Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of a Proposed Rule Change Relating to ISEE Select Market Data Fees, 40912-40914 [E7-14314]

Download as PDF 40912 Federal Register / Vol. 72, No. 142 / Wednesday, July 25, 2007 / Notices 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 4 and Rule 19b– 4(f)(2) thereunder,5 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. 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: rwilkins on PROD1PC63 with NOTICES 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–2007–57 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–2007–57. 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 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–2007–57 and should be submitted on or before August 15, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.6 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–14313 Filed 7–24–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56093; File No. SR–ISE– 2007–58] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of a Proposed Rule Change Relating to ISEE Select Market Data Fees July 18, 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 July 6, 2007, the International Securities Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) 6 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 4 15 U.S.C. 78s(b)(3)(A)(ii). 5 17 CFR 240.19b–4(f)(2). VerDate Aug<31>2005 19:31 Jul 24, 2007 1 15 Jkt 211001 PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 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. 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 ISE proposes to amend its Schedule of Fees to adopt a subscription fee for an enhanced sentiment market data offering. The text of the proposed rule change is available at the Commission’s Public Reference Room, at the Exchange, and at http://www.ise.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. 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 Pursuant to a filing previously approved by the Commission, the Exchange currently sells on a subscription basis, to both members and non-members, ISEE SelectTM (‘‘ISEE Select’’), an enhanced sentiment market data offering.3 Earlier this year, the Exchange also adopted a multi-product discount for the ISEE Select offering.4 ISEE Select is based on the ISE Sentiment Index, or ISEE, a calculation that represents an overall 3 See Securities Exchange Act Release Nos. 53532 (March 21, 2006), 71 FR 15501 (March 28, 2006) (SR–ISE–2005–56) (Notice of Filing of Proposed Rule Change to Establish Fees for Enhanced Sentiment Market Data) and 53756 (May 3, 2006), 71 FR 27526 (May 11, 2006) (SR–ISE–2005–56) (Order Approving Proposed Rule Change to Establish Fees for Enhanced Sentiment Market Data) (‘‘Initial Filing’’). 4 See Securities Exchange Act Release No. 55288 (February 13, 2007), 72 FR 8219 (February 23, 2007) (SR–ISE–2007–09) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fee Discounts for Enhanced Sentiment Market Data Offering) (‘‘Subsequent Filing’’). E:\FR\FM\25JYN1.SGM 25JYN1 40913 Federal Register / Vol. 72, No. 142 / Wednesday, July 25, 2007 / Notices rwilkins on PROD1PC63 with NOTICES view of market sentiment. The ISEE provides an intra-day picture of how investors view stock prices by assessing customers’ option trading activity. Unlike the traditional put/call ratio which makes no distinction between customer, market maker or firm transactions, the ISEE measures only opening long customer transactions on ISE. ISE updates the current ISEE value hourly during market hours and posts it for free on its Web site.5 Pursuant to the Initial Filing, ISEE Select allows subscribers to identify bullish and bearish investor sentiment for nearly any issue traded on the Exchange using the same formula that is used for the ISEE calculation. Where the ISEE is a single value for the overall market sentiment, ISEE Select provides specific information to allow an end user to retrieve a sentiment value for an individual symbol via a user-defined query tool. In addition to the userdefined query tool, ISE also offers a predefined scanning tool that combs the market for sentiment levels that meet pre-defined parameters. ISEE Select provides sentiment values for particular indices, industry sectors or individual stocks and is calculated three times per hour versus only one time per hour for the ISEE. ISEE Select is currently available to on-line investors on a subscription basis as follows: (i) 100 user-defined queries for $11.95 per month; (ii) 200 userdefined queries for $14.95 per month; (iii) unlimited user-defined queries for $19.95 per month; and (iv) unlimited pre-defined queries for $11.95 per month. ISEE Select is also offered by third-parties that participate in the Exchange’s Marketing Alliance program.6 Customers of participating third-parties are able to take advantage of a discounted price for the same four subscription levels. The discounted 5 http://www.iseoptions.com/marketplace/ statistics/sentiment_index.asp. 6 When the Commission published the Initial Filing, the Marketing Alliance program was known as the ISE Broker Marketing Alliance, and participation in it was limited to broker-dealers. Following the launch of the ISEE Select market data offering, and in response to the interest the Exchange received from many non-broker-dealers wishing to participate in the Marketing Alliance program, the Exchange subsequently expanded the program by eliminating its limitation to only broker-dealers. See Securities Exchange Act Release Nos. 54508 (September 26, 2006) 71 FR 58459 (October 3, 2006) (SR–ISE–2006–44) (Notice of Filing of Proposed Rule Change To Expand the Broker Marketing Alliance To Include Non-BrokerDealers with Regard to Enhanced Sentiment Market Data Offering) and 54704 (November 3, 2006), 71 FR 65859 (November 9, 2006) (SR–ISE–2006–44) (Order Approving Proposed Rule Change To Expand the Broker Marketing Alliance To Include Non-Broker-Dealers with Regard To Enhanced Sentiment Market Data Offering). VerDate Aug<31>2005 19:31 Jul 24, 2007 Jkt 211001 rates for these subscribers are as follows: (i) 100 user-defined queries for $9.95 per month; (ii) 200 user-defined queries for $11.95 per month; (iii) unlimited user-defined queries for $15.95 per month; and (iv) unlimited pre-defined queries for $9.95 per month. Pursuant to the Subsequent Filing, the Exchange also offers to both member and non-member subscribers the following multi-product discounted subscription fees: $24.95 per month for customers who subscribe directly through ISE to both the unlimited predefined query and either 200 userdefined queries or unlimited userdefined queries; or $19.95 per month for customers of the Marketing Alliance program partners that subscribe to both the unlimited pre-defined query and either 200 user-defined queries or unlimited user-defined queries. The Exchange notes that the multi-product discounts noted above are a reduction of the actual subscription fees for the products to which they apply. If not for the multi-product discount, for on-line subscribers, these fees would be (i) $26.90 per month for subscribers to both unlimited pre-defined queries and 200 user-defined queries, or (ii) $31.90 per month for subscribers to both unlimited pre-defined queries and unlimited userdefined queries. For customers of the Marketing Alliance program partners, if not for the multi-product discount, these fees would be (i) $21.90 per month for subscribers to both unlimited predefined queries and 200 user-defined queries, or (ii) $25.90 per month for subscribers to both unlimited predefined queries and unlimited userdefined queries. The Exchange now proposes to offer to both member and non-member subscribers a data feed that will provide a bulk delivery of ISEE Select values. The existing ISEE Select browser application allows a subscriber to access ISEE Select values for up to five securities simultaneously. The current proposal, on the other hand, will allow subscribers to access numerous ISEE Select values simultaneously. The actual potential number of ISEE Select values accessible by this proposed data feed offering can range from one to more than 1,700. The ISEE Select data feed will have a flat rate subscription fee based on a fixed number of end users that each subscriber allows to view the data, as follows: $0.10 per end user, per month, for a minimum of 10,000 end users; $0.10 for each additional end user, per month, up to 74,999 end users, in increments of 5,000 end users; $0.084 per end user, per month, for redistribution from 75,000 to 199,999 PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 end users, in increments of 5,000 end users; and $0.0825 per end user, per month, for redistribution to 200,000 or more end users, in minimum increments of 5,000 end users. An example of the monthly subscription fee for a subscriber with 100,000 end users is as follows: Number of users per increment Monthly fee per user Monthly sub-total 10,000 ................. 10,001–74,999 .... 75,000–100,000 .. $.10 .10 .084 $1,000 6,500 2,100 Monthly Total .. Average Fee per User ................. ...................... 9,600 ...................... .096 2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under Section 6(b)(4) of the Act,7 that an exchange have an equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. In particular, the proposed rule filing will provide members and non-members with the ability to subscribe to a data feed of ISEE Select values at a flat rate subscription basis for redistribution to their customers. B. Self-Regulatory Organization’s Statement on Burden on Competition This 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 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 self-regulatory organization consents, the Commission will: 7 15 E:\FR\FM\25JYN1.SGM U.S.C. 78f(b)(4). 25JYN1 40914 Federal Register / Vol. 72, No. 142 / Wednesday, July 25, 2007 / Notices 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 For the Commission, by the Division of Market Regulation, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–14314 Filed 7–24–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56106; File No. SR–ISE– 2007–62] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a One-Week Extension for the Price Improvement Mechanism Pilot Program Paper Comments rwilkins on PROD1PC63 with NOTICES • 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–2007–58 on the subject line. July 19, 2007. • 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–2007–58. 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–2007–58 and should be submitted on or before August 15, 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 July 18, 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 and II below, which Items have been substantially prepared by the ISE. The ISE has designated the proposed rule change as a ‘‘non-controversial’’ rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b– 4(f)(6) thereunder,4 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. VerDate Aug<31>2005 19:31 Jul 24, 2007 Jkt 211001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is proposing to extend two pilot programs related to its Price Improvement Mechanism (‘‘PIM’’) contained in paragraphs .03 and .05 of the Supplemental Material to Rule 723. The text of the proposed rule change is available on ISE’s Web site at http:// www.ise.com, at ISE’s principal office, and at the Commission’s Public Reference Room. PO 00000 8 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). 4 17 CFR 240.19b–4(f)(6). 1 15 Frm 00090 Fmt 4703 Sfmt 4703 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 ISE 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 currently has two pilot programs related to its PIM.5 The current pilot period provided in paragraphs .03 and .05 of the Supplementary Material to Rule 723 is set to expire on July 18, 2007.6 Paragraph .03 provides that there is no minimum size requirement for orders to be eligible for the Price Improvement Mechanism. Paragraph .05 concerns the termination of the exposure period by unrelated orders. In accordance with the Approval Order, the Exchange recently submitted certain data in support of extending the current pilot programs. The purpose of this filing is to extend the pilot programs in their present form until July 25, 2007, while the Commission reviews the data and considers to extend the pilot programs for an additional one-year period. 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 the proposed rule change is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. Since the PIM has only been operating for a relatively short period of time, the Exchange believes it is appropriate to 5 See Securities Exchange Act Release Nos. 50819 (December 8, 2004), 69 FR 75093 (December 15, 2004) (Approving the PIM Pilot (the ‘‘Approval Order’’)) and 52027 (July 13, 2005), 70 FR 41804 (July 20, 2005) (extending the PIM pilot until July 18, 2006). 6 See Securities Exchange Act Release No. 54151 (July 14, 2006), 71 FR 41490 (July 21, 2006). 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(5). E:\FR\FM\25JYN1.SGM 25JYN1

Agencies

[Federal Register Volume 72, Number 142 (Wednesday, July 25, 2007)]
[Notices]
[Pages 40912-40914]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-14314]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56093; File No. SR-ISE-2007-58]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing of a Proposed Rule Change Relating to ISEE Select 
Market Data Fees

July 18, 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 July 6, 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. 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.
---------------------------------------------------------------------------

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

    ISE proposes to amend its Schedule of Fees to adopt a subscription 
fee for an enhanced sentiment market data offering. The text of the 
proposed rule change is available at the Commission's Public Reference 
Room, at the Exchange, and at http://www.ise.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. 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
    Pursuant to a filing previously approved by the Commission, the 
Exchange currently sells on a subscription basis, to both members and 
non-members, ISEE Select\TM\ (``ISEE Select''), an enhanced sentiment 
market data offering.\3\ Earlier this year, the Exchange also adopted a 
multi-product discount for the ISEE Select offering.\4\ ISEE Select is 
based on the ISE Sentiment Index[reg], or ISEE[reg], a calculation that 
represents an overall

[[Page 40913]]

view of market sentiment. The ISEE[reg] provides an intra-day picture 
of how investors view stock prices by assessing customers' option 
trading activity. Unlike the traditional put/call ratio which makes no 
distinction between customer, market maker or firm transactions, the 
ISEE[reg] measures only opening long customer transactions on ISE. ISE 
updates the current ISEE[reg] value hourly during market hours and 
posts it for free on its Web site.\5\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release Nos. 53532 (March 21, 
2006), 71 FR 15501 (March 28, 2006) (SR-ISE-2005-56) (Notice of 
Filing of Proposed Rule Change to Establish Fees for Enhanced 
Sentiment Market Data) and 53756 (May 3, 2006), 71 FR 27526 (May 11, 
2006) (SR-ISE-2005-56) (Order Approving Proposed Rule Change to 
Establish Fees for Enhanced Sentiment Market Data) (``Initial 
Filing'').
    \4\ See Securities Exchange Act Release No. 55288 (February 13, 
2007), 72 FR 8219 (February 23, 2007) (SR-ISE-2007-09) (Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To 
Establish Fee Discounts for Enhanced Sentiment Market Data Offering) 
(``Subsequent Filing'').
    \5\ http://www.iseoptions.com/marketplace/statistics/sentiment_
index.asp.
---------------------------------------------------------------------------

    Pursuant to the Initial Filing, ISEE Select allows subscribers to 
identify bullish and bearish investor sentiment for nearly any issue 
traded on the Exchange using the same formula that is used for the ISEE 
calculation. Where the ISEE[reg] is a single value for the overall 
market sentiment, ISEE Select provides specific information to allow an 
end user to retrieve a sentiment value for an individual symbol via a 
user-defined query tool. In addition to the user-defined query tool, 
ISE also offers a pre-defined scanning tool that combs the market for 
sentiment levels that meet pre-defined parameters. ISEE Select provides 
sentiment values for particular indices, industry sectors or individual 
stocks and is calculated three times per hour versus only one time per 
hour for the ISEE[reg].
    ISEE Select is currently available to on-line investors on a 
subscription basis as follows: (i) 100 user-defined queries for $11.95 
per month; (ii) 200 user-defined queries for $14.95 per month; (iii) 
unlimited user-defined queries for $19.95 per month; and (iv) unlimited 
pre-defined queries for $11.95 per month. ISEE Select is also offered 
by third-parties that participate in the Exchange's Marketing Alliance 
program.\6\ Customers of participating third-parties are able to take 
advantage of a discounted price for the same four subscription levels. 
The discounted rates for these subscribers are as follows: (i) 100 
user-defined queries for $9.95 per month; (ii) 200 user-defined queries 
for $11.95 per month; (iii) unlimited user-defined queries for $15.95 
per month; and (iv) unlimited pre-defined queries for $9.95 per month.
---------------------------------------------------------------------------

    \6\ When the Commission published the Initial Filing, the 
Marketing Alliance program was known as the ISE Broker Marketing 
Alliance, and participation in it was limited to broker-dealers. 
Following the launch of the ISEE Select market data offering, and in 
response to the interest the Exchange received from many non-broker-
dealers wishing to participate in the Marketing Alliance program, 
the Exchange subsequently expanded the program by eliminating its 
limitation to only broker-dealers. See Securities Exchange Act 
Release Nos. 54508 (September 26, 2006) 71 FR 58459 (October 3, 
2006) (SR-ISE-2006-44) (Notice of Filing of Proposed Rule Change To 
Expand the Broker Marketing Alliance To Include Non-Broker-Dealers 
with Regard to Enhanced Sentiment Market Data Offering) and 54704 
(November 3, 2006), 71 FR 65859 (November 9, 2006) (SR-ISE-2006-44) 
(Order Approving Proposed Rule Change To Expand the Broker Marketing 
Alliance To Include Non-Broker-Dealers with Regard To Enhanced 
Sentiment Market Data Offering).
---------------------------------------------------------------------------

    Pursuant to the Subsequent Filing, the Exchange also offers to both 
member and non-member subscribers the following multi-product 
discounted subscription fees: $24.95 per month for customers who 
subscribe directly through ISE to both the unlimited pre-defined query 
and either 200 user-defined queries or unlimited user-defined queries; 
or $19.95 per month for customers of the Marketing Alliance program 
partners that subscribe to both the unlimited pre-defined query and 
either 200 user-defined queries or unlimited user-defined queries. The 
Exchange notes that the multi-product discounts noted above are a 
reduction of the actual subscription fees for the products to which 
they apply. If not for the multi-product discount, for on-line 
subscribers, these fees would be (i) $26.90 per month for subscribers 
to both unlimited pre-defined queries and 200 user-defined queries, or 
(ii) $31.90 per month for subscribers to both unlimited pre-defined 
queries and unlimited user-defined queries. For customers of the 
Marketing Alliance program partners, if not for the multi-product 
discount, these fees would be (i) $21.90 per month for subscribers to 
both unlimited pre-defined queries and 200 user-defined queries, or 
(ii) $25.90 per month for subscribers to both unlimited pre-defined 
queries and unlimited user-defined queries.
    The Exchange now proposes to offer to both member and non-member 
subscribers a data feed that will provide a bulk delivery of ISEE 
Select values. The existing ISEE Select browser application allows a 
subscriber to access ISEE Select values for up to five securities 
simultaneously. The current proposal, on the other hand, will allow 
subscribers to access numerous ISEE Select values simultaneously. The 
actual potential number of ISEE Select values accessible by this 
proposed data feed offering can range from one to more than 1,700.
    The ISEE Select data feed will have a flat rate subscription fee 
based on a fixed number of end users that each subscriber allows to 
view the data, as follows: $0.10 per end user, per month, for a minimum 
of 10,000 end users; $0.10 for each additional end user, per month, up 
to 74,999 end users, in increments of 5,000 end users; $0.084 per end 
user, per month, for redistribution from 75,000 to 199,999 end users, 
in increments of 5,000 end users; and $0.0825 per end user, per month, 
for redistribution to 200,000 or more end users, in minimum increments 
of 5,000 end users. An example of the monthly subscription fee for a 
subscriber with 100,000 end users is as follows:

------------------------------------------------------------------------
                                                  Monthly fee   Monthly
         Number of users per  increment            per user    sub-total
------------------------------------------------------------------------
10,000.........................................         $.10      $1,000
10,001-74,999..................................          .10       6,500
75,000-100,000.................................          .084      2,100
                                                ------------------------
  Monthly Total................................  ............      9,600
Average Fee per User...........................  ............       .096
------------------------------------------------------------------------

2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(4) of the Act,\7\ that an exchange have 
an equitable allocation of reasonable dues, fees, and other charges 
among its members and other persons using its facilities. In 
particular, the proposed rule filing will provide members and non-
members with the ability to subscribe to a data feed of ISEE Select 
values at a flat rate subscription basis for redistribution to their 
customers.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    This 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

    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 self-regulatory organization consents, the Commission will:

[[Page 40914]]

    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 Number SR-ISE-2007-58 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-2007-58. 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-2007-58 and should be 
submitted on or before August 15, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-14314 Filed 7-24-07; 8:45 am]
BILLING CODE 8010-01-P