Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to the Expiration of an ISE Stock Exchange Fee Waiver and the Granting of a Fee Waiver for Certain Other Transactions, 31358-31359 [E7-10873]

Download as PDF 31358 Federal Register / Vol. 72, No. 108 / Wednesday, June 6, 2007 / Notices perfect the mechanism of a free and open market and a national market system, and, in general, to protect Paper Comments investors and the public interest. The • Send paper comments in triplicate Commission notes that the Exchange’s to Nancy M. Morris, Secretary, Preferred Market Maker Program was Securities and Exchange Commission, approved on a pilot basis approximately 100 F Street, NE., Washington, DC two years ago.12 The Exchange has 20549–1090. asked the Commission to approve the All submissions should refer to File Exchange’s Preferred Market Maker Number SR-CBOE–2007–47. This file Program on a permanent basis. For the number should be included on the subject line if e-mail is used. To help the reasons noted by the Commission when it initially approved the Exchange’s Commission process and review your Preferred Market Maker Program on a comments more efficiently, please use only one method. The Commission will pilot basis, the Commission continues to post all comments on the Commission’s believe that the Exchange’s Preferred Internet Web site (http://www.sec.gov/ Market Maker Program does not rules/sro.shtml). Copies of the jeopardize market integrity or the submission, all subsequent incentive for market participants to post amendments, all written statements competitive quotes.13 Accordingly, the with respect to the proposed rule Commission finds that the proposal is change that are filed with the consistent with the Act. Commission, and all written The Exchange has requested that the communications relating to the Commission find good cause for proposed rule change between the Commission and any person, other than approving the proposed rule change prior to the thirtieth day after those that may be withheld from the publication of notice thereof in the public in accordance with the Federal Register. The Commission provisions of 5 U.S.C. 552, will be believes that granting accelerated available for inspection and copying in approval of the proposed rule change the Commission’s Public Reference Room. Copies of such filing also will be would allow the Exchange’s Preferred available for inspection and copying at Market Maker to continue without the principal office of the Exchange. All disruption beyond the June 2, 2007 comments received will be posted expiration date of the current pilot without change; the Commission does program. Accordingly, the Commission not edit personal identifying finds good cause, consistent with information from submissions. You Section 19(b)(2) of the Act,14 for should submit only information that approving the proposed rule change you wish to make available publicly. All prior to the thirtieth day after submissions should refer to File publication of notice thereof in the Number SR–CBOE–2007–47 and should be submitted on or before June 27, 2007. Federal Register. V. Conclusion IV. Commission’s Findings and Order Granting Accelerated Approval of the It is therefore ordered, pursuant to Proposed Rule Change Section 19(b)(2) of the Act,15 that the After careful consideration, the proposed rule change (SR–CBOE–2007– Commission finds that the proposed 47), is hereby approved on an rule change is consistent with the accelerated basis. requirements of Section 6 of the Act 9 For the Commission, by the Division of and the rules and regulations Market Regulation, pursuant to delegated thereunder applicable to a national 16 securities exchange,10 and, in particular, authority. Florence E. Harmon, the requirements of Section 6(b)(5) of Deputy Secretary. the Act.11 Section 6(b)(5) requires, among other things, that the rules of a [FR Doc. E7–10790 Filed 6–5–07; 8:45 am] national securities exchange be BILLING CODE 8010–01–P designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and jlentini on PROD1PC65 with NOTICES Number SR–CBOE–2007–47 on the subject line. 9 15 U.S.C. 78f. approving this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 11 15.U.S.C. 78f(b)(5). 10 In VerDate Aug<31>2005 16:59 Jun 05, 2007 Jkt 211001 12 See notes 3 to 5, supra. note 3, supra. 14 15 U.S.C. 78s(b)(2). 15 15 U.S.C. 78s(b)(2). 16 17 CFR 200.30–3(a)(12). 13 See PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55833; File No. SR–ISE– 2007–28] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to the Expiration of an ISE Stock Exchange Fee Waiver and the Granting of a Fee Waiver for Certain Other Transactions May 31, 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 May 1, 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 Exchange. On May 29, 2007, the ISE 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 is proposing to amend its Schedule of Fees to reflect the expiration of a fee waiver related to all transactions executed on the ISE Stock Exchange (‘‘ISE Stock’’) and to allow for a waiver of certain transactions executed on ISE Stock. The text of the proposed rule change is available at http://www.iseoptions.com and 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 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. 1 15 2 17 E:\FR\FM\06JNN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 06JNN1 Federal Register / Vol. 72, No. 108 / Wednesday, June 6, 2007 / Notices A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change jlentini on PROD1PC65 with NOTICES 1. Purpose The purpose of this proposed rule change is to amend the Schedule of Fees to reflect the expiration of a fee waiver related to all MidPoint Match (‘‘MPM’’) transactions executed on ISE Stock, a facility of the Exchange, and to allow for a waiver of certain other MPM transactions executed on ISE Stock. The Exchange currently waives all execution fees for MPM transactions in an effort to promote trading on ISE Stock. The Exchange currently waives all execution fees in an effort to promote trading on ISE Stock.3 The fee waiver is scheduled to expire on May 1, 2007.4 The Exchange proposes to waive the transaction fee applicable to executions in MPM when the same firm enters a MPM buy order which executes against that same firm’s MPM sell order. However, the Exchange represents that, due to the configuration of session lines carrying orders for multiple firms, it is not always possible for the Exchange to determine who the originating firm is that entered the order. Accordingly, for a firm to avail itself of this waiver, the firm must ensure that the MPM order sent by it, or on its behalf, is marked with the firm’s identifier or is uniquely identified by submission on a dedicated session. A firm may contact the Exchange to set up its own dedicated session line, whereby all MPM orders sent by it will be identified as that member’s order and will be afforded the waiver anytime one of its MPM buy orders executes against one of its own MPM sell orders. Alternatively, a firm may contact a service bureau that is connected to ISE to have the service bureau allocate a session line solely for that firm’s orders, i.e., creating a dedicated session line for that firm. In those situations where one firm submits MPM orders to the Exchange over different session lines, the Exchange represents that so long as the firm is identifiable as the originating firm on both sides of the MPM execution, the firm will be afforded the waiver, regardless of what line the MPM orders were submitted through. 2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under Section 6(b)(4) 5 that the 3 See Securities Exchange Act Release No. 54561 (October 2, 2006), 71 FR 59844 (October 11, 2006). 4 See Securities Exchange Act Release No. 55560 (March 29, 2007), 72 FR 16837 (April 5, 2007). 5 15 U.S.C. 78f(b)(4). VerDate Aug<31>2005 16:59 Jun 05, 2007 Jkt 211001 Exchange provide for the equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange believes that the proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 6 and Rule 19b–4(f)(2) thereunder,7 because it establishes or changes a due, fee, or other charge imposed by the Exchange. Accordingly, the proposal will take effect upon filing with the Commission. At any time within 60 days of the filing of such proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.8 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 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). 8 For purposes of calculating the 60-day period within which the Commission may summarily abrogate the proposed rule change under Section 19(b)(3)(C) of the Act, the Commission considers the period to commence on May 29, 2007, the date on which the ISE filed Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C). Number SR–ISE–2007–28 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–2007–28. 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 ISE. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ISE–2007–28 and should be submitted on or before June 27, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–10873 Filed 6–5–07; 8:45 am] BILLING CODE 8010–01–P 6 15 7 17 PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 31359 9 17 E:\FR\FM\06JNN1.SGM CFR 200.30–3(a)(12). 06JNN1

Agencies

[Federal Register Volume 72, Number 108 (Wednesday, June 6, 2007)]
[Notices]
[Pages 31358-31359]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-10873]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55833; File No. SR-ISE-2007-28]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change and Amendment No. 1 Thereto Relating to the Expiration of an ISE 
Stock Exchange Fee Waiver and the Granting of a Fee Waiver for Certain 
Other Transactions

May 31, 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 May 1, 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 
Exchange. On May 29, 2007, the ISE 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The ISE is proposing to amend its Schedule of Fees to reflect the 
expiration of a fee waiver related to all transactions executed on the 
ISE Stock Exchange (``ISE Stock'') and to allow for a waiver of certain 
transactions executed on ISE Stock. The text of the proposed rule 
change is available at http://www.iseoptions.com and 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 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.

[[Page 31359]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this proposed rule change is to amend the Schedule 
of Fees to reflect the expiration of a fee waiver related to all 
MidPoint Match (``MPM'') transactions executed on ISE Stock, a facility 
of the Exchange, and to allow for a waiver of certain other MPM 
transactions executed on ISE Stock. The Exchange currently waives all 
execution fees for MPM transactions in an effort to promote trading on 
ISE Stock. The Exchange currently waives all execution fees in an 
effort to promote trading on ISE Stock.\3\ The fee waiver is scheduled 
to expire on May 1, 2007.\4\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 54561 (October 2, 
2006), 71 FR 59844 (October 11, 2006).
    \4\ See Securities Exchange Act Release No. 55560 (March 29, 
2007), 72 FR 16837 (April 5, 2007).
---------------------------------------------------------------------------

    The Exchange proposes to waive the transaction fee applicable to 
executions in MPM when the same firm enters a MPM buy order which 
executes against that same firm's MPM sell order. However, the Exchange 
represents that, due to the configuration of session lines carrying 
orders for multiple firms, it is not always possible for the Exchange 
to determine who the originating firm is that entered the order. 
Accordingly, for a firm to avail itself of this waiver, the firm must 
ensure that the MPM order sent by it, or on its behalf, is marked with 
the firm's identifier or is uniquely identified by submission on a 
dedicated session. A firm may contact the Exchange to set up its own 
dedicated session line, whereby all MPM orders sent by it will be 
identified as that member's order and will be afforded the waiver 
anytime one of its MPM buy orders executes against one of its own MPM 
sell orders. Alternatively, a firm may contact a service bureau that is 
connected to ISE to have the service bureau allocate a session line 
solely for that firm's orders, i.e., creating a dedicated session line 
for that firm. In those situations where one firm submits MPM orders to 
the Exchange over different session lines, the Exchange represents that 
so long as the firm is identifiable as the originating firm on both 
sides of the MPM execution, the firm will be afforded the waiver, 
regardless of what line the MPM orders were submitted through.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(4) \5\ that the Exchange provide for the 
equitable allocation of reasonable dues, fees, and other charges among 
its members and issuers and other persons using its facilities.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change does not impose 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any unsolicited written comments from members or other interested 
parties.

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

    The foregoing proposed rule change has become effective pursuant to 
Section 19(b)(3)(A)(ii) of the Act \6\ and Rule 19b-4(f)(2) 
thereunder,\7\ because it establishes or changes a due, fee, or other 
charge imposed by the Exchange. Accordingly, the proposal will take 
effect upon filing with the Commission.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \7\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.\8\
---------------------------------------------------------------------------

    \8\ For purposes of calculating the 60-day period within which 
the Commission may summarily abrogate the proposed rule change under 
Section 19(b)(3)(C) of the Act, the Commission considers the period 
to commence on May 29, 2007, the date on which the ISE filed 
Amendment No. 1. 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-2007-28 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-2007-28. 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 ISE. All comments received will be posted 
without change; the Commission does not edit personal identifying 
information from submissions. You should submit only information that 
you wish to make available publicly. All submissions should refer to 
File Number SR-ISE-2007-28 and should be submitted on or before June 
27, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-10873 Filed 6-5-07; 8:45 am]
BILLING CODE 8010-01-P