Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Commence a One Year Pilot Program Relating to a Quote Mitigation Plan for Competitive Market Makers, 55269-55270 [E7-19165]
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Federal Register / Vol. 72, No. 188 / Friday, September 28, 2007 / Notices
will be able to directly connect to the
Exchange.
or otherwise in furtherance of the
purposes of the Act.
2. Statutory Basis
IV. Solicitation of Comments
The Exchange believes that the
proposed rule change is consistent with
the objectives of section 6 of the Act,8
in general, and furthers the objectives of
section 6(b)(4),9 in particular, in that it
is designed to provide for the equitable
allocation of reasonable dues, fees, and
other charges among its members and
issuers and other persons using its
facilities. In particular, these fees will
permit the Exchange to recover the costs
of developing, maintaining, and
supporting PrecISE Trade terminals and
its various functionalities. Additionally,
the Exchange believes the proposed fees
are equitable in that they only apply to
those members that elect to use
PrecISE.10
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:
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 interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become effective upon filing with
the Commission pursuant to section
19(b)(3)(A)(ii) of the Act 11 and Rule
19b–4(f)(2) 12 thereunder, because it
establishes or changes a due, fee, or
other charge applicable only to a
member.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
jlentini on PROD1PC65 with NOTICES
8 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
10 Telephone amendment between Samir Patel,
Assistant General Counsel, ISE, and Richard Holley,
Senior Special Counsel, Division of Market
Regulation, Commission, September 21, 2007.
11 15 U.S.C. 78s(b)(3)(A)(ii).
12 17 CFR 240.19b–4(f)(2).
9 15
VerDate Aug<31>2005
17:12 Sep 27, 2007
Jkt 211001
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–ISE–2007–85 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.
55269
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–19164 Filed 9–27–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56497; File No. SR–ISE–
2007–86]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Commence a One Year
Pilot Program Relating to a Quote
Mitigation Plan for Competitive Market
Makers
September 21, 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 17, 2007, the International
All submissions should refer to File
Securities Exchange, LLC (the
Number SR–ISE–2007–85. This file
‘‘Exchange’’ or the ‘‘ISE’’) filed with the
number should be included on the
subject line if e-mail is used. To help the Securities and Exchange Commission
the proposed rule change as described
Commission process and review your
in Items I, II, and III below, which items
comments more efficiently, please use
only one method. The Commission will have been substantially prepared by the
post all comments on the Commission’s Exchange. The Exchange has designated
this proposal as constituting a stated
Internet Web site (https://www.sec.gov/
policy, practice, or interpretation with
rules/sro.shtml). Copies of the
respect to the meaning, administration,
submission, all subsequent
or enforcement of an existing rule under
amendments, all written statements
Section 19(b)(3)(A)(i) of the Act,3 and
with respect to the proposed rule
Rule 19b–4(f)(1) thereunder,4 which
change that are filed with the
renders the proposal effective upon
Commission, and all written
filing with the Commission. The
communications relating to the
Commission is publishing this notice to
proposed rule change between the
Commission and any person, other than solicit comments on the proposed rule
change from interested persons.
those that may be withheld from the
public in accordance with the
I. Self-Regulatory Organization’s
provisions of 5 U.S.C. 552, will be
Statement of the Terms of Substance of
available for inspection and copying in
the Proposed Rule Change
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
The ISE submits this rule filing to
DC 20549, on official business days
implement a quote mitigation plan for
between the hours of 10 a.m. and 3 p.m. the Exchange’s Competitive Market
Copies of such filing also will be
Makers (‘‘CMM’’) on a pilot basis for
available for inspection and copying at
one-year.5 The text of the proposed rule
the principal office of ISE. All
change is available at the ISE, the
comments received will be posted
Commission’s Public Reference Room,
without change; the Commission does
and https://www.ise.com.
not edit personal identifying
13 17 CFR 200.30–3(a)(12).
information from submissions. You
1 15 U.S.C. 78s(b)(1).
should submit only information that
2 17 CFR 240.19b–4.
you wish to make available publicly. All
3 15 U.S.C. 78s(b)(3)(A)(i).
submissions should refer to File
4 17 CFR 240.19b–4(f)(1).
Number SR–ISE–2007–85 and should be
5 See Securities Exchange Act Release No. 56444
submitted on or before October 19,
(September 14, 2007) (Order approving SR–ISE–
2007.
2007–45).
PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
E:\FR\FM\28SEN1.SGM
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55270
Federal Register / Vol. 72, No. 188 / Friday, September 28, 2007 / Notices
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 purpose of this rule change is to
implement a quote mitigation plan for
the Exchange’s CMMs. As noted above,
the Commission recently approved,6 on
a one-year pilot basis, this quote
mitigation plan applicable to up to
twenty (20) securities that are in the
Penny Pilot. Under this proposal, a
CMM will be required to enter
continuous quotations in just 60 percent
of the series, rather than in all series, of
the options classes to which it is
appointed. Once a CMM enters a quote
in a series, it must continue to quote in
that series until the close of trading that
day.
Further, ISE Rule 804(e)(2)(iii), which
states that a CMM may be called upon
to submit quotes in one or more series
of options to which it is appointed in
the interest of maintaining fair and
orderly markets, shall continue to apply
during the pilot period.
The Exchange proposes to commence
this pilot program on September 20,
2007 for a period of one year. Prior to
the commencement of the pilot
program, the Exchange will issue a
circular to CMMs identifying the initial
list of securities selected for the pilot
program.
jlentini on PROD1PC65 with NOTICES
2. Statutory Basis
The statutory basis under the Act for
this proposed rule change is the
requirement under Section 6(b)(5) 7 that
an exchange have rules that are
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism for a free and
open market and a national market
6 Id.
7 15
system, and, in general, to protect
investors and the public interest.
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
The proposed rule change has become
effective Section 19(b)(3)(A)(i) of the
Act,8 and Rule 19b–4(f)(1) thereunder,9
because the proposal constitutes a stated
policy, practice, or interpretation with
respect to the meaning, administration,
or enforcement of an existing rule. 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–2007–86 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–2007–86. This file
8 15
U.S.C. 78f(b)(5).
VerDate Aug<31>2005
17:12 Sep 27, 2007
9 17
Jkt 211001
PO 00000
U.S.C. 78s(b)(3)(A)(i).
CFR 240.19b–4(f)(1).
Frm 00099
Fmt 4703
Sfmt 4703
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 St., NE., Washington, DC
20549 on official business days between
the hours of 10:00 a.m. and 3:00 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–2007–86 and should be
submitted by October 19, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–19165 Filed 9–27–07; 8:45 am]
BILLING CODE 8010–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Public Notice for a Change in Use of
Aeronautical Property at Manchester
Airport, Manchester, NH
Federal Aviation
Administration (FAA), DOT.
ACTION: Request for public comments.
AGENCY:
SUMMARY: The FAA is requesting public
comment on the City of Manchester,
New Hampshire’s request to change a
portion (.42 acres) of Airport property
from aeronautical use to nonaeronautical use. The property is
located on South Willow Street,
Manchester, New Hampshire and is a
portion of map 854, Lot 5 and Map 854,
Lot 1B. Upon disposition the property
10 17
E:\FR\FM\28SEN1.SGM
CFR 200.30–3(a)(12).
28SEN1
]]>Agencies
[Federal Register Volume 72, Number 188 (Friday, September 28, 2007)]
[Notices]
[Pages 55269-55270]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-19165]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56497; File No. SR-ISE-2007-86]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Commence a One Year Pilot Program Relating to a Quote
Mitigation Plan for Competitive Market Makers
September 21, 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 17, 2007, the International Securities Exchange, LLC
(the ``Exchange'' or the ``ISE'') filed with the Securities and
Exchange Commission the proposed rule change as described in Items I,
II, and III below, which items have been substantially prepared by the
Exchange. The Exchange has designated this proposal as constituting a
stated policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of an existing rule under Section
19(b)(3)(A)(i) of the Act,\3\ and Rule 19b-4(f)(1) 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(i).
\4\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The ISE submits this rule filing to implement a quote mitigation
plan for the Exchange's Competitive Market Makers (``CMM'') on a pilot
basis for one-year.\5\ The text of the proposed rule change is
available at the ISE, the Commission's Public Reference Room, and
https://www.ise.com.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 56444 (September 14,
2007) (Order approving SR-ISE-2007-45).
---------------------------------------------------------------------------
[[Page 55270]]
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 purpose of this rule change is to implement a quote mitigation
plan for the Exchange's CMMs. As noted above, the Commission recently
approved,\6\ on a one-year pilot basis, this quote mitigation plan
applicable to up to twenty (20) securities that are in the Penny Pilot.
Under this proposal, a CMM will be required to enter continuous
quotations in just 60 percent of the series, rather than in all series,
of the options classes to which it is appointed. Once a CMM enters a
quote in a series, it must continue to quote in that series until the
close of trading that day.
---------------------------------------------------------------------------
\6\ Id.
---------------------------------------------------------------------------
Further, ISE Rule 804(e)(2)(iii), which states that a CMM may be
called upon to submit quotes in one or more series of options to which
it is appointed in the interest of maintaining fair and orderly
markets, shall continue to apply during the pilot period.
The Exchange proposes to commence this pilot program on September
20, 2007 for a period of one year. Prior to the commencement of the
pilot program, the Exchange will issue a circular to CMMs identifying
the initial list of securities selected for the pilot program.
2. Statutory Basis
The statutory basis under the Act for this proposed rule change is
the requirement under Section 6(b)(5) \7\ that an exchange have rules
that are designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism for a free and open market and
a national market system, and, in general, to protect investors and the
public interest.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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
The proposed rule change has become effective Section
19(b)(3)(A)(i) of the Act,\8\ and Rule 19b-4(f)(1) thereunder,\9\
because the proposal constitutes a stated policy, practice, or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule. 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(i).
\9\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
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-2007-86 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-2007-86. 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 St., NE., Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 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-2007-86 and should be submitted by
October 19, 2007.
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-19165 Filed 9-27-07; 8:45 am]
BILLING CODE 8010-01-P
