Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Changes, 54497-54498 [E7-18820]
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Federal Register / Vol. 72, No. 185 / Tuesday, September 25, 2007 / Notices
interest. The Exchange has requested
that the Commission waive the 30-day
operative date, so that the proposal may
take effect upon filing and it may begin
trading RVX and VXN options without
delay. The Commission believes that it
is consistent with the protection of
investors and the public interest to
waive the 30-day operative delay. The
Commission notes that the Exchange
has already received approval to list and
trade RVX and VXN options, and
waiving the 30-day operative delay
would allow the Exchange to begin
trading these products without delay.
For these reasons, the Commission
designates the proposal to be operative
upon filing.13
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:
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 CBOE. 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–CBOE–2007–108 and
should be submitted on or before
October 16, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–18834 Filed 9–24–07; 8:45 am]
BILLING CODE 8010–01–P
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–CBOE–2007–108 on the
subject line.
yshivers on PROD1PC62 with NOTICES
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–CBOE–2007–108. 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
13 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
VerDate Aug<31>2005
15:20 Sep 24, 2007
Jkt 211001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56453; File No. SR–ISE–
2007–84]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Fee Changes
September 18, 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
September 12, 2007, the International
Securities Exchange, LLC (the
‘‘Exchange’’ or ‘‘ISE’’) 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
prepared by the Exchange. The
Exchange filed the proposed rule change
pursuant to section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(2) thereunder 4
which renders it effective upon filing
with the Commission. The Commission
is publishing this notice to solicit
comments on the proposed rule change
from interested persons.
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)(2).
1 15
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
54497
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 one
‘‘Premium Product.’’ 5 The text of the
proposed rule change is available at the
Exchange, the Commission’s Public
Reference Room, and at the Exchange’s
Web site (https://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
The Exchange is proposing to amend
its Schedule of Fees to establish fees for
transactions in options on the iShares
S&P Latin America 40 Index Fund
(‘‘ILF’’).6 The Exchange represents that
ILF is eligible for options trading
because it constitutes ‘‘Fund Shares,’’ as
defined by ISE Rule 502(h).
All of the applicable fees covered by
this filing are identical to fees charged
5 ‘‘Premium Products’’ is defined in the ISE
Schedule of Fees as the products enumerated
therein.
6 iShares is a registered trademark of Barclays
Global Investors, N.A. (‘‘BGI’’), a majority-owned
subsidiary of Barclays Bank PLC. ‘‘Standard &
Poor’s ,’’ ‘‘S&P ,’’ ‘‘S&P Latin America 40 Index,’’
are trademarks of The McGraw-Hill Companies, Inc.
(‘‘McGraw-Hill’’), and have been licensed for use for
certain purposes by BGI. All other trademarks and
service marks are the property of their respective
owners. iShares S&P Latin America 40 Index Fund
(‘‘ILF’’) is not sponsored, sold or endorsed by
Standard & Poor’s, (‘‘S&P’’), a division of McGrawHill, and S&P makes no representation regarding
the advisability of investing in ILF. BGI and S&P
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 ILF
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 ILF or with making
disclosures concerning options on ILF under any
applicable federal or state laws, rules or regulations.
BGI and S&P do not sponsor, endorse, or promote
such activity by ISE, and are not affiliated in any
manner with ISE.
E:\FR\FM\25SEN1.SGM
25SEN1
54498
Federal Register / Vol. 72, No. 185 / Tuesday, September 25, 2007 / Notices
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 ILF.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
ILF are multiply-listed, the Payment for
Order Flow fee shall apply to this
product. 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. Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 of the Act,10
in general, and furthers the objectives of
Section 6(b)(4),11 in particular, in that 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.
yshivers on PROD1PC62 with 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
7 These fees will be charged only to Exchange
members. Under a pilot program that is set to expire
on July 31, 2008, these fees will also be charged to
Linkage Orders (as defined in ISE Rule 1900). See
Securities Exchange Act Release No. 56128 (July 24,
2007), 72 FR 42161 (August 1, 2007) (SR–ISE–2007–
55).
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 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.
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(4).
VerDate Aug<31>2005
15:20 Sep 24, 2007
Jkt 211001
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
Because it establishes or changes a
due, fee, or other charge applicable only
to a member, the foregoing rule change
has become effective pursuant to section
19(b)(3)(A) of the Act 12 and Rule 19b–
4(f)(2) 13 thereunder. 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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–ISE–2007–84 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–2007–84. 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 Commissions
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 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–2007–84 and should be
submitted on or before October 16,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–18820 Filed 9–24–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56468; File No. SR–NSCC–
2007–11]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Order Approving
Proposed Rule Change To Allow As-of
Fixed Income Trades To Be Processed
in the Continuous Net Settlement
System
September 19, 2007.
I. Introduction
On July 12, 2007, the National
Securities Clearing Corporation
(‘‘NSCC’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
proposed rule change SR–NSCC–2007–
11 pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’).1 Notice of the proposal was
published in the Federal Register on
August 20, 2007.2 The Commission
received no comment letters. For the
reasons discussed below, the
Commission is approving the proposed
rule change.
II. Description
NSCC is modifying its procedures to
allow as-of fixed income trades to be
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 Securities Exchange Act Release No.
56250(August 14, 2007), 72 FR 46528.
1 15
12 15
13 17
PO 00000
U.S.C. 78s(b)(3)(A).
CFR 19b–4(f)(2).
Frm 00082
Fmt 4703
Sfmt 4703
E:\FR\FM\25SEN1.SGM
25SEN1
]]>Agencies
[Federal Register Volume 72, Number 185 (Tuesday, September 25, 2007)]
[Notices]
[Pages 54497-54498]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-18820]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56453; File No. SR-ISE-2007-84]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Fee Changes
September 18, 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 September 12, 2007, the International Securities Exchange, LLC
(the ``Exchange'' or ``ISE'') 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 prepared by the
Exchange. The Exchange filed the proposed rule change pursuant to
section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(2) thereunder \4\
which renders it 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).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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 one ``Premium Product.'' \5\ The
text of the proposed rule change is available at the Exchange, the
Commission's Public Reference Room, and at the Exchange's Web site
(https://www.ise.com).
---------------------------------------------------------------------------
\5\ ``Premium Products'' is defined in the ISE Schedule of Fees
as the products enumerated therein.
---------------------------------------------------------------------------
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
establish fees for transactions in options on the iShares S&P Latin
America 40 Index Fund (``ILF'').\6\ The Exchange represents that ILF is
eligible for options trading because it constitutes ``Fund Shares,'' as
defined by ISE Rule 502(h).
---------------------------------------------------------------------------
\6\ iShares [supreg] is a registered trademark of Barclays
Global Investors, N.A. (``BGI''), a majority-owned subsidiary of
Barclays Bank PLC. ``Standard & Poor's [supreg],'' ``S&P [supreg],''
``S&P Latin America 40 Index,'' are trademarks of The McGraw-Hill
Companies, Inc. (``McGraw-Hill''), and have been licensed for use
for certain purposes by BGI. All other trademarks and service marks
are the property of their respective owners. iShares S&P Latin
America 40 Index Fund (``ILF'') is not sponsored, sold or endorsed
by Standard & Poor's, (``S&P''), a division of McGraw-Hill, and S&P
makes no representation regarding the advisability of investing in
ILF. BGI and S&P 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 ILF 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 ILF or with making disclosures concerning options on
ILF under any applicable federal or state laws, rules or
regulations. BGI and S&P 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
[[Page 54498]]
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 ILF.\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 ILF are multiply-
listed, the Payment for Order Flow fee shall apply to this product. 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 only to Exchange members. Under a
pilot program that is set to expire on July 31, 2008, these fees
will also be charged to Linkage Orders (as defined in ISE Rule
1900). See Securities Exchange Act Release No. 56128 (July 24,
2007), 72 FR 42161 (August 1, 2007) (SR-ISE-2007-55).
\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\ 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.
---------------------------------------------------------------------------
2. Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\10\ in general, and
furthers the objectives of Section 6(b)(4),\11\ in particular, in that
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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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
Because it establishes or changes a due, fee, or other charge
applicable only to a member, the foregoing rule change has become
effective pursuant to section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(2) \13\ thereunder. 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.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 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 (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File No. SR-ISE-2007-84 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-2007-84. 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 Commissions 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 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-2007-84 and should be submitted on
or before October 16, 2007.
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-18820 Filed 9-24-07; 8:45 am]
BILLING CODE 8010-01-P
