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]

Download as PDF 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 (http://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 (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 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 (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 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 (http://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 (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–2007–84 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]


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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 
(http://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 (http://
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 (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-2007-84 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