Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of Proposed Rule Change as Modified by Amendment No. 1 Thereto Relating to Split Prices, 27604-27606 [E7-9365]

Download as PDF 27604 Federal Register / Vol. 72, No. 94 / Wednesday, May 16, 2007 / Notices C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others IV. Commission’s Findings and Order Granting Accelerated Approval of the Proposed Rule Change After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national III. Solicitation of Comments securities exchange.11 In particular, the Commission finds that the proposed Interested persons are invited to rule change is consistent with Section submit written data, views, and 6(b)(5) of the Act,12 which requires that arguments concerning the foregoing, an exchange have rules designed, among including whether the proposed rule other things, to promote just and change is consistent with the Act. equitable principles of trade, to remove Comments may be submitted by any of impediments to and perfect the the following methods: mechanism of a free and open market Electronic Comments and a national market system, and, in general, to protect investors and the • Use the Commission’s Internet public interest. The Commission comment form (http://www.sec.gov/ believes that this proposal should rules/sro.shtml); or benefit investors by providing an • Send an e-mail to ruleexception to the minimum public comments@sec.gov. Please include File distribution requirements for certain Number SR–Amex–2007–34 on the Section 107 Securities issued and traded subject line. in thousand dollar denominations and Paper Comments providing an exception to the 400 public shareholder requirement for • Send paper comments in triplicate Section 107 Securities that are to Nancy M. Morris, Secretary, redeemable at the option of the holders Securities and Exchange Commission, thereof on at least a weekly basis. The 100 F Street, NE., Washington, DC Commission believes that these 20549–1090. exceptions are reasonable and should All submissions should refer to File allow for the listing and trading of Number SR–Amex–2007–34. This file certain Section 107 Securities that number should be included on the would otherwise not be able to be listed subject line if e-mail is used. To help the and traded on the Exchange. Commission process and review your The Commission finds good cause for comments more efficiently, please use approving this proposal before the only one method. The Commission will thirtieth day after the publication of post all comments on the Commission’s notice thereof in the Federal Register. Internet Web site (http://www.sec.gov/ The Commission notes that it has rules/sro.shtml). Copies of the previously approved minimum public submission, all subsequent distribution and minimum public amendments, all written statements shareholder requirements that are with respect to the proposed rule substantially similar to Amex’s proposal change that are filed with the and found that such requirements were Commission, and all written consistent with the Act.13 The communications relating to the Commission presently is not aware of proposed rule change between the any regulatory issue that should cause it Commission and any person, other than to revisit that finding or would preclude those that may be withheld from the the application of the proposed public in accordance with the exceptions to the minimum public provisions of 5 U.S.C. 552, will be distribution and minimum public available for inspection and copying in shareholder requirements. Therefore, the Commission’s Public Reference accelerating approval of this proposal Room. Copies of such filing also will be should benefit investors by creating, available for inspection and copying at without undue delay, additional the principal offices of the Exchange. competition in the market for such All comments received will be posted securities. without change; the Commission does not edit personal identifying 11 In approving this rule change, the Commission notes that it has considered the proposed rule’s information from submissions. You impact on efficiency, competition, and capital should submit only information that you wish to make available publicly. All formation. See 15 U.S.C. 78c(f). 12 15 U.S.C. 78f(b)(5). submissions should refer to File 13 See Securities Exchange Act Release No. 55687 Number SR–Amex–2007–34 and should (May 1, 2007), 72 FR 25824 (May 7, 2007) (SR– NYSE–2007–27). be submitted on or before June 6, 2007. cprice-sewell on PROD1PC66 with NOTICES The Exchange has neither solicited nor received written comments on the proposed rule change. VerDate Aug<31>2005 15:27 May 15, 2007 Jkt 211001 PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,14 that the proposed rule change (SR–Amex–2007– 34), as modified by Amendment No.1, be, and it hereby is, approved on an accelerated basis. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.15 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–9364 Filed 5–15–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55734; File No. SR–ISE– 2007–22] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of Proposed Rule Change as Modified by Amendment No. 1 Thereto Relating to Split Prices May 10, 2007. 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 March 26, 2007, 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 substantially prepared by the ISE. On April 20, 2007, the Exchange filed Amendment No. 1 to the proposed rule change. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The ISE proposes to amend its rule governing ‘‘Split Prices.’’ Specifically, the Exchange proposes to provide for executions in its Block, Facilitation and Solicitation Mechanisms at half-penny prices for certain options classes included in the penny pilot program.3 The text of the proposed rule change is available at ISE, the Commission’s Public Reference Room, and www.iseoptions.com. 14 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 55161 (January 24, 2007), 72 FR 4754 (February 1, 2007) (SR–ISE–2006–62) (‘‘Penny Pilot Order’’). 15 17 E:\FR\FM\16MYN1.SGM 16MYN1 Federal Register / Vol. 72, No. 94 / Wednesday, May 16, 2007 / Notices 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. cprice-sewell on PROD1PC66 with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its rule governing ‘‘Split Prices.’’ 4 Specifically, the Exchange proposes to provide for executions in its Block, Facilitation and Solicitation Mechanisms at half-penny prices for certain options classes included in the penny pilot program. The Exchange’s rule governing Split Prices was previously approved by the Commission.5 Pursuant to the Commission’s approval, the Exchange currently provides for such ‘‘Split Prices’’ in options quoted in standard $.05 and $.10 increments. On January 26, 2007, the Exchange, along with the other options exchanges, commenced a six-month pilot program to quote certain options classes in penny increments.6 The penny pilot rules adopted by the Exchange specifically state that Split Prices do not apply to options trading in penny increments. At the time ISE adopted the penny pilot rules, the Exchange believed that being able to place orders and responses in the Block, Facilitation and Solicitation Mechanisms in penny increments would give its members sufficient pricing flexibility. However, based on its experience with the penny pilot thus far, the Exchange believes that the same competitive pressure that led to Split Prices in standard increments has arisen in the penny pilot options. Specifically, the Exchange stated that it has seen floor-based exchanges print large blocks at two prices, one-cent apart, effectively providing for a halfpenny block print. For competitive reasons, and to allow its members the same pricing flexibility that floor-based 4 See Supplementary Material .06 to ISE Rule 716. Securities Exchange Act Release No. 51666 (May 9, 2005), 70 FR 25631 (May 13, 2005) (SR– ISE–2003–07). 6 See Penny Pilot Order, supra note 3. 5 See VerDate Aug<31>2005 15:27 May 15, 2007 Jkt 211001 exchanges appear to be providing to their members, the ISE proposes to extend Split Prices to options classes included in the penny pilot program. The Exchange also represents that the Options Clearing Corporation will continue to accept and clear trades at sub-penny prices and that orders that are on the ISE book will be protected and executed at the midpoint prices. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,7 in general, and furthers the objectives of Section 6(b)(5) of the Act,8 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, 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. In particular, the proposal will provide additional pricing flexibility in penny pilot options and allow the Exchange to compete more effectively with floorbased exchanges. 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 Written comments on the proposed rule change were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the Exchange consents, the Commission will: (A) By order approve such proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. 7 15 8 15 PO 00000 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 No. SR–ISE–2007–22 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 No. SR–ISE–2007–22. 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 at http://www.sec.gov/ rules/sro.shtml. Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room. Copies of the filing also will be available for inspection and copying at the principal office of the 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 No. SR–ISE–2007–22 and should be submitted on or before June 6, 2007. U.S.C. 78f(b). U.S.C. 78f(b)(5). Frm 00068 Fmt 4703 Sfmt 4703 27605 E:\FR\FM\16MYN1.SGM 16MYN1 27606 Federal Register / Vol. 72, No. 94 / Wednesday, May 16, 2007 / Notices For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–9365 Filed 5–15–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55737; File No. SR–NASD– 2006–124] Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing of Amendment Nos. 1 and 2 to, and Order Granting Accelerated Approval of, a Proposed Rule Change as Modified by Amendment Nos. 1 and 2 To Require the Provision of Certain Information About the Securities Investor Protection Corporation to Customers May 10, 2007. I. Introduction Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that the National Association of Securities Dealers, Inc. (‘‘NASD’’) has filed Amendment Nos. 1 and 2 to the proposed rule change, which, as amended, would adopt proposed NASD Rule 2342 to require NASD members, except those excluded from membership in the Securities Investor Protection Corporation (‘‘SIPC’’) or who sell only investments ineligible for SIPC protection, to provide new customers, and all customers annually, with certain information about SIPC. This order provides notice of and solicits comments from interested persons on the proposed rule change as modified by Amendment Nos. 1 and 2, and approves the proposed rule change as amended on an accelerated basis. cprice-sewell on PROD1PC66 with NOTICES II. Description of the Proposal NASD filed the proposed rule change with the Securities and Exchange Commission (the ‘‘Commission’’) on November 9, 2006. The Commission published the proposal for comment in the Federal Register on December 13, 2006.3 The Commission received nine comments in response to the Notice.4 9 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 54871 (December 5, 2006), 71 FR 74970 (December 13, 2006) (SR–NASD–2006–124) (‘‘Notice’’). 4 See e-mail from Frederick G. Ferrara, Chief Compliance Office, Panattoni Securities, Inc. dated 1 15 VerDate Aug<31>2005 15:27 May 15, 2007 Jkt 211001 On February 7, 2007, NASD filed Amendment No. 1 to the proposed rule change, which also responded to the comments.5 The Commission received one comment in response to Amendment No. 1.6 All of the comments received by the Commission regarding the proposed rule change are available on the Commission’s Internet Web site (http://www.sec.gov/rules/ sro.shtml). On April 19, 2007, NASD filed Amendment No. 2 to the proposed rule change, which also responded to the comment on the proposed rule change as modified by Amendment No. 1.7 NASD filed the proposed rule change to adopt proposed NASD Rule 2342, which would require NASD members to advise all new customers, in writing, at the opening of an account, and all customers at least once each year that they may obtain information about SIPC, including the SIPC brochure, by contacting SIPC, and to provide such customers with SIPC’s telephone number and Web site address. Amendment No. 1 proposed that firms that are excluded from membership in SIPC pursuant to Section 3(a)(2)(A)(i) through (iii) of the Securities Investor Protection Act of 1970 (‘‘SIPA’’) and that are not SIPC members be exempt from the requirements of proposed Rule 2342. Amendment No. 2 proposed to exempt firms whose business consists exclusively of the sale of investments that are ineligible for SIPC protection from the requirements of proposed Rule 2342. Below is the text of the proposed rule change, as modified by Amendment Nos. 1 and 2. Proposed new language is in italics. December 20, 2006 (‘‘Ferrara 1’’); e-mail from Philip C. McMorrow, President, Cantella Co., Inc. dated December 21, 2006 (‘‘McMorrow’’); e-mail from E.C. Blitz dated December 22, 2006 (‘‘Blitz’’); letter from Kenneth M. Cherrier, Chief Compliance Officer, Fintegra, to Nancy M. Morris, Secretary, Commission, dated December 22, 2006 (‘‘Cherrier’’); e-mail from Michael A. Pagano, 1st Global Capital Corp. dated December 22, 2006 (‘‘Pagano’’); e-mail from Christine E. Saccente, Vice President, Chief Compliance Officer, Operations Manager, Maxwell Noll Inc. dated December 27, 2006 (‘‘Saccente’’); email from William R. Sykes, Sykes Financial Services LLC dated December 28, 2006 (‘‘Sykes’’); e-mail from John Harris, Chief Executive Officer, BondMart, Inc. dated December 30, 2006 (‘‘Harris’’); letter from Noland Cheng, Chairman, SIFMA Operations Committee, to Nancy M. Morris, Secretary, Commission, dated January 12, 2007 (‘‘Cheng’’). 5 Amendment No. 1 modified the text of proposed Rule 2342. 6 See e-mail from Frederick G. Ferrara, Chief Compliance Officer, Panattoni Securities, Inc. dated February 13, 2007 (‘‘Ferrara 2’’) 7 Amendment No. 2 further modified the text of proposed Rule 2342 and proposed changing the effective date of the rule change. PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 2000. BUSINESS CONDUCT * * * * * 2300. Transactions with Customers * * * * * 2342. SIPC Information All members, except those members: (a) that pursuant to Section 3(a)(2)(A)(i) through (iii) of the Securities Investor Protection Act of 1970 (SIPA) are excluded from membership in the Securities Investor Protection Corporation (SIPC) and that are not SIPC members; and (b) whose business consists exclusively of the sale of investments that are ineligible for SIPC protection, shall advise all new customers, in writing, at the opening of an account, that they may obtain information about SIPC, including the SIPC brochure, by contacting SIPC, and also shall provide the Web site address and telephone number of SIPC. In addition, such members shall provide all customers with the same information, in writing, at least once each year. In cases where both an introducing firm and clearing firm service an account, the firms may assign these requirements to one of the firms. III. Summary of Comments on the Proposal and Amendment No. 1 Two commenters supported the proposed rule change. One believed that the disclosure required by proposed NASD Rule 2342 would remind clients that they are buying a product that is not directly underwritten or supported by a bank or covered by the Federal Deposit Insurance Corporation (‘‘FDIC’’).8 Another believed that public customers would benefit from broader dissemination of information about SIPC.9 Seven commenters generally opposed the proposed rule change.10 Five questioned the need for disseminating the information that would be required by proposed Rule 2342.11 Two suggested that the proposed rule be revised to mandate that firms include on their Web sites a link to SIPC’s Web site.12 One questioned whether investors need, or are interested in, information about SIPC, suggested that investors are unlikely to read the proposed disclosure, and questioned the cost of implementing it.13 Another stated that customers will be made 8 See Cherrier. Cheng. 10 See Ferrara 1; McMorrow; Blitz; Pagano; Saccente; Sykes; Harris. 11 See McMorrow; Blitz; Pagano; Saccente; Sykes; Harris. 12 See Pagano; Saccente. 13 See Pagano. 9 See E:\FR\FM\16MYN1.SGM 16MYN1

Agencies

[Federal Register Volume 72, Number 94 (Wednesday, May 16, 2007)]
[Notices]
[Pages 27604-27606]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-9365]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55734; File No. SR-ISE-2007-22]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing of Proposed Rule Change as Modified by Amendment 
No. 1 Thereto Relating to Split Prices

 May 10, 2007.
    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 March 26, 2007, 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 substantially prepared by the ISE. 
On April 20, 2007, the Exchange filed Amendment No. 1 to the proposed 
rule change. The Commission is publishing this notice to solicit 
comments on the proposed rule change, as amended, from interested 
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The ISE proposes to amend its rule governing ``Split Prices.'' 
Specifically, the Exchange proposes to provide for executions in its 
Block, Facilitation and Solicitation Mechanisms at half-penny prices 
for certain options classes included in the penny pilot program.\3\ The 
text of the proposed rule change is available at ISE, the Commission's 
Public Reference Room, and www.iseoptions.com.
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    \3\ See Securities Exchange Act Release No. 55161 (January 24, 
2007), 72 FR 4754 (February 1, 2007) (SR-ISE-2006-62) (``Penny Pilot 
Order'').

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[[Page 27605]]

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 Exchange proposes to amend its rule governing ``Split Prices.'' 
\4\ Specifically, the Exchange proposes to provide for executions in 
its Block, Facilitation and Solicitation Mechanisms at half-penny 
prices for certain options classes included in the penny pilot program. 
The Exchange's rule governing Split Prices was previously approved by 
the Commission.\5\ Pursuant to the Commission's approval, the Exchange 
currently provides for such ``Split Prices'' in options quoted in 
standard $.05 and $.10 increments.
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    \4\ See Supplementary Material .06 to ISE Rule 716.
    \5\ See Securities Exchange Act Release No. 51666 (May 9, 2005), 
70 FR 25631 (May 13, 2005) (SR-ISE-2003-07).
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    On January 26, 2007, the Exchange, along with the other options 
exchanges, commenced a six-month pilot program to quote certain options 
classes in penny increments.\6\ The penny pilot rules adopted by the 
Exchange specifically state that Split Prices do not apply to options 
trading in penny increments. At the time ISE adopted the penny pilot 
rules, the Exchange believed that being able to place orders and 
responses in the Block, Facilitation and Solicitation Mechanisms in 
penny increments would give its members sufficient pricing flexibility. 
However, based on its experience with the penny pilot thus far, the 
Exchange believes that the same competitive pressure that led to Split 
Prices in standard increments has arisen in the penny pilot options. 
Specifically, the Exchange stated that it has seen floor-based 
exchanges print large blocks at two prices, one-cent apart, effectively 
providing for a half-penny block print. For competitive reasons, and to 
allow its members the same pricing flexibility that floor-based 
exchanges appear to be providing to their members, the ISE proposes to 
extend Split Prices to options classes included in the penny pilot 
program. The Exchange also represents that the Options Clearing 
Corporation will continue to accept and clear trades at sub-penny 
prices and that orders that are on the ISE book will be protected and 
executed at the midpoint prices.
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    \6\ See Penny Pilot Order, supra note 3.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\7\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\8\ in particular, in that it 
is designed to prevent fraudulent and manipulative acts and practices, 
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. In particular, the proposal will provide additional 
pricing flexibility in penny pilot options and allow the Exchange to 
compete more effectively with floor-based exchanges.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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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

    Written comments on the proposed rule change were neither solicited 
nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule 
change 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 No. SR-ISE-2007-22 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 No. SR-ISE-2007-22. 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 at http://www.sec.gov/rules/
sro.shtml. Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for inspection and 
copying in the Commission's Public Reference Room. Copies of the filing 
also will be available for inspection and copying at the principal 
office of the 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 No. SR-
ISE-2007-22 and should be submitted on or before June 6, 2007.


[[Page 27606]]


    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-9365 Filed 5-15-07; 8:45 am]
BILLING CODE 8010-01-P