Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Directed Orders System Change, 43306-43307 [E7-15070]

Download as PDF 43306 Federal Register / Vol. 72, No. 149 / Friday, August 3, 2007 / Notices 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 written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action mstockstill on PROD1PC66 with NOTICES Because the foregoing proposed rule change: (1) Does not significantly affect the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) by its terms does not become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, provided that the Exchange has given the Commission notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission.9 A proposed rule change filed under Rule 19b–4(f)(6) 10 normally may not become operative prior to 30 days after the date of filing. However, Rule 19b– 4(f)(6)(iii) 11 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The ISE requests that the Commission waive the 30-day operative delay, as specified in Rule 19b–4(f)(6)(iii),12 which would make the rule change effective and operative upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because such waiver would allow the pilot periods to continue without interruption until July 18, 2008.13 Accordingly, the Commission designates the proposed rule change operative upon filing with the Commission. 9 The Exchange has requested that the Commission waive the five-day pre-filing notice requirement, and the Commission has agreed to waive the requirement. 10 17 CFR 240.19b–4(f)(6). 11 17 CFR 240.19b–4(f)(6)(iii). 12 Id. 13 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). VerDate Aug<31>2005 18:17 Aug 02, 2007 Jkt 211001 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. submissions should refer to File Number SR–ISE–2007–66 and should be submitted on or before August 24, 2007. 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: BILLING CODE 8010–01–P 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–2007–66 on the subject line. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.14 Nancy M. Morris, Secretary. [FR Doc. E7–15068 Filed 8–2–07; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56155; File No. SR–ISE– 2007–67] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Directed Orders System Change July 27, 2007. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (the Paper Comments ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on July 24, • Send paper comments in triplicate 2007, the International Securities to Nancy M. Morris, Secretary, Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) Securities and Exchange Commission, filed with the Securities and Exchange 100 F Street, NE., Washington, DC Commission (‘‘Commission’’) the 20549–1090. proposed rule change as described in All submissions should refer to File Items I, II, and III below, which Items Number SR–ISE–2007–66. This file have been substantially prepared by the number should be included on the subject line if e-mail is used. To help the ISE. The proposed rule change has been filed by the ISE as effecting a change in Commission process and review your an existing order-entry or trading system comments more efficiently, please use only one method. The Commission will pursuant to section 19(b)(3)(A) of the post all comments on the Commission’s Act,3 and Rule 19b–4(f)(5) thereunder,4 which renders the proposal effective Internet Web site (http://www.sec.gov/ upon filing with the Commission. The rules/sro.shtml). Copies of the Commission is publishing this notice to submission, all subsequent solicit comments on the proposed rule amendments, all written statements change from interested persons. with respect to the proposed rule change that are filed with the I. Self-Regulatory Organization’s Commission, and all written Statement of the Terms of Substance of communications relating to the the Proposed Rule Change proposed rule change between the The ISE is proposing to extend the Commission and any person, other than pilot period for the system change that those that may be withheld from the identifies to a Directed Market Maker public in accordance with the (‘‘DMM’’) the identity of the firm provisions of 5 U.S.C. 552, will be entering a Directed Order until January available for inspection and copying in 31, 2008. 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 PO 00000 Frm 00085 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 14 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)(5). 1 15 E:\FR\FM\03AUN1.SGM 03AUN1 Federal Register / Vol. 72, No. 149 / Friday, August 3, 2007 / Notices 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 On January 5, 2006, the ISE initiated a system change to identify to a DMM the identity of the firm entering a Directed Order. The ISE filed this system change on a pilot basis under section 19(b)(3)(A) of the Exchange Act of 1934 (the ‘‘Exchange Act’’) and Rule 19b–4(f)(5) thereunder 5 so that it would be effective while the Commission considered a separate proposed rule change filed under section 19(b)(2) of the Exchange Act to amend the ISE’s rules to reflect the system change on a permanent basis (the ‘‘Permanent Rule Change’’).6 The current pilot expires on July 31, 2007,7 but the Commission has not yet taken action with respect to the Permanent Rule Change. Accordingly, the Exchange proposes to extend the pilot until January 31, 2008, so that the system change will remain in effect while the Commission continues to evaluate the Permanent Rule Change.8 2. Statutory Basis The Exchange believes that the basis under the Act is found in section 6(b)(5), in that the propose 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. Extension of the pilot program will allow the Exchange to continue operating under the pilot while the Commission considers the Permanent Rule Change. mstockstill on PROD1PC66 with NOTICES 5 See Securities Exchange Act Release No. 53104 (January 11, 2006), 71 FR 3142 (January 19, 2006) (Notice of Filing and Immediate Effectiveness for SR–ISE–2006–02). 6 See Securities Exchange Act Release No. 53103 (January 11, 2006), 71 F.R. 3144 (January 19, 2006) (Notice of Filing for SR–ISE–2006–01). 7 See Securities Exchange Act Release No. 55144 (January 22, 2007), 72 FR 3890 (January 26, 2007) (Notice of Filing and Immediate Effectiveness for SR–ISE–2007–05). 8 The ISE anticipated that extension of the pilot might be necessary and included this in the filing for the initial pilot. See supra note 5, at footnote 5. VerDate Aug<31>2005 18:17 Aug 02, 2007 Jkt 211001 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 written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change effects a change in an existing order entry or trading system that (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) does not have the effect of limiting access to or availability of the system, it has become effective pursuant to section 19(b)(3)(A)(iii) of the Act 9 and Rule 19b–4(f)(5) thereunder.10 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–2007–67 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–2007–67. 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–2007–67 and should be submitted on or before August 24, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Nancy M. Morris, Secretary. [FR Doc. E7–15070 Filed 8–2–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56165; File No. SR–ISE– 2007–64] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Changes July 30, 2007. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 11 17 9 15 U.S.C. 78s(b)(3)(A)(iii). 10 17 CFR 19b–4(f)(5). PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 43307 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\03AUN1.SGM 03AUN1

Agencies

[Federal Register Volume 72, Number 149 (Friday, August 3, 2007)]
[Notices]
[Pages 43306-43307]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-15070]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56155; File No. SR-ISE-2007-67]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Relating to Directed Orders System Change

July 27, 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 24, 2007, the International Securities Exchange, LLC 
(``ISE'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change as described in 
Items I, II, and III below, which Items have been substantially 
prepared by the ISE. The proposed rule change has been filed by the ISE 
as effecting a change in an existing order-entry or trading system 
pursuant to section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(5) 
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.
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    \1\ 15 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)(5).
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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 extend the pilot period for the system 
change that identifies to a Directed Market Maker (``DMM'') the 
identity of the firm entering a Directed Order until January 31, 2008.

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

[[Page 43307]]

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
    On January 5, 2006, the ISE initiated a system change to identify 
to a DMM the identity of the firm entering a Directed Order. The ISE 
filed this system change on a pilot basis under section 19(b)(3)(A) of 
the Exchange Act of 1934 (the ``Exchange Act'') and Rule 19b-4(f)(5) 
thereunder \5\ so that it would be effective while the Commission 
considered a separate proposed rule change filed under section 19(b)(2) 
of the Exchange Act to amend the ISE's rules to reflect the system 
change on a permanent basis (the ``Permanent Rule Change'').\6\ The 
current pilot expires on July 31, 2007,\7\ but the Commission has not 
yet taken action with respect to the Permanent Rule Change. 
Accordingly, the Exchange proposes to extend the pilot until January 
31, 2008, so that the system change will remain in effect while the 
Commission continues to evaluate the Permanent Rule Change.\8\
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    \5\ See Securities Exchange Act Release No. 53104 (January 11, 
2006), 71 FR 3142 (January 19, 2006) (Notice of Filing and Immediate 
Effectiveness for SR-ISE-2006-02).
    \6\ See Securities Exchange Act Release No. 53103 (January 11, 
2006), 71 F.R. 3144 (January 19, 2006) (Notice of Filing for SR-ISE-
2006-01).
    \7\ See Securities Exchange Act Release No. 55144 (January 22, 
2007), 72 FR 3890 (January 26, 2007) (Notice of Filing and Immediate 
Effectiveness for SR-ISE-2007-05).
    \8\ The ISE anticipated that extension of the pilot might be 
necessary and included this in the filing for the initial pilot. See 
supra note 5, at footnote 5.
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2. Statutory Basis
    The Exchange believes that the basis under the Act is found in 
section 6(b)(5), in that the propose 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. 
Extension of the pilot program will allow the Exchange to continue 
operating under the pilot while the Commission considers the Permanent 
Rule Change.

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 written comments from members or other interested parties.

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

    Because the foregoing proposed rule change effects a change in an 
existing order entry or trading system that (i) Does not significantly 
affect the protection of investors or the public interest; (ii) does 
not impose any significant burden on competition; and (iii) does not 
have the effect of limiting access to or availability of the system, it 
has become effective pursuant to section 19(b)(3)(A)(iii) of the Act 
\9\ and Rule 19b-4(f)(5) thereunder.\10\
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    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 19b-4(f)(5).
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    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 rule-comments@sec.gov. Please include 
File Number SR-ISE-2007-67 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-2007-67. 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-2007-67 and should be 
submitted on or before August 24, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
Nancy M. Morris,
Secretary.
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    \11\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E7-15070 Filed 8-2-07; 8:45 am]
BILLING CODE 8010-01-P