Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Accommodation Liquidations, 11968-11970 [E8-4177]

Download as PDF 11968 Federal Register / Vol. 73, No. 44 / Wednesday, March 5, 2008 / Notices 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–2007–99 and should be submitted on or before March 26, 2008. jlentini on PROD1PC65 with NOTICES IV. Commission’s Findings and Order Granting Accelerated Approval of the Proposed Rule Change After careful review, the Commission finds that the proposed rule change, as amended, is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.22 In particular, the Commission finds that the proposal is consistent with section 6(b)(5) of the Act 23 in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, 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. Currently, the Exchange would have to file a proposed rule change with the Commission pursuant to section 19(b)(1) of the Act 24 and Rule 19b–4 thereunder 25 to list or trade any indexlinked exchangeable notes. Rule 19b– 4(e), however, provides that the listing and trading of a new derivative securities product by a self-regulatory organization (‘‘SRO’’) will not be deemed a proposed rule change pursuant to Rule 19b–4(c)(1) if the Commission has approved, pursuant to section 19(b) of the Act, the SRO’s trading rules, procedures, and listing standards for the product class that 22 In approving this rule change, the Commission notes that it has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 23 15 U.S.C. 78f(b)(5). 24 15 U.S.C. 78s(b)(1). 25 17 CFR 240.19b–4. VerDate Aug<31>2005 18:03 Mar 04, 2008 Jkt 214001 would include the new derivative securities product, and the SRO has a surveillance program for the product class. The Exchange’s proposed rules fulfill these requirements. Use of Rule 19b–4(e) by ISE to list or trade equity securities such as index-linked exchangeable notes should promote competition, reduce burdens on issuers and other market participants, and make offerings available to investors more quickly. The Commission has approved generic listing standards for indexlinked exchangeable notes on other national securities exchanges similar to those being proposed by ISE.26 ISE’s proposal does not appear to raise any novel regulatory issues, and the Commission is approving it on the same basis as those earlier proposals. Additionally, the Commission believes that the proposed rules are reasonably designed to promote fair disclosure of information that may be necessary to price index-linked exchangeable notes appropriately. If a broker-dealer or fund advisor is responsible for maintaining (or has a role in maintaining) the underlying index, such broker-dealer or fund advisor would be required to erect and maintain a ‘‘firewall’’ to prevent the flow of non-public information regarding the underlying index from the personnel involved in the development and maintenance of such index to others such as sales and trading personnel.27 The Commission also believes that the Exchange’s proposed trading halt rules, discussed above, are reasonably designed to prevent trading when transparency is impaired. Further, the Commission believes that the trading rules and procedures to which products will be subject pursuant to this proposal are consistent with the Act. Products traded pursuant to the proposed rule change would be subject to ISE’s previously approved rules governing the trading of Equity Securities. The Exchange represents that its surveillance procedures are adequate to properly monitor the trading of new derivative securities products, including index-linked exchangeable notes. The proposed rule change also requires that the Exchange enter into a 26 See Securities Exchange Act Release No. 49532 (April 7, 2004), 69 FR 19593 (April 13, 2004) (SR– PCX–2004–01); Securities Exchange Act Release No. 46370 (August 16, 2002), 67 FR 54509 (August 22, 2002) (SR–CBOE–2002–29); Securities Exchange Act Release No. 45082 (November 19, 2001), 66 FR 59282 (November 27, 2001) (SR–Phlx–2001–92); Securities Exchange Act Release No. 44621 (July 30, 2001), 66 FR 41064 (August 6, 2001) (SR–Amex– 2001–29). 27 See proposed ISE Rule 2133(h). PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 comprehensive surveillance sharing agreement (‘‘CSSA’’) with markets trading components of the index or portfolio on which the new derivative securities product is based to the same extent as the listing exchange’s rules require the listing market to enter into a CSSA with such markets. This approval is based on that recommendation. Acceleration The Commission finds good cause for approving the proposed rule change, as amended, prior to the 30th day after the date of publication of the notice of filing thereof in the Federal Register. ISE’s proposal is similar to other proposals that have been approved by the Commission.28 The Commission believes that ISE’s proposal does not raise any novel issues, and accelerated approval of the proposal will expedite the listing and trading of additional products by the Exchange, subject to consistent and reasonable standards. Therefore, the Commission finds good cause, consistent with section 19(b)(2) of the Act,29 to approve the proposed rule change, as modified by Amendment No. 1, on an accelerated basis. V. Conclusion It is therefore ordered, pursuant to section 19(b)(2) of the Act,30 that the proposed rule change (SR–ISE–2007– 99), as modified by Amendment No. 1 thereto, is hereby approved on an accelerated basis. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.31 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–4172 Filed 3–4–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57394; File No. SR–ISE– 2008–18] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Accommodation Liquidations February 28, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 28 See supra at note 26. U.S.C. 78s(b)(2). 30 15 U.S.C. 78s(b)(2). 31 17 CFR 200.30–3(a)(12). 29 15 E:\FR\FM\05MRN1.SGM 05MRN1 Federal Register / Vol. 73, No. 44 / Wednesday, March 5, 2008 / Notices (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on February 26, 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 substantially prepared by the Exchange. ISE 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend ISE Rule 718(d) regarding accommodation liquidations (also referred to as ‘‘cabinet trades’’). 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, 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. jlentini on PROD1PC65 with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose An ‘‘accommodation’’ or ‘‘cabinet’’ trade refers to trades in listed options on the Exchange that are worthless or not actively traded, often times conducted to establish tax losses. ISE Rule 718, Accommodation Liquidations (Cabinet Trades), sets forth specific procedures for engaging in cabinet trades. Currently, the rule provides for cabinet transactions to occur at a cabinet price of $1 per options contract. Further, ISE Rule 718(d) states that orders for cabinet 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). trades may only be placed for public customer accounts. The Exchange now proposes to amend Rule 718(d) so that cabinet trades also can be placed on behalf of broker-dealer and market maker accounts. Under the proposed rule, priority will be continue to be based upon the sequence in which cabinet orders are placed on the Exchange. This proposed rule change will bring ISE’s rules into conformance with those of the other national securities exchanges who already permit these account types to initiate cabinet trades. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,5 in general, and furthers the objectives of Section 6(b)(5) of the Act,6 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and 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 Exchange believes that the proposed rule change will strengthen the Exchange’s competitive position while allowing a greater number of market participants to initiate cabinet trades on the Exchange. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange believes that the proposed rule change will 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 states it 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 proposed rule change: (1) Does not significantly affect the protection of investors or the public interest; (2) does not impose any 2 17 VerDate Aug<31>2005 18:03 Mar 04, 2008 5 15 6 15 Jkt 214001 PO 00000 U.S.C. 78f(b). U.S.C. 78f(b)(5). Frm 00111 Fmt 4703 Sfmt 4703 11969 significant burden on competition; and (3) by its terms does not become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 7 and Rule 19b–4(f)(6) thereunder.8 A proposed rule change filed under Rule 19b–4(f)(6) normally does not become operative for 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. Since the proposal allows additional account types to initiate cabinet trades, similar to practices on other exchanges, the Exchange believes that there will be no detrimental effect on other market participants. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest.9 This proposal is substantively identical to the rules of at least one other national securities exchange,10 and raises no novel issues. 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: 7 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires a self-regulatory organization to provide the Commission with 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 Exchange fulfilled this requirement. 9 For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 10 See Chicago Board Options Exchange Rule 6.54(a)(iii). 8 17 E:\FR\FM\05MRN1.SGM 05MRN1 11970 Federal Register / Vol. 73, No. 44 / Wednesday, March 5, 2008 / Notices 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–2008–18 on the subject line. Paper Comments jlentini on PROD1PC65 with NOTICES • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57385; File No. SR–NSCC– 2007–17] Self-Regulatory Organizations; the National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Fee Schedule February 27, 2008. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on December 31, 2007, the National Securities Clearing Corporation All submissions should refer to File (‘‘NSCC’’) filed with the Securities and Number SR–ISE–2008–18. This file Exchange Commission (‘‘Commission’’) number should be included on the subject line if e-mail is used. To help the the proposed rule change as described in Items I, II, and III below, which items Commission process and review your have been prepared primarily by NSCC. comments more efficiently, please use The Commission is publishing this only one method. The Commission will notice to solicit comments on the post all comments on the Commission’s proposed rule change from interested Internet Web site (https://www.sec.gov/ persons. rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s submission, all subsequent Statement of the Terms of Substance of amendments, all written statements the Proposed Rule Change with respect to the proposed rule change that are filed with the The proposed rule change modifies Commission, and all written NSCC’s fee schedule. communications relating to the II. Self-Regulatory Organization’s proposed rule change between the Statement of the Purpose of, and Commission and any person, other than Statutory Basis for, the Proposed Rule those that may be withheld from the Change public in accordance with the In its filing with the Commission, provisions of 5 U.S.C. 552, will be NSCC included statements concerning available for inspection and copying in the purpose of and basis for the the Commission’s Public Reference proposed rule change and discussed any Room, 100 F Street, NE., Washington, comments it received on the proposed DC 20549, on official business days rule change. The text of these statements between the hours of 10 a.m. and 3 p.m. may be examined at the places specified Copies of the filing also will be available in Item IV below. NSCC has prepared for inspection and copying at the summaries, set forth in sections (A), (B), principal office of the Exchange. All and (C) below, of the most significant comments received will be posted aspects of such statements.2 without change; the Commission does (A) Self-Regulatory Organization’s not edit personal identifying Statement of the Purpose of, and information from submissions. You Statutory Basis for, the Proposed Rule should submit only information that you wish to make available publicly. All Change The purpose of the proposed rule submissions should refer to File Number SR–ISE–2008–18 and should be change is to revise fees for certain services provided by NSCC. These submitted on or before March 26, 2008. revisions include the following fee For the Commission, by the Division of changes to align fees with costs of Trading and Markets, pursuant to delegated delivering services: 11 authority. 1. Implementation of a restructured Florence E. Harmon, clearing fee model, changing from the Deputy Secretary. current solely transaction-based pricing [FR Doc. E8–4177 Filed 3–4–08; 8:45 am] structure to a methodology that combines the number of transactions BILLING CODE 8011–01–P 1 15 U.S.C. 78s(b)(1). Commission has modified parts of these statements. 2 The 11 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 18:03 Mar 04, 2008 Jkt 214001 PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 processed with the value of those transactions; 2. reductions in Automated Customer Account Transfer Services (ACATS) fee; 3. reductions in Fund/SERV and Networking fees; 4. elimination of Insurance and Retirement Processing Services file fees; and 5. introduction of new fees for a new Funds Transfers service to be introduced in 2008 under NSCC’s Insurance and Retirement Processing Services product line. NSCC’s fee schedule as it is being modified by this proposed rule change is attached as Exhibit 5 to NSCC’s filing.3 Unless otherwise noted in Exhibit 5, the proposed fee changes became effective on January 2, 2008. The proposed rule change is consistent with the requirements of Section 17A of the Act and the rules and regulations thereunder, because it provides for the equitable allocation of fees among its participants. (B) Self-Regulatory Organization’s Statement on Burden on Competition NSCC does not believe that the proposed rule change will have any impact, or impose any burden, on competition. (C) Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments relating to the proposed rule change have not yet been solicited or received. NSCC will notify the Commission of any written comments received by NSCC. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing rule change changes fees charged by NSCC, it has become effective pursuant to section 19(b)(3)(A)(ii) of the Act 4 and Rule 19b– 4(f)(2) 5 thereunder. At any time within sixty 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. 3 File No. SR–NSCC–2007–17, including Exhibit 5, can be viewed at https://www.dtcc.com/ downloads/legal/rule_filings/2007/nscc/200717.pdf. 4 15 U.S.C. 78s(b)(3)(A)(ii). 5 17 CFR 240.19b–4(f)(2). E:\FR\FM\05MRN1.SGM 05MRN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 73, Number 44 (Wednesday, March 5, 2008)]
[Notices]
[Pages 11968-11970]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-4177]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57394; File No. SR-ISE-2008-18]


 Self-Regulatory Organizations; International Securities 
Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to Accommodation Liquidations

February 28, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934

[[Page 11969]]

(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on February 26, 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 substantially prepared by 
the Exchange. ISE 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.
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    \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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend ISE Rule 718(d) regarding 
accommodation liquidations (also referred to as ``cabinet trades''). 
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, 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
    An ``accommodation'' or ``cabinet'' trade refers to trades in 
listed options on the Exchange that are worthless or not actively 
traded, often times conducted to establish tax losses. ISE Rule 718, 
Accommodation Liquidations (Cabinet Trades), sets forth specific 
procedures for engaging in cabinet trades. Currently, the rule provides 
for cabinet transactions to occur at a cabinet price of $1 per options 
contract. Further, ISE Rule 718(d) states that orders for cabinet 
trades may only be placed for public customer accounts. The Exchange 
now proposes to amend Rule 718(d) so that cabinet trades also can be 
placed on behalf of broker-dealer and market maker accounts. Under the 
proposed rule, priority will be continue to be based upon the sequence 
in which cabinet orders are placed on the Exchange. This proposed rule 
change will bring ISE's rules into conformance with those of the other 
national securities exchanges who already permit these account types to 
initiate cabinet trades.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\5\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\6\ in particular, in that it 
is designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in facilitating 
transactions in securities, and 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 
Exchange believes that the proposed rule change will strengthen the 
Exchange's competitive position while allowing a greater number of 
market participants to initiate cabinet trades on the Exchange.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change will 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 states it 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 proposed rule change: (1) Does not 
significantly affect the protection of investors or the public 
interest; (2) does not impose any significant burden on competition; 
and (3) by its terms does not become operative for 30 days after the 
date of this filing, or such shorter time as the Commission may 
designate if consistent with the protection of investors and the public 
interest, the proposed rule change has become effective pursuant to 
Section 19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(6) thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to provide the Commission 
with 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 Exchange fulfilled this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative for 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. Since the proposal allows additional 
account types to initiate cabinet trades, similar to practices on other 
exchanges, the Exchange believes that there will be no detrimental 
effect on other market participants. The Commission believes that 
waiving the 30-day operative delay is consistent with the protection of 
investors and the public interest.\9\ This proposal is substantively 
identical to the rules of at least one other national securities 
exchange,\10\ and raises no novel issues.
---------------------------------------------------------------------------

    \9\ For purposes only of waiving the 30-day operative delay, the 
Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
    \10\ See Chicago Board Options Exchange Rule 6.54(a)(iii).
---------------------------------------------------------------------------

    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:

[[Page 11970]]

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-2008-18 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.

All submissions should refer to File Number SR-ISE-2008-18. 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 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-2008-18 and should be 
submitted on or before March 26, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-4177 Filed 3-4-08; 8:45 am]
BILLING CODE 8011-01-P

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