 See Pilot Program Notice, supra note 5.
9 15 U.S.C. 78f(b).
10 10 15 U.S.C. 78f(b)(5).
E:\FR\FM\28AUN1.SGM
28AUN1
Federal Register / Vol. 71, No. 166 / Monday, August 28, 2006 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the forgoing rule change does
not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 11 and Rule 19b–
4(f)(6) thereunder.12
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.13 However, Rule 19b–
4(f)(6)(iii) 14 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange provided the Commission
with written notice of its intent to file
this proposed rule change at least five
business days prior to the date of filing
the proposed rule change. In addition,
the Exchange has requested that the
Commission waive the 30-day preoperative delay. The Commission
believes that waiving the 30-day preoperative delay is consistent with the
protection of investors and in the public
interest because it will allow the Pilot
Program to continue uninterrupted.15
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 Act.
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:
mstockstill on PROD1PC61 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
No. SR–ISE–2006–47 on the subject
line.
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 Id.
15 For the purposes only of waiving the preoperative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File No.
SR–ISE–2006–47. 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 will also 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 No.
SR–ISE–2006–47 and should be
submitted on or before September 18,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.16
Nancy M. Morris,
Secretary.
[FR Doc. E6–14208 Filed 8–25–06; 8:45 am]
11 15
12 17
VerDate Aug<31>2005
15:09 Aug 25, 2006
Jkt 208001
16 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00074
Fmt 4703
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54333; File No. SR–
NASDAQ–2006–021]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing of Proposed Rule Change and
Amendment No. 1 Thereto To Modify
Certain of Nasdaq’s Corporate
Governance Standards, Including the
Definition of Independent Director
August 18, 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 July 28,
2006, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’), 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 Nasdaq.3 On August 7,
2006, Nasdaq filed Amendment No. 1 to
the proposed rule change.4 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 the Substance
of the Proposed Rule Change
Nasdaq proposes to amend Rules
4200(a)(15), IM–4200 and 4350. Nasdaq
will implement the proposed rule upon
approval by the Commission.
The text of the proposed rule change
is below. Proposed new language is in
italics; proposed deletions are in
[brackets].5
*
*
*
*
*
4200. Definitions.
(a) For purposes of the Rule 4000
Series, unless the context requires
otherwise:
(1)–(14) No change.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 A similar filing, SR–NASD–2005–105, was filed
by The Nasdaq Stock Market, Inc. to modify NASD
rules on August 31, 2005. SR–NASD–2005–105 was
withdrawn on July 28, 2006. Nasdaq began
operating as a national securities exchange for
Nasdaq-listed securities on August 1, 2006. See
Securities Exchange Act Release No. 53128 (Jan. 13,
2006), 71 FR 3550 (Jan. 23, 2006) (the ‘‘Exchange
Approval Order’’).
4 In Amendment No. 1, Nasdaq made corrections
to the text of the proposed rule change. The changes
set forth in Amendment No. 1 have been
incorporated into this Notice.
5 Changes are marked to the rule text that appears
in the electronic manual of Nasdaq found at
https://www.complinet.com/nasdaq. These rules
became effective on August 1, 2006, when Nasdaq
commenced operations as a national securities
exchange for Nasdaq-listed securities.
2 17
BILLING CODE 8010–01–P
Sfmt 4703
50955
E:\FR\FM\28AUN1.SGM
28AUN1
]]>Agencies
[Federal Register Volume 71, Number 166 (Monday, August 28, 2006)]
[Notices]
[Pages 50954-50955]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-14208]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54335; File No. SR-ISE-2006-47]
Self-Regulatory Organizations; International Securities Exchange,
Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to the Extension of a Pilot Period To Increase Position
Limits and Exercise Limits for Equity Options and Options on the
Nasdaq-100 Tracking Stock
August 18, 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 August 10, 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 and II below, which Items have been prepared by the ISE. The
Exchange has filed the proposal as a ``non-controversial'' rule change
pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6)
thereunder,\4\ which renders it 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).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The ISE proposes to extend the time period for the ISE Rule 412 and
ISE Rule 414 position and exercise limits pilot program for equity
option contracts and options on the Nasdaq-100 Index Tracking Stock
(``QQQQ'') (``Pilot Program''). The text of the proposed rule change is
available on the ISE's Web site (https://www.iseoptions.com), at the
ISE's principal office, 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 ISE included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The 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 Pilot Program provides for an increase to the standard position
and exercise limits for equity option contracts and for options on
QQQQs.\5\ The Pilot Program, after being extended on two prior
occasions, is set to expire on September 1, 2006.\6\ Specifically, the
Pilot Program increased the applicable position and exercise limits for
equity options and options on the QQQQ to the following levels:
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 51295 (March 2,
2005), 70 FR 11292 (March 8, 2005) (notice of filing and immediate
effectiveness of SR-ISE-2005-14) (``Pilot Program Notice'').
\6\ See Securities Exchange Act Release Nos. 53345 (February 22,
2006), 71 FR 10579 (March 1, 2006) (notice of filing and immediate
effectiveness of SR-ISE-2006-10); and 52265 (August 15, 2005), 70 FR
48996 (August 22, 2005) (notice of filing and immediate
effectiveness of SR-ISE-2005-39).
------------------------------------------------------------------------
Pilot program equity option
Current equity option contract limit \7\ contract limit
------------------------------------------------------------------------
13,500 contracts.......................... 25,000 contracts.
22,500 contracts.......................... 50,000 contracts.
31,500 contracts.......................... 75,000 contracts.
60,000 contracts.......................... 200,000 contracts.
75,000 contracts.......................... 250,000 contracts.
------------------------------------------------------------------------
Pilot program QQQQ option
Current QQQQ option contract limit contract limit
------------------------------------------------------------------------
300,000 contracts......................... 900,000 contracts.
------------------------------------------------------------------------
The purpose of the proposed rule change is to extend the Pilot
Program for an additional six-month period, until March 1, 2007. The
Exchange believes that extending the Pilot Program for six months is
warranted due to the positive feedback from members and for the reasons
cited in the original rule filing that proposed the adoption of the
Pilot Program.\8\ Additionally, the Exchange represents that it has not
experienced any problems or difficulties relating to the Pilot Program
since its inception. For these reasons, the Exchange requests that the
Commission extend the Pilot Program until March 1, 2007.
---------------------------------------------------------------------------
\7\ Except when the Pilot Program is in effect.
\8\ See Pilot Program Notice, supra note 5.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \9\ in general, and furthers the objective of Section
6(b)(5) of the Act \10\ in particular, in that it is designed to
promote just and equitable principles of trade and to protect investors
and the public interest.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 10 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition.
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.
[[Page 50955]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the forgoing rule change does not: (1) Significantly affect
the protection of investors or the public interest; (2) impose any
significant burden on competition; and (3) become operative for 30 days
after the date of this filing, or such shorter time as the Commission
may designate, it has become effective pursuant to Section 19(b)(3)(A)
of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\13\
However, Rule 19b-4(f)(6)(iii) \14\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange provided the Commission
with written notice of its intent to file this proposed rule change at
least five business days prior to the date of filing the proposed rule
change. In addition, the Exchange has requested that the Commission
waive the 30-day pre-operative delay. The Commission believes that
waiving the 30-day pre-operative delay is consistent with the
protection of investors and in the public interest because it will
allow the Pilot Program to continue uninterrupted.\15\
---------------------------------------------------------------------------
\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ Id.
\15\ For the purposes only of waiving the pre-operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
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 Act.
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 No. SR-ISE-2006-47 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File No. SR-ISE-2006-47. 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 will also 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 No. SR-ISE-2006-47 and should be submitted on or before September
18, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E6-14208 Filed 8-25-06; 8:45 am]
BILLING CODE 8010-01-P
