Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Changes, 37064-37065 [E7-13070]
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37064
Federal Register / Vol. 72, No. 129 / Friday, July 6, 2007 / 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 8 and Rule 19b–4(f)(2) 9 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.10
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–ISE–2007–39 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–2007–39. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
mstockstill on PROD1PC66 with NOTICES
8 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
10 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 June 26, 2007, the date
on which ISE filed Amendment No. 1. See 15 U.S.C.
78s(b)(3)(C).
9 17
VerDate Aug<31>2005
17:16 Jul 05, 2007
Jkt 211001
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–2007–39 and should be
submitted on or before July 27, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–13068 Filed 7–5–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55975; File No. SR–ISE–
2007–48]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Fee Changes
June 28, 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 15,
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 ISE.
ISE filed the proposal pursuant to
Section 19(b)(3)(A)(ii) of the Act 3 and
Rule 19b–4(f)(2) 4 thereunder, as
establishing or changing a due, fee, or
other charges applicable to a member,
which renders the proposed rule change
effective upon filing with the
Commission. The Commission is
PO 00000
11 17
CFR 200.30–3(a)(12).
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).
1 15
Frm 00115
Fmt 4703
Sfmt 4703
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
ISE is proposing to amend its
Schedule of Fees to: (1) Remove the
surcharge fee for transactions in options
on the iShares Russell 2000 Index
Fund (‘‘IWM’’), the iShares Russell
2000 Value Index Fund (‘‘IWN’’), the
iShares Russell 2000 Growth Index
Fund (‘‘IWO’’), the iShares Russell
1000 Value Index Fund (‘‘IWD’’) and
the iShares Russell 1000 Index Fund
(‘‘IWB’’); and (2) raise the surcharge fee
for transactions in options on the
Russell 1000 Index (‘‘RUI’’), the
Russell 2000 Index (‘‘RUT’’), and the
Mini Russell 2000 Index (‘‘RMN’’). The
text of the proposed rule change is
available at ISE, https://
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is proposing to amend
its Schedule of Fees to: (1) Remove the
surcharge fee previously adopted for
transactions in options on IWM, IWN,
IWO, IWD,5 and IWB; 6 and (2) raise the
surcharge fee previously adopted for
transactions in options on RUI, RUT and
RMN.7 The Exchange is proposing to
remove the surcharge fee from its
Schedule of Fees because it no longer
pays a license fee to the Frank Russell
5 See Securities Exchange Act Release No. 47075
(December 20, 2002), 67 FR 79673 (December 30,
2002) (SR–ISE–2002–29).
6 See Securities Exchange Act Release No. 47564
(March 24, 2003), 68 FR 15256 (March 28, 2003)
(SR–ISE–2003–13).
7 See Securities Exchange Act Release No. 51858
(June 16, 2005), 70 FR 36218 (June 22, 2005) (SR–
ISE–2005–26).
E:\FR\FM\06JYN1.SGM
06JYN1
Federal Register / Vol. 72, No. 129 / Friday, July 6, 2007 / Notices
Company (‘‘Russell’’) in connection
with transactions in options on IWM,
IWN, IWO, IWD and IWB. Accordingly,
there is no longer a need for this
surcharge fee. The Exchange will
continue to charge an execution fee and
a comparison fee for transactions in
options on IWM, IWN, IWO, IWD and
IWB.
Additionally, pursuant to a revised
license agreement between Russell and
ISE in connection with the listing and
trading of options on RUI, RUT and
RMN, and to defray the increased
licensing costs, the Exchange is raising
its surcharge fee from $0.10 per contract
to $0.15 per contract for trading in
options on RUI, RUT and RMN. The
Exchange believes charging the
participants that trade this instrument is
the most equitable means of recovering
the costs of the license. However,
because of competitive pressures in the
industry, the Exchange proposes to
continue excluding Public Customer
Orders 8 from this surcharge fee.
Accordingly, this surcharge fee shall
continue to be charged only to Exchange
members with respect to non-Public
Customer Orders (e.g., ISE Market
Maker, non-ISE Market Maker & Firm
Proprietary orders) and shall apply to
certain Linkage Orders under a pilot
program that is set to expire on July 31,
2007.9 The Exchange will, however,
continue to charge an execution fee and
a comparison fee for transactions in
options on RUI, RUT and RMN.
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(4) 10 that the rules of
an exchange provide for the equitable
allocation of reasonable dues, fees, and
other charges among its members and
issuers and other persons using its
facilities.
mstockstill on PROD1PC66 with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
ISE does not believe that the proposed
rule change will result in any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
8 Public Customer Order is defined in Exchange
Rule 100(a)(39) as an order for the account of a
Public Customer. Public Customer is defined in
Exchange Rule 100(a)(38) as a person that is not a
broker or dealer in securities.
9 Linkage Orders are defined in ISE Rule
1900(10). Under a pilot program that is set to expire
on July 31, 2007, these fees will also be charged to
Principal Acting as Agent Orders and Principal
Orders (as defined in ISE Rule 1900(10)(i)–(ii)). See
Securities Exchange Act Release No. 54204 (July 25,
2006), 71 FR 43548 (August 1, 2006) (SR–ISE–2006–
38).
10 15 U.S.C. 78f(b)(4).
VerDate Aug<31>2005
17:16 Jul 05, 2007
Jkt 211001
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received Form
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 interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become effective upon filing with
the Commission pursuant to Section
19(b)(3)(A)(ii) of the Act 11 and Rule
19b–4(f)(2) 12 thereunder, because it
establishes or changes a due, fee, or
other charge applicable only to a
member.
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.
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:
37065
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 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–2007–48 and should be
submitted on or before July 27, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–13070 Filed 7–5–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–ISE–2007–48 on the subject
line.
[Release No. 34–55979; File No. SR–
NASDAQ–2007–055]
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–2007–48. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
June 28, 2007.
PO 00000
Self-Regulatory Organizations; the
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify Fees
for Members Using the Nasdaq Market
Center
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 29,
2007, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’ 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 Nasdaq.
Nasdaq filed the proposal pursuant to
Section 19(b)(3)(A)(ii) of the Act 3 and
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
1 15
11 15
12 17
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
Frm 00116
Fmt 4703
Sfmt 4703
E:\FR\FM\06JYN1.SGM
06JYN1
]]>Agencies
[Federal Register Volume 72, Number 129 (Friday, July 6, 2007)]
[Notices]
[Pages 37064-37065]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-13070]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55975; File No. SR-ISE-2007-48]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Fee Changes
June 28, 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 15, 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 ISE. ISE
filed the proposal pursuant to Section 19(b)(3)(A)(ii) of the Act \3\
and Rule 19b-4(f)(2) \4\ thereunder, as establishing or changing a due,
fee, or other charges applicable to a member, which renders the
proposed rule change 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
ISE is proposing to amend its Schedule of Fees to: (1) Remove the
surcharge fee for transactions in options on the iShares Russell
2000[supreg] Index Fund (``IWM''), the iShares Russell 2000[supreg]
Value Index Fund (``IWN''), the iShares Russell 2000[supreg] Growth
Index Fund (``IWO''), the iShares Russell 1000[supreg] Value Index Fund
(``IWD'') and the iShares Russell 1000[supreg] Index Fund (``IWB'');
and (2) raise the surcharge fee for transactions in options on the
Russell 1000[supreg] Index (``RUI''), the Russell 2000[supreg] Index
(``RUT''), and the Mini Russell 2000[supreg] Index (``RMN''). The text
of the proposed rule change is available at ISE, https://
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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to amend its Schedule of Fees to: (1)
Remove the surcharge fee previously adopted for transactions in options
on IWM, IWN, IWO, IWD,\5\ and IWB; \6\ and (2) raise the surcharge fee
previously adopted for transactions in options on RUI, RUT and RMN.\7\
The Exchange is proposing to remove the surcharge fee from its Schedule
of Fees because it no longer pays a license fee to the Frank Russell
[[Page 37065]]
Company (``Russell'') in connection with transactions in options on
IWM, IWN, IWO, IWD and IWB. Accordingly, there is no longer a need for
this surcharge fee. The Exchange will continue to charge an execution
fee and a comparison fee for transactions in options on IWM, IWN, IWO,
IWD and IWB.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 47075 (December 20,
2002), 67 FR 79673 (December 30, 2002) (SR-ISE-2002-29).
\6\ See Securities Exchange Act Release No. 47564 (March 24,
2003), 68 FR 15256 (March 28, 2003) (SR-ISE-2003-13).
\7\ See Securities Exchange Act Release No. 51858 (June 16,
2005), 70 FR 36218 (June 22, 2005) (SR-ISE-2005-26).
---------------------------------------------------------------------------
Additionally, pursuant to a revised license agreement between
Russell and ISE in connection with the listing and trading of options
on RUI, RUT and RMN, and to defray the increased licensing costs, the
Exchange is raising its surcharge fee from $0.10 per contract to $0.15
per contract for trading in options on RUI, RUT and RMN. The Exchange
believes charging the participants that trade this instrument is the
most equitable means of recovering the costs of the license. However,
because of competitive pressures in the industry, the Exchange proposes
to continue excluding Public Customer Orders \8\ from this surcharge
fee. Accordingly, this surcharge fee shall continue to be charged only
to Exchange members with respect to non-Public Customer Orders (e.g.,
ISE Market Maker, non-ISE Market Maker & Firm Proprietary orders) and
shall apply to certain Linkage Orders under a pilot program that is set
to expire on July 31, 2007.\9\ The Exchange will, however, continue to
charge an execution fee and a comparison fee for transactions in
options on RUI, RUT and RMN.
---------------------------------------------------------------------------
\8\ Public Customer Order is defined in Exchange Rule 100(a)(39)
as an order for the account of a Public Customer. Public Customer is
defined in Exchange Rule 100(a)(38) as a person that is not a broker
or dealer in securities.
\9\ Linkage Orders are defined in ISE Rule 1900(10). Under a
pilot program that is set to expire on July 31, 2007, these fees
will also be charged to Principal Acting as Agent Orders and
Principal Orders (as defined in ISE Rule 1900(10)(i)-(ii)). See
Securities Exchange Act Release No. 54204 (July 25, 2006), 71 FR
43548 (August 1, 2006) (SR-ISE-2006-38).
---------------------------------------------------------------------------
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(4) \10\ that the rules of an exchange
provide for the equitable allocation of reasonable dues, fees, and
other charges among its members and issuers and other persons using its
facilities.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
ISE does not believe that the proposed rule change will result in
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 Form 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 interested parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has become effective upon filing
with the Commission pursuant to Section 19(b)(3)(A)(ii) of the Act \11\
and Rule 19b-4(f)(2) \12\ thereunder, because it establishes or changes
a due, fee, or other charge applicable only to a member.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A)(ii).
\12\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-ISE-2007-48 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-2007-48. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 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 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-2007-48 and should be
submitted on or before July 27, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-13070 Filed 7-5-07; 8:45 am]
BILLING CODE 8010-01-P
