Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Solicitation of Interest Orders, 11167-11168 [E8-3841]
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Federal Register / Vol. 73, No. 41 / Friday, February 29, 2008 / Notices
rwilkins on PROD1PC63 with NOTICES
issuance shall not exceed 25% of the
outstanding voting securities of
Kohlberg Capital, except that if the
amount of voting securities that would
result from the exercise of all of
Kohlberg Capital’s outstanding
warrants, options, and rights issued to
Kohlberg Capital’s directors, officers,
and employees, together with any
Restricted Stock issued pursuant to the
Plan, would exceed 15% of the
outstanding voting securities of
Kohlberg Capital, then the total amount
of voting securities that would result
from the exercise of all outstanding
warrants, options, and rights, together
with any Restricted Stock issued
pursuant to the Plan, at the time of
issuance shall not exceed 20% of the
outstanding voting securities of
Kohlberg Capital.
4. The maximum amount of shares of
Restricted Stock that may be issued
under the Plan will be 10% of the
outstanding shares of common stock of
Kohlberg Capital on the effective date of
the Plan plus 10% of the number of
shares of Kohlberg Capital’s common
stock issued or delivered by Kohlberg
Capital (other than pursuant to
compensation plans) during the term of
the Plan.
5. The Board will review the Plan at
least annually. In addition, the Board
will review periodically the potential
impact that the issuance of Restricted
Stock under the Plan could have on
Kohlberg Capital’s earnings and NAV
per share, such review to take place
prior to any decisions to grant Restricted
Stock under the Plan, but in no event
less frequently than annually. Adequate
procedures and records will be
maintained to permit such review. The
Board will be authorized to take
appropriate steps to ensure that the
grant of Restricted Stock under the Plan
would not have an effect contrary to the
interests of Kohlberg Capital’s
shareholders. This authority will
include the authority to prevent or limit
the granting of additional Restricted
Stock under the Plan. All records
maintained pursuant to this condition
will be subject to examination by the
Commission and its staff.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–3845 Filed 2–28–08; 8:45 am]
19:22 Feb 28, 2008
[Release No. 34–57375; File No. SR–ISE–
2008–14]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Solicitation of
Interest Orders
February 22, 2008.
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 February
19, 2008, 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 prepared substantially by ISE. ISE
filed the proposed rule change pursuant
to Section 19(b)(3)(A) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 which
renders it effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The ISE is proposing to amend the
parameters governing Solicitation of
Interest orders (‘‘SOIs’’). The text of the
proposed rule change is available on the
Exchange’s Web site (https://
www.ise.com), at the Exchange, 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, 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. ISE has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
Jkt 214001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to amend
the parameters governing SOIs that are
entered into MidPoint Match (‘‘MPM’’).5
When an SOI order is entered, the
System sends Equity Electronic Access
Members (‘‘Equity EAMs’’) a solicitation
notice containing the name of the equity
security for which the order was
entered. Currently, an SOI order must be
at least 2,000 shares and cannot be
canceled or changed for five seconds.
An immediate-or-cancel (‘‘IOC’’) SOI
that is not executed within the five
second no-cancellation period is
automatically canceled.6
The Exchange proposes to reduce the
no cancellation parameter to one
second. The no cancellation parameter,
currently set at five seconds, requires
that Equity EAMs using SOIs relinquish
the right to cancel or change an SOI
order for five seconds. In the current
market environment, many potential
SOI users are reluctant to commit to a
time period of that duration. Instead,
Equity EAMs prefer a one second
timeout, enabling them to cancel or
revise the order in a timeframe that is
more consistent with algorithmic
trading patterns. Accordingly, an IOC
SOI will also time out in one second.
Additionally, the Exchange proposes
to reduce the minimum order size to
500 shares. The current minimum order
size of 2,000 shares is larger than the
typical order size generated by
algorithms. The Exchange proposes to
revise the minimum order size to 500
shares, which is more consistent with
algorithmic trading patterns.
2. Statutory Basis
The basis under the Act for this
proposed rule change is found in
Section 6(b) of the Act.7 Specifically,
the Exchange believes the proposed rule
change is consistent with Section 6(b)(5)
of the Act 8 requirements that the rules
of an exchange be designed to promote
just and equitable principles of trade,
serve 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. In
particular, this filing will provide
investors with more flexibility in
5 See
ISE Rule 2129 (MidPoint Match).
regular SOI is converted to a Standard Order
in MPM if it is not executed or canceled within 10
seconds; see ISE Rule 2129(d)(2).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
6A
1 15
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).
2 17
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Federal Register / Vol. 73, No. 41 / Friday, February 29, 2008 / Notices
entering orders and receiving executions
of such orders.
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
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
(i) Significantly affect the protection
of investors or the public interest;
(ii) Impose any significant burden on
competition; and
(iii) Become operative for 30 days
from the date on which it was filed, or
such shorter time as the Commission
may designate, if consistent with the
protection of investors and the public
interest, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 9 and Rule 19b–4(f)(6) thereunder.10
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) may not
become operative prior to 30 days after
the date of filing unless the Commission
designates a shorter time if such action
is consistent with the protection of
investors and the public interest.11 The
Exchange has requested that the
Commission waive the 30-day operative
delay set forth in Rule 19b–4(f)(6)(iii)
under the Act.12 The Commission
believes that the earlier operative date is
consistent with the protection of
investors and the public interest
because it will allow the Exchange to
implement the changes to the
parameters governing SOIs without
delay. For these reasons, the
Commission designates the proposal to
be operative upon filing with the
Commission.13
rwilkins on PROD1PC63 with NOTICES
9 15
U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires that a self-regulatory
organization submit to 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. The Commission notes that ISE has
satisfied the five-day pre-filing notice requirement.
11 17 CFR 240.19b–4(f)(6)(iii).
12 17 CFR 240.19b–4(f)(6)(iii).
13 For purposes only of accelerating the 30-day
operative delay of this proposal, the Commission
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19:22 Feb 28, 2008
Jkt 214001
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,
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
Number SR–ISE–2008–14 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–2008–14. 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, 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 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–2008–14 and should be
submitted on or before March 21, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–3841 Filed 2–28–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57367; File No. SR–CBOE–
2007–120]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of
Proposed Rule Change and
Amendment No. 1 Thereto Relating to
Market-Makers and Remote MarketMakers
February 21, 2008.
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 October
11, 2007, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ 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 February 13, 2008, the Exchange
filed Amendment No. 1 to the proposed
rule change.3 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
CBOE proposes to amend CBOE rules
relating to Market-Makers and Remote
Market-Makers (‘‘RMMs’’). The text of
the rule proposal is available on the
Exchange’s Web site (https://
www.cboe.org/legal), at the Exchange’s
Office of the Secretary and at the
Commission’s Public Reference Room.
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment 1 replaced the original filing in its
entirety.
1 15
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
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]]>Agencies
[Federal Register Volume 73, Number 41 (Friday, February 29, 2008)]
[Notices]
[Pages 11167-11168]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-3841]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57375; File No. SR-ISE-2008-14]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Solicitation of Interest Orders
February 22, 2008.
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 February 19, 2008, 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 prepared substantially by
ISE. ISE filed the proposed rule change pursuant to Section 19(b)(3)(A)
of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders it
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The ISE is proposing to amend the parameters governing Solicitation
of Interest orders (``SOIs''). The text of the proposed rule change is
available on the Exchange's Web site (https://www.ise.com), at the
Exchange, 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, 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. 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 filing is to amend the parameters governing
SOIs that are entered into MidPoint Match (``MPM'').\5\ When an SOI
order is entered, the System sends Equity Electronic Access Members
(``Equity EAMs'') a solicitation notice containing the name of the
equity security for which the order was entered. Currently, an SOI
order must be at least 2,000 shares and cannot be canceled or changed
for five seconds. An immediate-or-cancel (``IOC'') SOI that is not
executed within the five second no-cancellation period is automatically
canceled.\6\
---------------------------------------------------------------------------
\5\ See ISE Rule 2129 (MidPoint Match).
\6\ A regular SOI is converted to a Standard Order in MPM if it
is not executed or canceled within 10 seconds; see ISE Rule
2129(d)(2).
---------------------------------------------------------------------------
The Exchange proposes to reduce the no cancellation parameter to
one second. The no cancellation parameter, currently set at five
seconds, requires that Equity EAMs using SOIs relinquish the right to
cancel or change an SOI order for five seconds. In the current market
environment, many potential SOI users are reluctant to commit to a time
period of that duration. Instead, Equity EAMs prefer a one second
timeout, enabling them to cancel or revise the order in a timeframe
that is more consistent with algorithmic trading patterns. Accordingly,
an IOC SOI will also time out in one second.
Additionally, the Exchange proposes to reduce the minimum order
size to 500 shares. The current minimum order size of 2,000 shares is
larger than the typical order size generated by algorithms. The
Exchange proposes to revise the minimum order size to 500 shares, which
is more consistent with algorithmic trading patterns.
2. Statutory Basis
The basis under the Act for this proposed rule change is found in
Section 6(b) of the Act.\7\ Specifically, the Exchange believes the
proposed rule change is consistent with Section 6(b)(5) of the Act \8\
requirements that the rules of an exchange be designed to promote just
and equitable principles of trade, serve 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.
In particular, this filing will provide investors with more flexibility
in
[[Page 11168]]
entering orders and receiving executions of such orders.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 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
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not:
(i) Significantly affect the protection of investors or the public
interest;
(ii) Impose any significant burden on competition; and
(iii) Become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, if
consistent with the protection of investors and the public interest, it
has become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and
Rule 19b-4(f)(6) thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires that a self-regulatory organization submit to 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. The Commission notes that ISE has satisfied the five-day
pre-filing notice requirement.
---------------------------------------------------------------------------
A proposed rule change filed pursuant to Rule 19b-4(f)(6) may not
become operative prior to 30 days after the date of filing unless the
Commission designates a shorter time if such action is consistent with
the protection of investors and the public interest.\11\ The Exchange
has requested that the Commission waive the 30-day operative delay set
forth in Rule 19b-4(f)(6)(iii) under the Act.\12\ The Commission
believes that the earlier operative date is consistent with the
protection of investors and the public interest because it will allow
the Exchange to implement the changes to the parameters governing SOIs
without delay. For these reasons, the Commission designates the
proposal to be operative upon filing with the Commission.\13\
---------------------------------------------------------------------------
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ For purposes only of accelerating the 30-day operative
delay of this proposal, the Commission has considered the proposed
rule's impact on efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
---------------------------------------------------------------------------
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, 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-2008-14 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-2008-14. 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, 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 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-2008-14 and should be
submitted on or before March 21, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-3841 Filed 2-28-08; 8:45 am]
BILLING CODE 8011-01-P
