Self-Regulatory Organizations; International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Changes, 64264-64265 [E7-22338]
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Federal Register / Vol. 72, No. 220 / Thursday, November 15, 2007 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56773; File No. SR–ISE–
2007–104]
Self-Regulatory Organizations;
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Fee Changes
November 8, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
1, 2007, the International Securities
Exchange, LLC (‘‘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 ISE. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The ISE is proposing to amend its
Schedule of Fees to remove the
surcharge fee for transactions in options
on 10 Premium Products.3 The text of
the proposed rule change is available on
the ISE’s Web site (https://www.ise.com),
at the principal office of the ISE, and at
the Commission’s Public Reference
Room.
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.
pwalker on PROD1PC71 with NOTICES
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 remove the
surcharge fee previously adopted for
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Premium Products is defined in the Schedule of
Fees as the products enumerated therein.
2 17
VerDate Aug<31>2005
19:50 Nov 14, 2007
Jkt 214001
transactions in options on the iShares
S&P 100 Index Fund (‘‘OEF’’),4 the
Financial Select Sector SPDR Fund
(‘‘XLF’’), the Technology Select Sector
SPDR Fund (‘‘XLK’’), the Utilities Select
Sector SPDR Fund (‘‘XLU’’),5 the
Materials Select Sector SPDR Fund
(‘‘XLB’’), the Industrial Select Sector
SPDR Fund (‘‘XLI’’), the Health Care
Select Sector SPDR Fund (‘‘XLV’’), the
Consumer Discretionary Select Sector
SPDR Fund (‘‘XLY’’),6 the Energy Select
Sector SPDR Fund (‘‘XLE’’), and the
Consumer Staples Select Sector SPDR
Fund (‘‘XLP’’).7 The Exchange is
proposing to remove the surcharge fee
for these products from its Schedule of
Fees because it no longer pays a license
fee to Standard and Poor’s, Inc. in
connection with transactions in options
on OEF, XLF, XLK, XLU, XLB, XLI,
XLV, XLY, XLE and XLP. Accordingly,
there is no longer a need for this
surcharge fee. The Exchange will,
however, continue to charge an
execution fee and a comparison fee for
transactions in options on OEF, XLF,
XLK, XLU, XLB, XLI, XLV, XLY, XLE
and XLP.
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(4) of the Act 8 that an
exchange have an 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.
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.
4 See Securities Exchange Act Release No. 46189
(July 11, 2002), 67 FR 47587 (July 19, 2002).
5 See Securities Exchange Act Release No. 47243
(January 24, 2003), 68 FR 5066 (January 31, 2003).
6 See Securities Exchange Act Release No. 47536
(March 19, 2003), 68 FR 14727 (March 26, 2003).
7 See Securities Exchange Act Release No. 47564
(March 24, 2003), 68 FR 15256 (March 28, 2003).
8 15 U.S.C. 78f(b)(4).
PO 00000
Frm 00074
Fmt 4703
Sfmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
establishes or changes a due, fee, or
other charge imposed by the Exchange,
it has become effective pursuant to
Section 19(b)(3) of the Act 9 and Rule
19b–4(f)(2) 10 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–2007–104 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–2007–104. 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
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
9 15
U.S.C. 78s(b)(3)(A).
CFR 19b–4(f)(2).
10 17
E:\FR\FM\15NON1.SGM
15NON1
Federal Register / Vol. 72, No. 220 / Thursday, November 15, 2007 / Notices
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–2007–104 and should
be submitted on or before December 6,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–22338 Filed 11–14–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56767; File No. SR–
NYSEArca–2007–87]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of a
Proposed Rule Change, and
Amendments No. 1 and No. 2 Thereto,
To Amend Listing Fees for Structured
Products
November 7, 2007.
pwalker on PROD1PC71 with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on August
16, 2007, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
substantially prepared by the Exchange.
On October 30, 2007, the Exchange filed
Amendment No. 1 to the proposed rule
change. On November 7, 2007, the
Exchange filed Amendment No. 2 to the
proposed rule change. The Commission
is publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange, through its whollyowned subsidiary NYSE Arca Equities,
Inc. (‘‘NYSE Arca Equities’’), proposes
to amend its Schedule of Fees and
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<31>2005
19:50 Nov 14, 2007
Jkt 214001
Charges (‘‘Fee Schedule’’) to revise the
listing fees applicable to structured
products listed on NYSE Arca, LLC
(‘‘NYSE Arca Marketplace’’), the
equities facility of NYSE Arca Equities.
The proposed revisions would apply
retroactively as of October 3, 2007. The
text of the proposed rule change is
available at the Commission’s Public
Reference Room, at the Exchange, and at
https://www.nyse.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
a. Listing Fee Schedule
NYSE Arca has determined to revise
the listing fees specifically applicable to
Structured Products 3 in order to
harmonize its fees with the New York
Stock Exchange LLC’s fees. The
proposed revisions would apply as of
October 3, 2007.
NYSE Arca currently assesses a onetime Listing Fee of $20,000 for each
Structured Product that is listed
pursuant to an initial public offering
(‘‘IPO’’) or an initial listing. Each time
the issuer lists additional shares for the
same Structured Product pursuant to a
subsequent IPO, the issuer is charged a
$1,000 fee. If an issuer lists a Structured
Product that is already listed on another
Marketplace or quoted on an interdealer Quotation System, the issuer is
subject to a $5,000 fee per such product.
In addition, if an issuer lists additional
Structured Products that were already
listed on another marketplace or quoted
3 For purposes of this proposal, Structured
Products include securities qualified for listing and
trading on NYSE Arca under the following NYSE
Arca Equities Rules: Rule 5.2(j)(1) (Other
Securities), 5.2(j)(2) (Equity Linked Notes), Rule
5.2(j)(4) (Index-Linked Exchangeable Notes), Rule
5.2(j)(6) (Equity Index-Linked Securities,
Commodity-Linked Securities and Currency-Linked
Securities) and Rule 8.3 (Currency and Index
Warrants), as these rules may be amended from
time to time.
PO 00000
Frm 00075
Fmt 4703
Sfmt 4703
64265
on an inter-dealer quotation system, the
issuer is subject to the following fees:
Number of
structured products
2–10 ..............................................
11–100 ..........................................
100+ ..............................................
Fee per
product
$1,000
500
100
The revised fee schedule would
clarify the types of products defined as
‘‘Structured Products’’ and replace the
current fee schedule with a fee schedule
based on the total of shares outstanding.
The revised fee schedule provides a fee
cap of $45,000 per issue. The new fee
schedule is as follows:
Shares outstanding
Up to 1 million ..............................
1+ to 2 million ...............................
2+ to 3 million ...............................
3+ to 4 million ...............................
4+ to 5 million ...............................
5+ to 6 million ...............................
6+ to 7 million ...............................
7+ to 8 million ...............................
8+ to 9 million ...............................
9+ to 10 million .............................
10+ to 15 million ...........................
in excess of 15 million ..................
Fee
$5,000
10,000
15,000
20,000
25,000
30,000
30,000
30,000
30,000
32,500
37,500
45,000
As set forth in the revised fee
schedule for Structured Products, the
fees will apply each time an issuer lists
a Structured Product as well as
subsequent listings of additional shares
of the same Structured Product. The
Exchange will treat each series of a
Structured Product as a separate issue.
b. Annual Fee Schedule
NYSE Arca currently assesses Annual
Fees based on the total number of
Structured Products per issuer. The
Annual Fee for one Structured Product
listed is $5,000. For each additional
Structured Product listed by the same
issuer the following fees apply:
Number of
structured products
2 through 10 .................................
11 through 100 .............................
101+ ..............................................
Fee per
product
$1,000
500
100
NYSE Arca proposes revised Annual
Fees for Structured Products based on
total shares outstanding for each issue,
as follows:
Shares outstanding
Up to 6 million ..............................
6+ to 7 million ...............................
7+ to 8 million ...............................
8+ to 9 million ...............................
9+ to 10 million .............................
10+ to 15 million ...........................
15+ to 25 million ...........................
E:\FR\FM\15NON1.SGM
15NON1
Fee
$10,000
12,000
14,000
16,000
18,000
20,000
25,000
]]>Agencies
[Federal Register Volume 72, Number 220 (Thursday, November 15, 2007)]
[Notices]
[Pages 64264-64265]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22338]
[[Page 64264]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56773; File No. SR-ISE-2007-104]
Self-Regulatory Organizations; International Securities Exchange
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Fee Changes
November 8, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on November 1, 2007, the International Securities Exchange, LLC
(``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 ISE.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The ISE is proposing to amend its Schedule of Fees to remove the
surcharge fee for transactions in options on 10 Premium Products.\3\
The text of the proposed rule change is available on the ISE's Web site
(https://www.ise.com), at the principal office of the ISE, and at the
Commission's Public Reference Room.
---------------------------------------------------------------------------
\3\ Premium Products is defined in the 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 ISE included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The ISE has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to amend its Schedule of Fees to remove
the surcharge fee previously adopted for transactions in options on the
iShares S&P 100 Index Fund (``OEF''),\4\ the Financial Select Sector
SPDR Fund (``XLF''), the Technology Select Sector SPDR Fund (``XLK''),
the Utilities Select Sector SPDR Fund (``XLU''),\5\ the Materials
Select Sector SPDR Fund (``XLB''), the Industrial Select Sector SPDR
Fund (``XLI''), the Health Care Select Sector SPDR Fund (``XLV''), the
Consumer Discretionary Select Sector SPDR Fund (``XLY''),\6\ the Energy
Select Sector SPDR Fund (``XLE''), and the Consumer Staples Select
Sector SPDR Fund (``XLP'').\7\ The Exchange is proposing to remove the
surcharge fee for these products from its Schedule of Fees because it
no longer pays a license fee to Standard and Poor's, Inc. in connection
with transactions in options on OEF, XLF, XLK, XLU, XLB, XLI, XLV, XLY,
XLE and XLP. Accordingly, there is no longer a need for this surcharge
fee. The Exchange will, however, continue to charge an execution fee
and a comparison fee for transactions in options on OEF, XLF, XLK, XLU,
XLB, XLI, XLV, XLY, XLE and XLP.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 46189 (July 11,
2002), 67 FR 47587 (July 19, 2002).
\5\ See Securities Exchange Act Release No. 47243 (January 24,
2003), 68 FR 5066 (January 31, 2003).
\6\ See Securities Exchange Act Release No. 47536 (March 19,
2003), 68 FR 14727 (March 26, 2003).
\7\ See Securities Exchange Act Release No. 47564 (March 24,
2003), 68 FR 15256 (March 28, 2003).
---------------------------------------------------------------------------
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(4) of the Act \8\ that an exchange have
an equitable allocation of reasonable dues, fees and other charges
among its members and other persons using its facilities.
---------------------------------------------------------------------------
\8\ 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 the foregoing rule change establishes or changes a due,
fee, or other charge imposed by the Exchange, it has become effective
pursuant to Section 19(b)(3) of the Act \9\ and Rule 19b-4(f)(2) \10\
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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 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-2007-104 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-2007-104. 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
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference
[[Page 64265]]
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-
2007-104 and should be submitted on or before December 6, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-22338 Filed 11-14-07; 8:45 am]
BILLING CODE 8011-01-P
