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]

Download as PDF 75594 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 (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 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 (http://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, http://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 Jkt 211001 PO 00000 CFR 200.30–3(a)(12). Frm 00120 Fmt 4703 Sfmt 4703 E:\FR\FM\15DEN1.SGM 15DEN1 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 Fmt 4703 Sfmt 4703 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 (http://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 (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 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, http:// 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 Frm 00122 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 E:\FR\FM\15DEN1.SGM 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]


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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, http://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 (http://
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 (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

[[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.
---------------------------------------------------------------------------

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

 [FR Doc. E6-21361 Filed 12-14-06; 8:45 am]
BILLING CODE 8011-01-P