Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change as Modified by Amendment No. 1 Thereto Relating to Fee Changes, 72429-72430 [E7-24727]

Download as PDF Federal Register / Vol. 72, No. 244 / Thursday, December 20, 2007 / Notices 6(b)(5) of the Act,19 which requires, among other things, that CBOE rules be 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 of a free and open market and a national market system, and, in general, to protect investors and the public interest. The Commission has previously stated its support for recognizing options positions hedged on a delta neutral basis as properly exempted from position limits.20 It is therefore ordered, pursuant to section 19(b)(2) of the Act,21 that the proposed rule change (SR–CBOE–2007– 99), as modified by Amendment Nos. 1 and 2, be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.22 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–24723 Filed 12–19–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56960; File No. SR–ISE– 2007–118] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change as Modified by Amendment No. 1 Thereto Relating to Fee Changes 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, II, and III below, which Items sroberts on PROD1PC70 with NOTICES 19 15 U.S.C. 78f(b)(5). 20 See Securities Exchange Act Release No. 40594 (October 23, 1998), 63 FR 59362, 59380 (November 3, 1998) (File No. S7–30–97) (adopting rules relating to OTC derivatives dealers). The Commission notes that it recently approved a proposal by the National Association of Securities Dealers, Inc. (n/k/a Financial Industry Regulatory Authority, Inc.) to expand the class of entities permitted to use the delta hedging exemption from equity options position limits. See Securities Exchange Act Release No. 56916 (December 6, 2007), 72 FR 70627 (December 12, 2007) (SR– NASD–2007–044). 21 15 U.S.C. 78s(b)(2). 22 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Aug<31>2005 20:08 Dec 19, 2007 Jkt 214001 have been substantially prepared by the Exchange. The Exchange has designated this proposal as one establishing or changing a due, fee, or other charge imposed by ISE under Section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b– 4(f)(2) 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. 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 reflect the addition of six new Premium Products. 5 The text of the proposed rule change is available at the Commission’s Public Reference Room, at the Exchange, and on its Web site at 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 reflect the addition of options on the following new products: the ProShares UltraShort QQQ Fund (‘‘QID’’), ProShares Ultra QQQ Fund (‘‘QLD’’),6 ProShares 3 15 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). 5 ‘‘Premium Products’’ is defined in the Schedule of Fees as options on the products enumerated therein. 6 ‘‘NASDAQ–100 Index’’ is a trademark of the NASDAQ Stock Markets, Inc. (‘‘NASDAQ’’) and has been licensed for use by ProShares in connection with the listing and trading of the QLD and the QID on the American Stock Exchange. QLD and QID are not sponsored, sold or endorsed by NASDAQ, and NASDAQ makes no representation regarding the advisability of investing in QLD and QID. NASDAQ and ProShares have not licensed or authorized ISE to: (1) Engage in the creation, listing, provision of a market for trading, marketing, and promotion of options on QLD and QID; or (2) to use and refer to any of their trademarks or service marks in connection with the listing, provision of a market 4 17 PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 72429 UltraShort S&P500 Fund (‘‘SDS’’), ProShares Ultra S&P500 Fund (‘‘SSO’’),7 ProShares UtraShort Russell2000 Fund (‘‘TWM’’) and ProShares Ultra Russell2000 Fund (‘‘UWM’’).8 The Exchange represents that QID, QLD, SDS, SSO, TWM and UWM are eligible for options trading because they constitute ‘‘ExchangeTraded Fund Shares,’’ as defined by ISE Rule 502(h). All of the applicable fees covered by this filing are identical to fees charged by the Exchange for all other Premium Products. Specifically, the Exchange will charge an execution fee and a comparison fee for all transactions in options on QID, QLD, SDS, SSO, TWM and UWM. 9 The amount of the for trading, marketing, and promotion of options on QLD and QID or with making disclosures concerning options on QLD and QID under any applicable federal or state laws, rules or regulations. NASDAQ and ProShares do not sponsor, endorse, or promote such activity by ISE and are not affiliated in any manner with ISE. 7 ‘‘Standard & Poor’s,’’ ‘‘S&P,’’ ‘‘S&P 500,’’ ‘‘Standard & Poor’s 500,’’ ‘‘Standard & Poor’s Depositary Receipts,’’ and ‘‘SPDR’’ are trademarks of The McGraw-Hill Companies, Inc. (‘‘McGraw-Hill’’), and have been licensed for use by ProShares in connection with the listing and trading of the SSO and the SDS on the American Stock Exchange. SSO and SDS are 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 SSO and SDS. McGraw-Hill, S&P and ProShares have not licensed or authorized ISE to: (1) Engage in the creation, listing, provision of a market for trading, marketing, and promotion of options on SSO and SDS; or (2) 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 SSO and SDS or with making disclosures concerning options on SSO and SDS under any applicable federal or state laws, rules or regulations. McGraw-Hill, S&P and ProShares do not sponsor, endorse, or promote such activity by ISE and are not affiliated in any manner with ISE. 8 ‘‘Russell 2000 Index’’ is a trademark of Frank Russell Company (‘‘Russell’’) and has been licensed for use ProShares in connection with the listing and trading of the UWM and TWM on the American Stock Exchange. UWM and TWM are not sponsored, sold or endorsed by Russell, and Russell makes no representation regarding the advisability of investing in UWM and TWM. Russell and ProShares have not licensed or authorized ISE to: (1) Engage in the creation, listing, provision of a market for trading, marketing, and promotion of options on UWM and TWM; or (2) 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 UWM and TWM or with making disclosures concerning options on UWM and TWM under any applicable federal or state laws, rules or regulations. Russell and ProShares do not sponsor, endorse, or promote such activity by ISE and are not affiliated in any manner with ISE. 9 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). E:\FR\FM\20DEN1.SGM 20DEN1 72430 Federal Register / Vol. 72, No. 244 / Thursday, December 20, 2007 / Notices 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 10 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. 11 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. 12 Further, since options on QID, QLD, SDS, SSO, TWM and UWM are multiply-listed, the Payment for Order Flow fee shall apply to these products. 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. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act 13 in general, and furthers the objectives of Section 6(b)(4) of the Act 14 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. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others sroberts on PROD1PC70 with NOTICES 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. 10 Public Customer Order is defined in ISE Rule 100(a)(39) as an order for the account of a Public Customer. Public Customer is defined in ISE Rule 100(a)(38) as a person that is not a broker or dealer in securities. 11 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. 12 The amount of the execution and comparison fee for non-ISE Market Maker transactions executed in the Exchange’s Facilitation and Solicitation Mechanisms is $0.16 and $0.03 per contract, respectively. 13 15 U.S.C. 78f(b). 14 15 U.S.C. 78f(b)(4). VerDate Aug<31>2005 20:08 Dec 19, 2007 Jkt 214001 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has been designated as a fee change pursuant to Section 19(b)(3)(A)(ii) of the Act 15 and Rule 19b–4(f)(2) 16 thereunder, because it establishes or changes a due, fee, or other charge imposed by the Exchange. Accordingly, the proposal took effect 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: 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–ISE–2007–118 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–2007–118. 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 provisions of 5 U.S.C. 552, will be 15 15 16 17 PO 00000 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). Frm 00090 Fmt 4703 Sfmt 4703 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 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–2007–118 and should be submitted on or before January 10, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 17 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–24727 Filed 12–19–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56946, File No. SR–MSRB– 2007–04] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Approving Proposed Rule Change Relating to Amendments to Rule G–40 on E-Mail Contacts December 12, 2007. On October 16, 2007, the Municipal Securities Rulemaking Board (‘‘MSRB’’), filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 a proposed rule change consisting of amendments to Rule G–40, on electronic mail contacts, that would more fully conform MSRB requirements to Financial Industry Regulatory Authority (‘‘FINRA’’) requirements relating to contact information. The MSRB proposed an effective date for this proposed rule change of December 31, 2007 to coincide with the effective date of recently-approved FINRA requirements.3 The proposed rule change was published for comment in the Federal Register on November 9, 17 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Securities Exchange Act Release No. 56179 (August 1, 2007), 72 FR 44203 (August 7, 2007) (SR–NASD–2007–034). 1 15 E:\FR\FM\20DEN1.SGM 20DEN1

Agencies

[Federal Register Volume 72, Number 244 (Thursday, December 20, 2007)]
[Notices]
[Pages 72429-72430]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24727]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56960; File No. SR-ISE-2007-118]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Change as Modified by Amendment No. 1 Thereto Relating to Fee Changes

 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, II, and III below, which Items have been substantially 
prepared by the Exchange. The Exchange has designated this proposal as 
one establishing or changing a due, fee, or other charge imposed by ISE 
under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) 
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)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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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 reflect the addition 
of six new Premium Products. \5\ The text of the proposed rule change 
is available at the Commission's Public Reference Room, at the 
Exchange, and on its Web site at http://www.ise.com.
---------------------------------------------------------------------------

    \5\ ``Premium Products'' is defined in the Schedule of Fees as 
options on 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 reflect 
the addition of options on the following new products: the ProShares 
UltraShort QQQ Fund[reg] (``QID''), ProShares Ultra QQQ Fund[reg] 
(``QLD''),\6\ ProShares UltraShort S&P500[reg] Fund (``SDS''), 
ProShares Ultra S&P500[reg] Fund (``SSO''),\7\ ProShares UtraShort 
Russell2000 Fund (``TWM'') and ProShares Ultra Russell2000 Fund 
(``UWM'').\8\ The Exchange represents that QID, QLD, SDS, SSO, TWM and 
UWM are eligible for options trading because they constitute 
``Exchange-Traded Fund Shares,'' as defined by ISE Rule 502(h).
---------------------------------------------------------------------------

    \6\ ``NASDAQ-100 Index'' is a trademark of the NASDAQ Stock 
Markets, Inc. (``NASDAQ'') and has been licensed for use by 
ProShares in connection with the listing and trading of the QLD and 
the QID on the American Stock Exchange. QLD and QID are not 
sponsored, sold or endorsed by NASDAQ, and NASDAQ makes no 
representation regarding the advisability of investing in QLD and 
QID. NASDAQ and ProShares have not licensed or authorized ISE to: 
(1) Engage in the creation, listing, provision of a market for 
trading, marketing, and promotion of options on QLD and QID; or (2) 
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 QLD and QID or with making 
disclosures concerning options on QLD and QID under any applicable 
federal or state laws, rules or regulations. NASDAQ and ProShares do 
not sponsor, endorse, or promote such activity by ISE and are not 
affiliated in any manner with ISE.
    \7\ ``Standard & Poor's[reg],'' ``S&P[reg],'' ``S&P 500[reg],'' 
``Standard & Poor's 500[reg],'' ``Standard & Poor's Depositary 
Receipts[reg],'' and ``SPDR[reg]'' are trademarks of The McGraw-Hill 
Companies, Inc. (``McGraw-Hill''), and have been licensed for use by 
ProShares in connection with the listing and trading of the SSO and 
the SDS on the American Stock Exchange. SSO and SDS are 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 SSO and SDS. McGraw-Hill, S&P and 
ProShares have not licensed or authorized ISE to: (1) Engage in the 
creation, listing, provision of a market for trading, marketing, and 
promotion of options on SSO and SDS; or (2) 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 SSO and SDS or with making disclosures concerning options 
on SSO and SDS under any applicable federal or state laws, rules or 
regulations. McGraw-Hill, S&P and ProShares do not sponsor, endorse, 
or promote such activity by ISE and are not affiliated in any manner 
with ISE.
    \8\ ``Russell 2000[reg] Index'' is a trademark of Frank Russell 
Company (``Russell'') and has been licensed for use ProShares in 
connection with the listing and trading of the UWM and TWM on the 
American Stock Exchange. UWM and TWM are not sponsored, sold or 
endorsed by Russell, and Russell makes no representation regarding 
the advisability of investing in UWM and TWM. Russell and ProShares 
have not licensed or authorized ISE to: (1) Engage in the creation, 
listing, provision of a market for trading, marketing, and promotion 
of options on UWM and TWM; or (2) 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 UWM and TWM or with making disclosures concerning options 
on UWM and TWM under any applicable federal or state laws, rules or 
regulations. Russell and ProShares 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 by the Exchange for all other Premium Products. 
Specifically, the Exchange will charge an execution fee and a 
comparison fee for all transactions in options on QID, QLD, SDS, SSO, 
TWM and UWM. \9\ The amount of the

[[Page 72430]]

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 \10\ 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. \11\ 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. \12\ Further, since options on QID, QLD, 
SDS, SSO, TWM and UWM are multiply-listed, the Payment for Order Flow 
fee shall apply to these products. The Exchange believes the proposed 
rule change will further the Exchange's goal of introducing new 
products to the marketplace that are competitively priced.
---------------------------------------------------------------------------

    \9\ 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).
    \10\ Public Customer Order is defined in ISE Rule 100(a)(39) as 
an order for the account of a Public Customer. Public Customer is 
defined in ISE Rule 100(a)(38) as a person that is not a broker or 
dealer in securities.
    \11\ 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.
    \12\ The amount of the execution and comparison fee for non-ISE 
Market Maker transactions executed in the Exchange's Facilitation 
and Solicitation Mechanisms is $0.16 and $0.03 per contract, 
respectively.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act \13\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act \14\ 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.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78f(b).
    \14\ 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

    The foregoing proposed rule change has been designated as a fee 
change pursuant to Section 19(b)(3)(A)(ii) of the Act \15\ and Rule 
19b-4(f)(2) \16\ thereunder, because it establishes or changes a due, 
fee, or other charge imposed by the Exchange. Accordingly, the proposal 
took effect 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.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \16\ 17 CFR 240.19b-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 Number SR-ISE-2007-118 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-2007-118. 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 
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 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-2007-118 and should be 
submitted on or before January 10, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority. \17\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------

    \17\ 17 CFR 200.30-3(a)(12).
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 [FR Doc. E7-24727 Filed 12-19-07; 8:45 am]
BILLING CODE 8011-01-P