Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Historical ISE Open/Close Trade Profile Fees, 71988-71989 [E7-24583]
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71988
Federal Register / Vol. 72, No. 243 / Wednesday, December 19, 2007 / Notices
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
Number SR–ISE–2007–110 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56957; File No. SR–ISE–
2007–115]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Historical ISE
Open/Close Trade Profile Fees
December 13, 2007.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
• Send paper comments in triplicate
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
to Nancy M. Morris, Secretary,
notice is hereby given that on December
Securities and Exchange Commission,
11, 2007, the International Securities
100 F Street, NE., Washington, DC
Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’)
20549–1090.
filed with the Securities and Exchange
All submissions should refer to File
Commission (‘‘Commission’’) the
Number SR–ISE–2007–110. This file
proposed rule change as described in
number should be included on the
Items I and II below, which Items have
subject line if e-mail is used. To help the been substantially prepared by ISE. The
Commission process and review your
Exchange filed the proposal pursuant to
comments more efficiently, please use
section 19(b)(3)(A) of the Act 3 and Rule
only one method. The Commission will 19b–4(f)(6) thereunder,4 which renders
post all comments on the Commission’s the proposal effective upon filing with
Internet Web site (https://www.sec.gov/
the Commission. The Commission is
rules/sro.shtml). Copies of the
publishing this notice to solicit
submission, all subsequent
comments on the proposed rule change
amendments, all written statements
from interested persons.
with respect to the proposed rule
I. Self-Regulatory Organization’s
change that are filed with the
Statement of the Terms of Substance of
Commission, and all written
the Proposed Rule Change
communications relating to the
ISE proposes to amend its Schedule of
proposed rule change between the
Commission and any person, other than Fees to: (1) Clarify the terms on which
it offers the ISE Open/Close Trade
those that may be withheld from the
Profile, a market data product described
public in accordance with the
below; and (2) adopt a subscription fee
provisions of 5 U.S.C. 552, will be
for the sale of historical ISE Open/Close
available for inspection and copying in
Trade Profile. The text of the proposed
the Commission’s Public Reference
rule change is available at the Exchange,
Room, 100 F Street, NE., Washington,
on the Exchange’s Web site at https://
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m. www.ise.com, and at the Commission’s
Copies of the filing also will be available Public Reference Room.
for inspection and copying at the
II. Self-Regulatory Organization’s
principal office of the Exchange. All
Statement of the Purpose of, and
comments received will be posted
Statutory Basis for, the Proposed Rule
without change; the Commission does
Change
not edit personal identifying
In its filing with the Commission, the
information from submissions. You
Exchange included statements
should submit only information that
you wish to make available publicly. All concerning the purpose of, and basis for,
the proposed rule change and discussed
submissions should refer to File
any comments it received on the
Number SR–ISE–2007–110 and should
proposed rule change. The text of these
be submitted on or before January 9,
statements may be examined at the
2008.
places specified in Item IV below. The
For the Commission, by the Division of
Exchange has prepared summaries, set
Trading and Markets, pursuant to delegated
forth in sections A, B, and C below, of
authority.10
the most significant aspects of such
Florence E. Harmon,
statements.
mstockstill on PROD1PC66 with NOTICES
Paper Comments
Deputy Secretary.
[FR Doc. E7–24535 Filed 12–18–07; 8:45 am]
1 15
BILLING CODE 8011–01–P
2 17
10 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
21:40 Dec 18, 2007
Jkt 214001
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
ISE currently creates volume data for
each ISE listed option that consists of
opening buys and opening sells and
closing buys and closing sells.5 ISE
currently uses a subset of this data, the
customer ‘‘opening only’’ trade data, for
its calculation of investor sentiment, the
ISE Sentiment Index, or ISEE, and
for ISEE Select. The Commission
recently approved a broader market data
offering comprised of the entire opening
and closing trade data of ISE listed
options of both customers and firms,
referred to by the Exchange as the ISE
Open/Close Trade Profile.6 The ISE
Open/Close Trade Profile offering is
subdivided by origin code (i.e.,
customer or firm) and the customer data
is then further subdivided by order size.
The volume data is summarized by day
and series (i.e., symbol, expiration date,
strike price, call or put). ISE Open/Close
Trade Profile is a subscription service,
available to both members and nonmembers, and that enables subscribers
to create their own proprietary put/call
calculations. The data is compiled and
formatted by ISE as an end of day file.
The Exchange charges both members
and non-members $600 per month
based on an annual subscription 7 for
the ISE Open/Close Trade Profile market
data offering.
ISE now proposes to sell historical
ISE Open/Close Trade Profile, a market
data offering comprised of the entire
opening and closing trade data of both
customers and firms that dates back to
May 2005, to both members and nonmembers, on an ad-hoc basis or as a
complete set that dates back to May
2005. Ad-hoc subscribers will be able to
purchase this data for any number of
months, beginning from May 2005
through the current month.
Alternatively, subscribers will be able to
purchase the entire set of this data,
beginning from May 2005 through the
5 An opening buy is a transaction that creates or
increases a long position and an opening sell is a
transaction that creates or increases a short
position. A closing buy is a transaction made to
close out an existing position. A closing sell is a
transaction to reduce or eliminate a long position.
6 See Securities Exchange Act Release No. 56254
(August 15, 2007), 72 FR 47104 (August 22, 2007)
(SR–ISE–2007–70).
7 The Exchange notes that while historical ISE
Open/Close Trade Profile is available on a month
to month basis, the non-historical ISE Open/Close
Trade Profile offering is available only on an annual
subscription basis, which the Exchange proposes to
clarify by adding the words ‘‘With an annual
subscription’’ under the Notes section on its
Schedule of Fees.
E:\FR\FM\19DEN1.SGM
19DEN1
Federal Register / Vol. 72, No. 243 / Wednesday, December 19, 2007 / Notices
current month. The data will be
compiled and formatted by ISE and sold
as a zipped file. ISE proposes to charge
ad-hoc subscribers $600 per request for
each month of data. For subscribers that
want the compete set of the data from
May 2005 to the present, ISE proposes
to charge a discounted fee of $500.00 for
each month of data.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b)(4) of the Act,8 which
requires that a national securities
exchange have an equitable allocation of
reasonable dues, fees and other charges
among its members and other persons
using its facilities. The Exchange states
that the proposed rule filing will
provide members and non-members
with valuable market data, and that it
has expended considerable resources,
i.e., internal development costs,
purchase of servers, etc., to bring this
offering to market. The Exchange states
that it took these costs into account in
setting the fees proposed for the
historical ISE Open/Close Trade Profile
market data offering. This product is
identical to one that the Chicago Board
Options Exchange (‘‘CBOE’’) currently
sells to the marketplace called Open/
Close Data.9 Further, ISE states that its
proposed fees for this new historical
product are cheaper than or identical to
the fees that CBOE currently charges for
its Open/Close Data offering.10 Finally,
the Exchange notes that the fees
proposed by ISE for this product, which
is available for purchase on a voluntary
basis, are not discriminatory in that the
Exchange proposes to charge both
members and non-members an identical
fee.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
mstockstill on PROD1PC66 with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
8 15
U.S.C. 78(f)(b)(4).
Securities Exchange Act Release No. 55062
(January 8, 2007), 72 FR 2048 (January 17, 2007)
(SR–CBOE–2006–88).
10 See id.
9 See
VerDate Aug<31>2005
21:40 Dec 18, 2007
Jkt 214001
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
does not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to section
19(b)(3)(A) of the Act and Rule 19b–
4(f)(6) thereunder.11
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing. However, Rule 19b–4(f)(6)(iii)
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has
requested that the Commission waive
the 30-day operative delay. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest because it will allow ISE
to immediately offer the historical ISE
Open/Close Trade Profile data to
investors interested in subscribing.12
This market data product is
substantially similar to one offered by
CBOE, and it appears that it does not
raise any novel regulatory issues. For
these reasons, the Commission
designates the proposed rule change to
be effective and operative upon filing
with the Commission.
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:
11 In addition, Rule 19b–4(f)(6) requires a selfregulatory organization to give the Commission
written notice of its intent to file the proposed rule
change, along with a brief description and text of
the proposed rule change, at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. ISE has satisfied this requirement.
12 For the purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
PO 00000
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Fmt 4703
Sfmt 4703
71989
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–2007–115 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–2007–115. 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
Room on official business days between
the hours of 10 a.m. and 3 p.m. Copies
of the filing also will be available for
inspection and copying at the principal
office of the Exchange. 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–
2007–115 and should be submitted on
or before January 9, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–24583 Filed 12–18–07; 8:45 am]
BILLING CODE 8011–01–P
13 17
E:\FR\FM\19DEN1.SGM
CFR 200.30–3(a)(12).
19DEN1
]]>Agencies
[Federal Register Volume 72, Number 243 (Wednesday, December 19, 2007)]
[Notices]
[Pages 71988-71989]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24583]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56957; File No. SR-ISE-2007-115]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Historical ISE Open/Close Trade Profile Fees
December 13, 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 December 11, 2007, the International Securities Exchange, LLC
(``ISE'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I and II below, which Items have been substantially prepared by
ISE. The Exchange filed the proposal pursuant to section 19(b)(3)(A) of
the Act \3\ and Rule 19b-4(f)(6) 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).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
ISE proposes to amend its Schedule of Fees to: (1) Clarify the
terms on which it offers the ISE Open/Close Trade Profile, a market
data product described below; and (2) adopt a subscription fee for the
sale of historical ISE Open/Close Trade Profile. The text of the
proposed rule change is available at the Exchange, on the Exchange's
Web site at https://www.ise.com, 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 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
ISE currently creates volume data for each ISE listed option that
consists of opening buys and opening sells and closing buys and closing
sells.\5\ ISE currently uses a subset of this data, the customer
``opening only'' trade data, for its calculation of investor sentiment,
the ISE Sentiment Index[reg], or ISEE[reg], and for ISEE Select[reg].
The Commission recently approved a broader market data offering
comprised of the entire opening and closing trade data of ISE listed
options of both customers and firms, referred to by the Exchange as the
ISE Open/Close Trade Profile.\6\ The ISE Open/Close Trade Profile
offering is subdivided by origin code (i.e., customer or firm) and the
customer data is then further subdivided by order size. The volume data
is summarized by day and series (i.e., symbol, expiration date, strike
price, call or put). ISE Open/Close Trade Profile is a subscription
service, available to both members and non-members, and that enables
subscribers to create their own proprietary put/call calculations. The
data is compiled and formatted by ISE as an end of day file. The
Exchange charges both members and non-members $600 per month based on
an annual subscription \7\ for the ISE Open/Close Trade Profile market
data offering.
---------------------------------------------------------------------------
\5\ An opening buy is a transaction that creates or increases a
long position and an opening sell is a transaction that creates or
increases a short position. A closing buy is a transaction made to
close out an existing position. A closing sell is a transaction to
reduce or eliminate a long position.
\6\ See Securities Exchange Act Release No. 56254 (August 15,
2007), 72 FR 47104 (August 22, 2007) (SR-ISE-2007-70).
\7\ The Exchange notes that while historical ISE Open/Close
Trade Profile is available on a month to month basis, the non-
historical ISE Open/Close Trade Profile offering is available only
on an annual subscription basis, which the Exchange proposes to
clarify by adding the words ``With an annual subscription'' under
the Notes section on its Schedule of Fees.
---------------------------------------------------------------------------
ISE now proposes to sell historical ISE Open/Close Trade Profile, a
market data offering comprised of the entire opening and closing trade
data of both customers and firms that dates back to May 2005, to both
members and non-members, on an ad-hoc basis or as a complete set that
dates back to May 2005. Ad-hoc subscribers will be able to purchase
this data for any number of months, beginning from May 2005 through the
current month. Alternatively, subscribers will be able to purchase the
entire set of this data, beginning from May 2005 through the
[[Page 71989]]
current month. The data will be compiled and formatted by ISE and sold
as a zipped file. ISE proposes to charge ad-hoc subscribers $600 per
request for each month of data. For subscribers that want the compete
set of the data from May 2005 to the present, ISE proposes to charge a
discounted fee of $500.00 for each month of data.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b)(4) of the Act,\8\ which requires that a national
securities exchange have an equitable allocation of reasonable dues,
fees and other charges among its members and other persons using its
facilities. The Exchange states that the proposed rule filing will
provide members and non-members with valuable market data, and that it
has expended considerable resources, i.e., internal development costs,
purchase of servers, etc., to bring this offering to market. The
Exchange states that it took these costs into account in setting the
fees proposed for the historical ISE Open/Close Trade Profile market
data offering. This product is identical to one that the Chicago Board
Options Exchange (``CBOE'') currently sells to the marketplace called
Open/Close Data.\9\ Further, ISE states that its proposed fees for this
new historical product are cheaper than or identical to the fees that
CBOE currently charges for its Open/Close Data offering.\10\ Finally,
the Exchange notes that the fees proposed by ISE for this product,
which is available for purchase on a voluntary basis, are not
discriminatory in that the Exchange proposes to charge both members and
non-members an identical fee.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78(f)(b)(4).
\9\ See Securities Exchange Act Release No. 55062 (January 8,
2007), 72 FR 2048 (January 17, 2007) (SR-CBOE-2006-88).
\10\ See id.
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
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 neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change does not: (1) Significantly
affect the protection of investors or the public interest; (2) impose
any significant burden on competition; and (3) become operative for 30
days after the date of this filing, or such shorter time as the
Commission may designate, it has become effective pursuant to section
19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\11\ In addition, Rule 19b-4(f)(6) requires a self-regulatory
organization to give the Commission written notice of its intent to
file the proposed rule change, along with a brief description and
text of the proposed rule change, at least five business days prior
to the date of filing of the proposed rule change, or such shorter
time as designated by the Commission. ISE has satisfied this
requirement.
---------------------------------------------------------------------------
A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. The Exchange has requested that the Commission
waive the 30-day operative delay. The Commission believes that waiving
the 30-day operative delay is consistent with the protection of
investors and the public interest because it will allow ISE to
immediately offer the historical ISE Open/Close Trade Profile data to
investors interested in subscribing.\12\ This market data product is
substantially similar to one offered by CBOE, and it appears that it
does not raise any novel regulatory issues. For these reasons, the
Commission designates the proposed rule change to be effective and
operative upon filing with the Commission.
---------------------------------------------------------------------------
\12\ For the purposes only of waiving the 30-day operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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 rule-comments@sec.gov. Please include
File Number SR-ISE-2007-115 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-2007-115. 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 Room on official
business days between the hours of 10 a.m. and 3 p.m. Copies of the
filing also will be available for inspection and copying at the
principal office of the Exchange. 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-2007-115 and should be submitted on or before
January 9, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-24583 Filed 12-18-07; 8:45 am]
BILLING CODE 8011-01-P
