Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Fee Changes, 36530-36531 [E7-12777]

Download as PDF 36530 Federal Register / Vol. 72, No. 127 / Tuesday, July 3, 2007 / Notices SECURITIES AND EXCHANGE COMMISSION SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request [Release No. 34–55961; File No. SR–ISE– 2007–46] Upon written request, copies available from: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549. Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Fee Changes Extension: Regulation S; OMB Control No. 3235–0357; SEC File No. 270–315. June 26, 2007. jlentini on PROD1PC65 with NOTICES Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Regulation S (17 CFR 230.901 through 230.905) includes rules governing offers and sales of securities made outside the United States without registration under the Securities Act of 1933 (15 U.S.C. 77a et seq.). The purpose of Regulation S is to provide clarification of the extent to which Section 5 of the Securities Act applies to sales and re-sales of securities outside of the United States. Regulation S is assigned one burden hour for administrative convenience. Written comments are invited on: (a) Whether this collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden imposed by the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. Please direct your written comments to R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov. Dated: June 25, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–12784 Filed 7–2–07; 8:45 am] BILLING CODE 8010–01–P VerDate Aug<31>2005 17:57 Jul 02, 2007 Jkt 211001 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 June 12, 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. ISE has designated this proposal as one establishing or changing a due, fee, or other charge imposed by ISE under Section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b–4(f)(2) thereunder,4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The ISE is proposing to amend its Schedule of Fees to establish fees for transactions in options on two Premium Products.5 The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and http://www.iseoptions.com. 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. ISE has substantially prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 5 ‘‘Premium Products’’ is defined in the Schedule of Fees as the products enumerated therein. PO 00000 1 15 2 17 Frm 00112 Fmt 4703 Sfmt 4703 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 Schedule of Fees to establish fees for transactions in options on the following two Premium Products: United States Natural Gas Fund (‘‘UNG’’) and United States Oil Fund (‘‘USO’’).6 The Exchange represents that UNG and USO are eligible for options trading because they constitute ‘‘Fund Shares,’’ as defined by ISE Rule 502(h). All of the applicable fees covered by this filing are identical to fees charged by the Exchange for all other Premium Products. Specifically, the Exchange is proposing to adopt an execution fee and a comparison fee for all transactions in options on UNG and USO.7 The amount of the execution fee and comparison fee for products covered by this filing shall be $0.15 and $0.03 per contract, respectively, for all Public Customer Orders 8 and Firm Proprietary orders. The amount of the execution fee and comparison fee for all ISE Market Maker transactions shall be equal to the execution fee and comparison fee currently charged by the Exchange for ISE Market Maker transactions in equity options.9 Finally, the amount of the execution fee and comparison fee for all non-ISE Market Maker transactions shall be $0.37 and $0.03 per contract, respectively. Further, since options on UNG and USO are multiply-listed, the 6 The United States Oil Fund, LP (‘‘USO’’) and the United States Natural Gas Fund (‘‘UNG’’) are distributed by ALPS Distributors, Inc. (‘‘ALPS’’), administered by Brown Brothers Harriman & Co. (‘‘BBH’’) and Victoria Bay Asset Management (‘‘VBAM’’) is the General Partner. ALPS, BBH and VBAM have not licensed or authorized ISE to (i) engage in the creation, listing, provision of a market for trading, marketing, and promotion of options on USO and UNG or (ii) to use and refer to any of their trademarks or service marks in connection with the listing, provision of a market for trading, marketing, and promotion of options on USO and UNG or with making disclosures concerning options on USO and UNG under any applicable federal or state laws, rules or regulations. ALPS, BBH and VBAM do not sponsor, endorse, or promote such activity by ISE, and are not affiliated in any manner with ISE. 7 These fees will be charged to Exchange members. Under a pilot program that is set to expire on July 31, 2007, these fees will also be charged to Linkage Orders (as defined in ISE Rule 1900). See Securities Exchange Act Release No. 54204 (July 25, 2006), 71 FR 43548 (August 1, 2006) (SR–ISE–2006– 38). 8 ‘‘Public Customer Order’’ is defined in ISE Rule 100(a)(39) as an order for the account of a Public Customer. ‘‘Public Customer’’ is defined in ISE Rule 100(a)(38) as a person that is not a broker or dealer in securities. 9 The execution fee is currently between $.21 and $.12 per contract side, depending on the Exchange Average Daily Volume, and the comparison fee is currently $.03 per contract side. E:\FR\FM\03JYN1.SGM 03JYN1 Federal Register / Vol. 72, No. 127 / Tuesday, July 3, 2007 / Notices Payment for Order Flow fee shall also apply. The Exchange believes the proposed rule change will further the Exchange’s goal of introducing new products to the marketplace that are competitively priced. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act 10 in general, and Section 6(b)(4) of the Act 11 in particular, because it is designed to provide for the 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 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. jlentini on PROD1PC65 with NOTICES 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 12 and Rule 19b–4(f)(2) 13 thereunder, because it establishes or changes a due, fee, or other charge imposed by the Exchange. Accordingly, the proposal took 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. 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–2007–46 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. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55960; File No. SR–ISE– 2007–42] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to PrecISE Fees June 26, 2007. 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 on June 1, 2007, the International Securities All submissions should refer to File Exchange, LLC (the ‘‘Exchange’’ or the Number SR–ISE–2007–46. This file ‘‘ISE’’) filed with the Securities and number should be included on the subject line if e-mail is used. To help the Exchange Commission (‘‘Commission’’) the proposed rule change as described Commission process and review your in Items I, II, and III below, which Items comments more efficiently, please use only one method. The Commission will have been substantially prepared by the Exchange. ISE has designated this post all comments on the Commission’s proposal as one establishing or changing Internet Web site (http://www.sec.gov/ a due, fee, or other charge imposed by rules/sro.shtml). Copies of the ISE under section 19(b)(3)(A)(ii) of the submission, all subsequent Act 3 and Rule 19b–4(f)(2) thereunder,4 amendments, all written statements which renders the proposal effective with respect to the proposed rule upon filing with the Commission. The change that are filed with the Commission is publishing this notice to Commission, and all written solicit comments on the proposed rule communications relating to the change from interested persons. proposed rule change between the Commission and any person, other than I. Self-Regulatory Organization’s Statement of the Terms of Substance of those that may be withheld from the the Proposed Rule Change public in accordance with the provisions of 5 U.S.C. 552, will be The ISE is proposing to amend the available for inspection and copying in fees for its PrecISE Trade order entry the Commission’s Public Reference terminals and also to delete obsolete Room, 100 F Street, NE., Washington, references to CLICK fees in its Schedule DC 20549, on official business days of Fees. The text of the proposed rule between the hours of 10 a.m. and 3 p.m. change is available at the Exchange, the Commission’s Public Reference Room, Copies of such filing also will be and http://www.iseoptions.com. available for inspection and copying at the principal office of the Exchange. All II. Self-Regulatory Organization’s comments received will be posted Statement of the Purpose of, and without change; the Commission does Statutory Basis for, the Proposed Rule not edit personal identifying Change information from submissions. You In its filing with the Commission, the should submit only information that you wish to make available publicly. All Exchange included statements concerning the purpose of, and basis for, submissions should refer to File Number SR–ISE–2007–46 and should be the proposed rule change and discussed any comments it received on the submitted on or before July 24, 2007. proposed rule change. The text of these For the Commission, by the Division of statements may be examined at the Market Regulation, pursuant to delegated places specified in Item IV below. The 14 authority. Exchange has prepared summaries, set Florence E. Harmon, forth in sections A, B, and C below, of the most significant aspects of such Deputy Secretary. statements. [FR Doc. E7–12777 Filed 7–2–07; 8:45 am] BILLING CODE 8010–01–P 10 15 U.S.C. 78f(b). 11 15 U.S.C. 78f(b)(4). 12 15 U.S.C. 78s(b)(3)(A)(ii). 13 17 CFR 240.19b–4(f)(2). VerDate Aug<31>2005 17:57 Jul 02, 2007 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 2 17 14 17 Jkt 211001 36531 PO 00000 CFR 200.30–3(a)(12). Frm 00113 Fmt 4703 Sfmt 4703 E:\FR\FM\03JYN1.SGM 03JYN1

Agencies

[Federal Register Volume 72, Number 127 (Tuesday, July 3, 2007)]
[Notices]
[Pages 36530-36531]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-12777]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55961; File No. SR-ISE-2007-46]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Change Relating to Fee Changes

June 26, 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 June 12, 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. ISE has designated this proposal as one establishing or 
changing a due, fee, or other charge imposed by ISE under Section 
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ 
which renders the proposal effective upon filing with the Commission. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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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 establish 
fees for transactions in options on two Premium Products.\5\ The text 
of the proposed rule change is available at the Exchange, the 
Commission's Public Reference Room, and http://www.iseoptions.com.
---------------------------------------------------------------------------

    \5\ ``Premium Products'' is defined in the Schedule of Fees as 
the products enumerated therein.
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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. ISE has substantially 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 Schedule of Fees to establish 
fees for transactions in options on the following two Premium Products: 
United States Natural Gas Fund (``UNG'') and United States Oil Fund 
(``USO'').\6\ The Exchange represents that UNG and USO are eligible for 
options trading because they constitute ``Fund Shares,'' as defined by 
ISE Rule 502(h).
---------------------------------------------------------------------------

    \6\ The United States Oil Fund, LP (``USO'') and the United 
States Natural Gas Fund (``UNG'') are distributed by ALPS 
Distributors, Inc. (``ALPS''), administered by Brown Brothers 
Harriman & Co. (``BBH'') and Victoria Bay Asset Management 
(``VBAM'') is the General Partner. ALPS, BBH and VBAM have not 
licensed or authorized ISE to (i) engage in the creation, listing, 
provision of a market for trading, marketing, and promotion of 
options on USO and UNG or (ii) to use and refer to any of their 
trademarks or service marks in connection with the listing, 
provision of a market for trading, marketing, and promotion of 
options on USO and UNG or with making disclosures concerning options 
on USO and UNG under any applicable federal or state laws, rules or 
regulations. ALPS, BBH and VBAM do not sponsor, endorse, or promote 
such activity by ISE, and are not affiliated in any manner with ISE.
---------------------------------------------------------------------------

    All of the applicable fees covered by this filing are identical to 
fees charged by the Exchange for all other Premium Products. 
Specifically, the Exchange is proposing to adopt an execution fee and a 
comparison fee for all transactions in options on UNG and USO.\7\ The 
amount of the execution fee and comparison fee for products covered by 
this filing shall be $0.15 and $0.03 per contract, respectively, for 
all Public Customer Orders \8\ and Firm Proprietary orders. The amount 
of the execution fee and comparison fee for all ISE Market Maker 
transactions shall be equal to the execution fee and comparison fee 
currently charged by the Exchange for ISE Market Maker transactions in 
equity options.\9\ Finally, the amount of the execution fee and 
comparison fee for all non-ISE Market Maker transactions shall be $0.37 
and $0.03 per contract, respectively. Further, since options on UNG and 
USO are multiply-listed, the

[[Page 36531]]

Payment for Order Flow fee shall also apply. The Exchange believes the 
proposed rule change will further the Exchange's goal of introducing 
new products to the marketplace that are competitively priced.
---------------------------------------------------------------------------

    \7\ These fees will be charged to Exchange members. Under a 
pilot program that is set to expire on July 31, 2007, these fees 
will also be charged to Linkage Orders (as defined in ISE Rule 
1900). See Securities Exchange Act Release No. 54204 (July 25, 
2006), 71 FR 43548 (August 1, 2006) (SR-ISE-2006-38).
    \8\ ``Public Customer Order'' is defined in ISE Rule 100(a)(39) 
as an order for the account of a Public Customer. ``Public 
Customer'' is defined in ISE Rule 100(a)(38) as a person that is not 
a broker or dealer in securities.
    \9\ The execution fee is currently between $.21 and $.12 per 
contract side, depending on the Exchange Average Daily Volume, and 
the comparison fee is currently $.03 per contract side.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act \10\ in general, and Section 6(b)(4) of 
the Act \11\ in particular, because it is designed to provide for the 
equitable allocation of reasonable dues, fees, and other charges among 
its members and other persons using its facilities.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    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 been designated as a fee 
change pursuant to Section 19(b)(3)(A)(ii) of the Act \12\ and Rule 
19b-4(f)(2) \13\ thereunder, because it establishes or changes a due, 
fee, or other charge imposed by the Exchange. Accordingly, the proposal 
took 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.
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    \12\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \13\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-ISE-2007-46 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-ISE-2007-46. 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, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. 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-2007-46 and should be 
submitted on or before July 24, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-12777 Filed 7-2-07; 8:45 am]
BILLING CODE 8010-01-P