Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to ISE Stock Exchange Fees, 59844-59845 [E6-16729]
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Federal Register / Vol. 71, No. 196 / Wednesday, October 11, 2006 / Notices
in the Antidiscrimination Laws and
Whistleblower Protection Laws sections
or, if applicable, the administrative or
negotiated grievance procedures in
order to pursue any legal remedy.
SECURITIES AND EXCHANGE
COMMISSION
Disciplinary Actions
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to ISE Stock
Exchange Fees
Under the existing laws, OPIC retains
the right, where appropriate, to
discipline a Federal employee who has
engaged in discriminatory or retaliatory
conduct, up to and including removal.
If the Office of Special Counsel has
initiated an investigation under 5 U.S.C.
1214 (‘‘Investigation of prohibited
personnel practices; corrective action’’),
however, according to 5 U.S.C. 1214(f),
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disciplinary action against a Federal
employee or to violate the procedural
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been accused of discrimination.
Additional Information
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whistleblower protection and retaliation
laws can be found at the EEOC Web
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FEAR Act, neither the Act nor this
notice creates, expands or reduces any
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employee, former employee or applicant
under the laws of the United States,
including the provisions of law
specified in 5 U.S.C. 2302(d).
William L. Garrett,
EEO Director.
[FR Doc. 06–8588 Filed 10–10–06; 8:45 am]
pwalker on PRODPC60 with NOTICES
BILLING CODE 3210–01–M
[Release No. 34–54561; File No. SR–ISE–
2006–54]
October 2, 2006.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 6, 2006, the International
Securities Exchange, LLC (‘‘ISE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The ISE has
designated this proposal as one
changing a fee imposed by the ISE
under 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
The ISE proposes to amend its
Schedule of Fees to adopt fees related to
the ISE Stock Exchange, LLC (‘‘ISE
Stock’’). The text of the proposed rule
change is available on the Exchange’s
Web site at https://www.iseoptions.com,
at the principal office of the Exchange,
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 ISE 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).
2 17
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The ISE states that the purpose of the
proposed rule change is to adopt fees
related to the trading of equity securities
on ISE Stock, a facility of the Exchange.
The proposed fee schedule includes
execution fees, access fees, and
regulatory fees for trading of equity
securities, as well as changes to existing
language to clarify the application of
certain fees that are specific to options
trading only. With regard to the
execution fees, the Exchange proposes
to charge fees based on a member’s
average daily shares executed, with the
average daily volume (‘‘ADV’’)
calculated on a monthly basis. This fee
would be charged on a tiered basis (e.g.,
a member that executes 9,600,000 shares
in a 20-day month would have an ADV
of 480,000 shares and would be charged
as follows: $0.0025 for the first 200,000
shares ADV (4,000,000 shares) and
$0.0020 for the remaining 280,000
shares ADV (5,600,000 shares)). Further,
a member that transacts more than
3,000,000 shares on a daily basis would
be charged a fee of $0.0010 per share for
all of its monthly volume instead of
being charged on a tiered basis.5
Additionally, in an effort to promote ISE
Stock, the Exchange proposes to waive
all execution fees until December 1,
2006.
With regard to access fees, the
Exchange states that it currently charges
an Electronic Access Member (‘‘EAM’’)
that trades options an access fee of $500
per month. Access fees for these EAMs
will remain unchanged if they also trade
equities on ISE Stock. For an EAM that
trades equities only, the Exchange
proposes a monthly access fee of $200.
Finally, the Exchange states that it
currently charges an EAM that trades
options a regulatory fee of $5,000 per
year. For EAMs that trade equities only,
the Exchange proposes an annual
regulatory fee of $5,000. For EAMs that
trade both equities and options, the
5 The
tiers are as follows:
A.D.V. Up to 200,000 shares—$0.0025 per share.
A.D.V. From 200,001 to 500,000 shares—$0.0020
per share.
A.D.V. From 500,001 to 2,000,000 shares—
$0.0015 per share.
A.D.V. From 2,000,001 to 3,000,000 shares—
$0.0010 per share.
A.D.V. Over 3,000,000 shares—$0.0010 per share
(applied to all volume).
Telephone conversation between Michou H.M.
Nguyen, Special Counsel, Division of Market
Regulation, Commission, and Samir Patel, Assistant
General Counsel, Exchange, on September 27, 2006.
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Federal Register / Vol. 71, No. 196 / Wednesday, October 11, 2006 / Notices
Exchange proposes an annual regulatory
fee of $6,000.6
The Exchange also proposes to amend
(1) the Notes for the cancellation fee to
clarify that the fee is applicable to
options orders only; and (2) language to
the EAM / Trade Review Terminal fee
and the Order Routing Service
Connection Fee to clarify that these fees
are options fees and are applicable to
EAMs that trade options.7 The Exchange
states that both these fees currently
appear as Session/API Fee in the current
fee schedule.
Finally, the Exchange also proposes to
charge EAMs that trade equity securities
certain administrative fees. These would
include fees related to the registration of
Form U4 as well as a CRD fee. The
Exchange states that these
administrative fees currently appear
under the Legal & Regulatory section of
the current fee schedule.
Act 10 and Rule 19b–4(f)(2) 11
thereunder, because it establishes or
changes a due, fee, or other charge
imposed by the Exchange. Accordingly,
the proposal will take effect upon filing
with the Commission. At any time
within 60 days of the filing of such
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.
2. Statutory Basis
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–ISE–2006–54 on the subject
line.
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 8 in general, and furthers the
objectives of Section 6(b)(4) of the Act 9
in particular, in that it provides for an
equitable allocation of reasonable dues,
fees, and other charges among ISE
members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will 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 nor
received any written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has been designated as a fee change
pursuant to Section 19(b)(3)(A)(ii) of the
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6 The
Exchange represents that there exists
overlap in the costs associated with the regulatory
fee for trading options and for trading equities.
Therefore, if an EAM trades both, the EAM is only
charged $6,000 instead of $10,000. Id.
7 The Exchange represents that the Trade Review
Terminal and the related Order Routing Service are
used exclusively for the trading of options.
Therefore, the Trade Review Terminal fee and the
associated Order Routing Service Connection Fee
would only be charged to EAMs trading options. Id.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(4).
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16:53 Oct 10, 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:
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–2006–54. 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 the ISE. All
10 15
11 17
PO 00000
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
Frm 00131
Fmt 4703
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59845
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–2006–54 and should be
submitted on or before November 1,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E6–16729 Filed 10–10–06; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54562; File No. SR–NASD–
2006–111]
Self Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Amending the
Citation to Section 19 of the Securities
Exchange Act in NASD Rule 9559
October 3, 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
September 25, 2006, the National
Association of Securities Dealers, Inc.
(‘‘NASD’’) filed with the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by NASD. NASD has designated the
proposed rule change as constituting a
‘‘non-controversial’’ rule change under
section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(6) thereunder,4 which renders
the proposal effective upon receipt of
this filing by 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
NASD is proposing to amend NASD
Rule 9559(s), to amend the citation to
section 19 of the Act. Below is the text
12 17
CFR 200.30–3(a)(12).
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).
1 15
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]]>Agencies
[Federal Register Volume 71, Number 196 (Wednesday, October 11, 2006)]
[Notices]
[Pages 59844-59845]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-16729]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54561; File No. SR-ISE-2006-54]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to ISE Stock Exchange Fees
October 2, 2006.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 6, 2006, the International Securities Exchange, LLC
(``ISE'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The ISE has designated this proposal as one changing a fee
imposed by the ISE under 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
The ISE proposes to amend its Schedule of Fees to adopt fees
related to the ISE Stock Exchange, LLC (``ISE Stock''). The text of the
proposed rule change is available on the Exchange's Web site at https://
www.iseoptions.com, at the principal office of the Exchange, 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 ISE 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 ISE states that the purpose of the proposed rule change is to
adopt fees related to the trading of equity securities on ISE Stock, a
facility of the Exchange. The proposed fee schedule includes execution
fees, access fees, and regulatory fees for trading of equity
securities, as well as changes to existing language to clarify the
application of certain fees that are specific to options trading only.
With regard to the execution fees, the Exchange proposes to charge fees
based on a member's average daily shares executed, with the average
daily volume (``ADV'') calculated on a monthly basis. This fee would be
charged on a tiered basis (e.g., a member that executes 9,600,000
shares in a 20-day month would have an ADV of 480,000 shares and would
be charged as follows: $0.0025 for the first 200,000 shares ADV
(4,000,000 shares) and $0.0020 for the remaining 280,000 shares ADV
(5,600,000 shares)). Further, a member that transacts more than
3,000,000 shares on a daily basis would be charged a fee of $0.0010 per
share for all of its monthly volume instead of being charged on a
tiered basis.\5\ Additionally, in an effort to promote ISE Stock, the
Exchange proposes to waive all execution fees until December 1, 2006.
---------------------------------------------------------------------------
\5\ The tiers are as follows:
A.D.V. Up to 200,000 shares--$0.0025 per share.
A.D.V. From 200,001 to 500,000 shares--$0.0020 per share.
A.D.V. From 500,001 to 2,000,000 shares--$0.0015 per share.
A.D.V. From 2,000,001 to 3,000,000 shares--$0.0010 per share.
A.D.V. Over 3,000,000 shares--$0.0010 per share (applied to all
volume).
Telephone conversation between Michou H.M. Nguyen, Special
Counsel, Division of Market Regulation, Commission, and Samir Patel,
Assistant General Counsel, Exchange, on September 27, 2006.
---------------------------------------------------------------------------
With regard to access fees, the Exchange states that it currently
charges an Electronic Access Member (``EAM'') that trades options an
access fee of $500 per month. Access fees for these EAMs will remain
unchanged if they also trade equities on ISE Stock. For an EAM that
trades equities only, the Exchange proposes a monthly access fee of
$200. Finally, the Exchange states that it currently charges an EAM
that trades options a regulatory fee of $5,000 per year. For EAMs that
trade equities only, the Exchange proposes an annual regulatory fee of
$5,000. For EAMs that trade both equities and options, the
[[Page 59845]]
Exchange proposes an annual regulatory fee of $6,000.\6\
---------------------------------------------------------------------------
\6\ The Exchange represents that there exists overlap in the
costs associated with the regulatory fee for trading options and for
trading equities. Therefore, if an EAM trades both, the EAM is only
charged $6,000 instead of $10,000. Id.
---------------------------------------------------------------------------
The Exchange also proposes to amend (1) the Notes for the
cancellation fee to clarify that the fee is applicable to options
orders only; and (2) language to the EAM / Trade Review Terminal fee
and the Order Routing Service Connection Fee to clarify that these fees
are options fees and are applicable to EAMs that trade options.\7\ The
Exchange states that both these fees currently appear as Session/API
Fee in the current fee schedule.
---------------------------------------------------------------------------
\7\ The Exchange represents that the Trade Review Terminal and
the related Order Routing Service are used exclusively for the
trading of options. Therefore, the Trade Review Terminal fee and the
associated Order Routing Service Connection Fee would only be
charged to EAMs trading options. Id.
---------------------------------------------------------------------------
Finally, the Exchange also proposes to charge EAMs that trade
equity securities certain administrative fees. These would include fees
related to the registration of Form U4 as well as a CRD fee. The
Exchange states that these administrative fees currently appear under
the Legal & Regulatory section of the current fee schedule.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \8\ in general, and furthers the objectives of Section
6(b)(4) of the Act \9\ in particular, in that it provides for an
equitable allocation of reasonable dues, fees, and other charges among
ISE members.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
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 nor received any written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has been designated as a fee
change pursuant to Section 19(b)(3)(A)(ii) of the Act \10\ and Rule
19b-4(f)(2) \11\ thereunder, because it establishes or changes a due,
fee, or other charge imposed by the Exchange. Accordingly, the proposal
will take effect upon filing with the Commission. At any time within 60
days of the filing of such 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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
\11\ 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-2006-54 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-2006-54. 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 the ISE. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-ISE-2006-54 and should be submitted on or before
November 1, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E6-16729 Filed 10-10-06; 8:45 am]
BILLING CODE 8011-01-P
