Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Rule 2107 (Priority and Execution of Orders), 75594-75596 [E6-21361]
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Federal Register / Vol. 71, No. 241 / Friday, December 15, 2006 / Notices
market. Finally, the Exchange proposes
to charge a Session/API fee of $250 per
month to connect to the displayed
market, with a waiver until June 30,
2007 for a second and subsequent
connection.
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–ISE–2006–76 on the subject
line.
2. Statutory Basis
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street NE.,
Washington, DC 20549–1090.
The Exchange believes that the
proposed rule change furthers the
objectives of section 6(b)(4) of the Act,8
in that it is an equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change would impose no
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 did not solicit or
receive any written comments with
respect to the proposal.
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 9 and Rule 19b–4(f)(2) 10 thereunder.
Accordingly, the proposal is effective
upon filing with the Commission. At
any time within 60 days of the filing of
the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.11
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
All submissions should refer to File
Number SR–ISE–2006–76. 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 Exchange. 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–2006–76 and should be
submitted on or before January 5, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E6–21359 Filed 12–14–06; 8:45 am]
BILLING CODE 8011–01–P
mstockstill on PROD1PC61 with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
U.S.C. 78f(b)(4).
U.S.C. 78s(b)(3)(A)(ii).
10 17 CFR 240.19b–4(f)(2).
11 See 15 U.S.C. 78s(b)(3)(C).
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54905; File No. SR–ISE–
2006–68]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Rule 2107 (Priority
and Execution of Orders)
December 8, 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 November
24, 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 and II below, which Items have
been prepared by the Exchange. The
Exchange filed the proposed rule change
as a ‘‘non-controversial’’ rule change
under Rule 19b–4(f)(6) under the Act,3
which rendered 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 Exchange proposes to amend ISE
Rule 2107 (Priority and Execution of
Orders). The text of the proposed rule
change is available on the Exchange’s
Web site, https://www.iseoptions.com, at
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposal. The text of these statements
may be examined at the places specified
in Item IV below. The Exchange has
prepared summaries, set forth in
sections A, B, and C below, of the most
significant aspects of such statements.
8 15
1 15
9 15
VerDate Aug<31>2005
15:47 Dec 14, 2006
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
2 17
12 17
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PO 00000
CFR 200.30–3(a)(12).
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Federal Register / Vol. 71, No. 241 / Friday, December 15, 2006 / Notices
and are at a superior price to the ISE
Stock Exchange’s best bid or offer.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
2. Statutory Basis
1. Purpose
mstockstill on PROD1PC61 with NOTICES
On September 28, 2006, the
Commission granted the ISE approval
for its proposed adoption of trading
rules related to its new electronic
trading system for equities (‘‘ISE Stock
Exchange’’).4 As required by Regulation
NMS under the Act, on and after
February 5, 2007, the ISE Stock
Exchange will not Trade-Through 5 the
Protected Quotation 6 of another Trading
Center.7 Accordingly, when the ISE
does not have interest resident in the
ISE Stock Exchange at the National Best
Bid or Offer (‘‘NBBO’’), the order will be
routed to the Trading Center(s)
displaying a Protected Quotation that is
at a superior price. If the ISE is unable
to route the order to the other Trading
Center(s) for any reason and no valid
exception to the order protection rule
under Regulation NMS 8 exists, the
order will be canceled back to the
Equity EAM. The purpose of this
proposed rule change is to amend ISE
Rule 2107 regarding priority and
execution of orders to clarify that when
the ISE Stock Exchange is not at the
NBBO, orders will either be routed to
Protected Quotation(s) or canceled back
to the Equity EAM.
Additionally, the ISE proposes to
amend the Supplementary Material to
ISE Rule 2107 to specify that the ISE
Stock Exchange will execute inbound
intermarket sweep orders (‘‘ISOs’’) 9
without regard to prices on other
markets and to define an Equity EAM’s
obligations associated with submitting
ISOs to the ISE Stock Exchange, in each
case prior to February 5, 2007 (the
‘‘Trading Phase Date’’ of Regulation
NMS).10 An Equity EAM may submit an
ISO only if it has simultaneously sent an
ISO (or comparable order) for the full
displayed size of all firm quotations that
are disseminated pursuant to an
effective national market system plan
4 See Securities Exchange Act Release No. 54528,
71 FR 58650 (October 4, 2006) (SR–ISE–2006–48).
5 As defined in Rule 600(b)(77) of Regulation
NMS. 17 CFR 242.600(b)(77).
6 As defined in Rule 600(b)(58) of Regulation
NMS. 17 CFR 242.600(b)(58).
7 As defined in Rule 600(b)(78) of Regulation
NMS. 17 CFR 242.600(b)(78).
8 See Rule 611 of Regulation NMS. 17 CFR
242.611.
9 As defined in Rule 600(b)(30) of Regulation
NMS. 17 CFR 242.600(b)(30).
10 Telephone conference between Nancy J.
Sanow, Assistant Director, Division of Market
Regulation, Commission, and Laura E. Clare,
Assistant General Counsel, ISE, on December 4,
2006.
VerDate Aug<31>2005
15:47 Dec 14, 2006
Jkt 211001
The Exchange believes that the
proposed rule change is consistent with
Section 6(b)(5) of the Act,11 in that it is
designed to promote just and equitable
principles of trade, to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest.
B . Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change would impose no
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comment on the Proposed
Rule Change Received From Members,
Participants or Others
The Exchange did not solicit or
receive any written comments with
respect to the proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i)
Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) by its terms, does not become
operative for 30 days after the date of
filing, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act12 and subparagraph (f)(6) of
Rule 19b–4 thereunder.13
As required under Rule 19b–
4(f)(6)(iii),14 the Exchange provided the
Commission with written notice of its
intent to file the proposed rule change,
along with a brief description and text
of the proposed rule change, at least five
business days prior to the date of the
filing of the proposed rule change. The
Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest,
because this filing should clarify trading
11 15
U.S.C. 78f(b)(5).
12 15 U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
PO 00000
Frm 00121
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75595
processes relating to the handling of
orders on the ISE Stock Exchange. For
this reason, the Commission designates
the proposal to be effective and
operative upon filing with the
Commission.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 the furtherance of the
purposes of the Act.16
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 rulecomments@sec.gov. Please include File
Number SR–ISE–2006–68 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
Number SR–ISE–2006–68. 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
15 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
16 See 15 U.S.C. 78s(b)(3)(C).
E:\FR\FM\15DEN1.SGM
15DEN1
75596
Federal Register / Vol. 71, No. 241 / Friday, December 15, 2006 / Notices
Room. Copies of such filing also will be
available for inspection and copying at
the principal office of the Exchange. 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–SE–2006–68 and should be
submitted on or before January 5, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E6–21361 Filed 12–14–06; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54896; File No. SR–ISE–
2006–74]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change and Amendment No. 1 Thereto
Relating to Prefatory Language in
Chapter 21 (ISE Stock Exchange LLC
Trading Rules)
December 8, 2006.
mstockstill on PROD1PC61 with NOTICES
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 December
5, 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 and II below, which Items have
been prepared by the Exchange. On
December 6, 2006, the Exchange filed
Amendment No. 1 to the proposed rule
change.3 The Exchange filed the
proposed rule change as a ‘‘noncontroversial’’ rule change under Rule
19b–4(f)(6) under the Act,4 which
rendered the proposal effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as amended, from interested
persons.
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 clarified that the Exchange
proposes to delete the prefatory language in Chapter
21 of the ISE Rules.
4 17 CFR 240.19b–4(f)(6).
1 15
VerDate Aug<31>2005
15:47 Dec 14, 2006
Jkt 211001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to remove the
lead-in paragraph to Chapter 21 of the
ISE Rules (ISE Stock Exchange LLC
Trading Rules). The text of the proposed
rule change is available on the
Exchange’s Web site, https://
www.iseoptions.com, at the Exchange’s
Office of the Secretary, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposal. The text of these statements
may be examined at the places specified
in Item IV below. The Exchange has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On September 8, 2006, the ISE
launched trading in equity securities
through its Midpoint Match system
pursuant to Form PILOT.5 On
September 28, 2006, the Commission
approved a full set of rules (Chapter 21
ISE Stock Exchange LLC Trading Rules)
related to the trading of equity securities
on the ISE Stock Exchange, including
rules governing both the operating
Midpoint Match system and a displayed
market that was not yet operational.6 To
address the fact that the ISE would be
launching the displayed market
sometime in the future, the Exchange
included prefatory language in Chapter
21 stating that the rules governing
trading in Midpoint Match were
operative, while the rules governing
trading in the displayed market were
approved, but would not become
operative until trading commenced in
the displayed market. The ISE proposes
to delete this prefatory language
effective December 8, 2006, the date on
which trading will commence in the
displayed market.
5 See File No. PILOT–ISE–2006–01 (July 28,
2006).
6 See Securities Exchange Act Release No. 54528,
71 FR 58650 (October 4, 2006) (SR–ISE–2006–48).
PO 00000
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Fmt 4703
Sfmt 4703
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b)(5) of the Act,7 in that it is
designed to promote just and equitable
principles of trade, to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change would impose no
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 did not solicit or
receive any written comments with
respect to the proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i)
Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) by its terms, does not become
operative for 30 days after the date of
filing, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 8 and subparagraph (f)(6) of
Rule 19b–4 thereunder.9
As required under Rule 19b–
4(f)(6)(iii),10 the Exchange provided the
Commission with written notice of its
intent to file the proposed rule change,
along with a brief description and text
of the proposed rule change, at least five
business days prior to the date of the
filing of the proposed rule change. The
Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest,
because this filing will enable
previously approved rules to become
operative. For this reason, the
7 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
8 15
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15DEN1
]]>Agencies
[Federal Register Volume 71, Number 241 (Friday, December 15, 2006)]
[Notices]
[Pages 75594-75596]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-21361]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54905; File No. SR-ISE-2006-68]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Rule 2107 (Priority and Execution of Orders)
December 8, 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 November 24, 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 and II below, which Items have been prepared by the Exchange.
The Exchange filed the proposed rule change as a ``non-controversial''
rule change under Rule 19b-4(f)(6) under the Act,\3\ which rendered 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\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend ISE Rule 2107 (Priority and
Execution of Orders). The text of the proposed rule change is available
on the Exchange's Web site, https://www.iseoptions.com, at the
Exchange's Office of the Secretary, and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposal. The text of these
statements may be examined at the places specified in Item IV below.
The Exchange has prepared summaries, set forth in sections A, B, and C
below, of the most significant aspects of such statements.
[[Page 75595]]
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
On September 28, 2006, the Commission granted the ISE approval for
its proposed adoption of trading rules related to its new electronic
trading system for equities (``ISE Stock Exchange'').\4\ As required by
Regulation NMS under the Act, on and after February 5, 2007, the ISE
Stock Exchange will not Trade-Through \5\ the Protected Quotation \6\
of another Trading Center.\7\ Accordingly, when the ISE does not have
interest resident in the ISE Stock Exchange at the National Best Bid or
Offer (``NBBO''), the order will be routed to the Trading Center(s)
displaying a Protected Quotation that is at a superior price. If the
ISE is unable to route the order to the other Trading Center(s) for any
reason and no valid exception to the order protection rule under
Regulation NMS \8\ exists, the order will be canceled back to the
Equity EAM. The purpose of this proposed rule change is to amend ISE
Rule 2107 regarding priority and execution of orders to clarify that
when the ISE Stock Exchange is not at the NBBO, orders will either be
routed to Protected Quotation(s) or canceled back to the Equity EAM.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 54528, 71 FR 58650
(October 4, 2006) (SR-ISE-2006-48).
\5\ As defined in Rule 600(b)(77) of Regulation NMS. 17 CFR
242.600(b)(77).
\6\ As defined in Rule 600(b)(58) of Regulation NMS. 17 CFR
242.600(b)(58).
\7\ As defined in Rule 600(b)(78) of Regulation NMS. 17 CFR
242.600(b)(78).
\8\ See Rule 611 of Regulation NMS. 17 CFR 242.611.
---------------------------------------------------------------------------
Additionally, the ISE proposes to amend the Supplementary Material
to ISE Rule 2107 to specify that the ISE Stock Exchange will execute
inbound intermarket sweep orders (``ISOs'') \9\ without regard to
prices on other markets and to define an Equity EAM's obligations
associated with submitting ISOs to the ISE Stock Exchange, in each case
prior to February 5, 2007 (the ``Trading Phase Date'' of Regulation
NMS).\10\ An Equity EAM may submit an ISO only if it has simultaneously
sent an ISO (or comparable order) for the full displayed size of all
firm quotations that are disseminated pursuant to an effective national
market system plan and are at a superior price to the ISE Stock
Exchange's best bid or offer.
---------------------------------------------------------------------------
\9\ As defined in Rule 600(b)(30) of Regulation NMS. 17 CFR
242.600(b)(30).
\10\ Telephone conference between Nancy J. Sanow, Assistant
Director, Division of Market Regulation, Commission, and Laura E.
Clare, Assistant General Counsel, ISE, on December 4, 2006.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b)(5) of the Act,\11\ in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B . Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change would impose no
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comment on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange did not solicit or receive any written comments with
respect to the proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i) Does not significantly affect
the protection of investors or the public interest; (ii) does not
impose any significant burden on competition; and (iii) by its terms,
does not become operative for 30 days after the date of filing, or such
shorter time as the Commission may designate, if consistent with the
protection of investors and the public interest, the proposed rule
change has become effective pursuant to Section 19(b)(3)(A) of the
Act\12\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\13\
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
As required under Rule 19b-4(f)(6)(iii),\14\ the Exchange provided
the Commission with written notice of its intent to file the proposed
rule change, along with a brief description and text of the proposed
rule change, at least five business days prior to the date of the
filing of the proposed rule change. The Exchange has requested that the
Commission waive the 30-day operative delay. The Commission believes
that waiver of the 30-day operative delay is consistent with the
protection of investors and the public interest, because this filing
should clarify trading processes relating to the handling of orders on
the ISE Stock Exchange. For this reason, the Commission designates the
proposal to be effective and operative upon filing with the
Commission.\15\
---------------------------------------------------------------------------
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ For purposes only of waiving the 30-day operative delay of
this proposal, 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 the furtherance of the purposes of the Act.\16 \
---------------------------------------------------------------------------
\16\ See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
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-2006-68 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 Number SR-ISE-2006-68. 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
[[Page 75596]]
Room. Copies of such filing also will be available for inspection and
copying at the principal office of the Exchange. 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-SE-2006-68 and should be submitted on or
before January 5, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\17\
Florence E. Harmon,
Deputy Secretary.
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\17\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E6-21361 Filed 12-14-06; 8:45 am]
BILLING CODE 8011-01-P
