Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Cross Orders, 14861-14863 [E8-5428]
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Federal Register / Vol. 73, No. 54 / Wednesday, March 19, 2008 / Notices
6(b)(5) of the Act,12 which requires that
the rules of an exchange be designed to
promote just and equitable principles of
trade, to prevent fraudulent and
manipulative acts and, in general, to
protect investors and the public interest.
In addition, the Exchange notes that the
proposal which established the current
rule provision governing the cut-off time
for non-Strategy Orders (which permits
the Exchange to designate a cut-off time
within a particular time range) was
designated by the Commission to be
effective and operative upon filing.13
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE 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
IV. Solicitation of Comments
Written comments on the proposed
rule change were neither solicited nor
received.
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 14 and Rule 19b–
4(f)(6) thereunder.15
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.16 However, Rule 19b–
4(f)(6)(iii) 17 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
12 15
U.S.C. 78f(b)(5).
supra note 9.
14 15 U.S.C. 78s(b)(3)(A).
15 17 CFR 240.19b–4(f)(6).
16 17 CFR 240.19b–4(f)(6)(iii). 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 Exchange has satisfied the fiveday pre-filing notice requirement.
17 Id.
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13 See
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delay. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because such waiver will allow market
participants to receive the benefits of
the proposed rule change prior to the
next settlement date when the modified
HOSS opening procedure will be
utilized, which will be on Wednesday,
March 19, 2008. For this reason, the
Commission designates the proposed
rule change to be operative upon filing
with the Commission.18
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.
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–CBOE–2008–21 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–CBOE–2008–21. 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
18 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).
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14861
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 CBOE. 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–CBOE–
2008–21 and should be submitted on or
before April 9, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–5520 Filed 3–18–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57484; File No. SR–ISE–
2008–11]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Cross Orders
March 12, 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
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 ISE.
The ISE has designated the proposed
rule change as ‘‘non-controversial’’
under Section 19(b)(3)(A)(iii) 3 of the
Act 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
19 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
1 15
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14862
Federal Register / Vol. 73, No. 54 / Wednesday, March 19, 2008 / Notices
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The ISE is proposing to amend its
rules governing equities to adopt new
order types, allowing for several
different types of cross transactions. The
text of the proposed rule change is
available at the ISE, the Commission’s
Public Reference Room, and
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
ISE included statements concerning the
purpose of, and basis for, the proposed
rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The ISE has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
jlentini on PROD1PC65 with NOTICES
1. Purpose
The purpose of this filing is to amend
ISE Rules to adopt the following new
order types, which are described in
more detail below: (1) Cross order; (2)
cross with size order; (3) midpoint cross
order; and (4) ISO cross order.
A Cross Order is an order to buy and
sell the same security at a specific price
better than the Exchange’s displayed
best bid and offer (‘‘BBO’’) and equal to
or better than the National Best Bid and
Offer (‘‘NBBO’’).
A Cross with Size Order is a cross
order to buy and sell at least 5,000
shares of the same security with a
market value of at least $100,000.00: (1)
At a price equal to or better than the
Exchange’s displayed BBO and the
NBBO; and (2) where the size of the
order is larger than the largest order
displayed on the Exchange at that price.
A Midpoint Cross Order is a cross
order with an instruction to execute it
at the midpoint of the NBBO. If the
NBBO is locked at the time the
midpoint cross is received, it will
execute at the locked NBBO. If the
NBBO is crossed at the time the
midpoint cross is received, the midpoint
cross will be automatically canceled.
Midpoint cross orders may be executed
and reported in increments as small as
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one-half of the Minimum Price
Variation.
An ISO Cross Order is any type of
cross order, other than a Midpoint
Cross,5 marked as required by Rule
600(b)(30) of Regulation NMS to be
executed without taking any of the
actions described in Rule 2107(d). These
orders shall be executed because the
Equity EAM routing the order to the
Exchange has represented that the
Equity EAM has satisfied the quotations
of other markets as required by Rule
600(b)(30).
Cross, cross with size, midpoint cross
and ISO cross will be automatically
executed if they meet the requirements
for such order types, and will be
immediately and automatically canceled
if they do not met these requirements.
2. Statutory Basis
The basis under the Act for this
proposed rule change is found in
Section 6(b)(5).6 Specifically, the
Exchange believes the proposed rule
change is consistent with Section 6(b)(5)
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, ISE
believes that the proposed rule change
will provide investors with more
flexibility in 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
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 persons.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change
does not: (i) Significantly affect the
protection of investors or the public
5 An ISO Cross order would never be used in
conjunction with a Midpoint Cross order because
by definition a Midpoint Cross order would never
be trading through the NBBO.
6 15 U.S.C. 78f(b)(5).
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interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
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
subparagraph (f)(6) of Rule 19b–4
thereunder.8 As required under Rule
19b–4(f)(6)(iii),9 the ISE provided 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 the
filing of the proposed rule change.
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative prior to 30 days after
the date of filing.10 However, Rule 19b–
4(f)(6)(iii) 11 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
ISE requested that the Commission
waive the 30-day operative delay period
for ‘‘non-controversial’’ proposals under
Rule 19b–4(f)(6) 12 and make the
proposed rule change effective and
operative upon filing. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest. The Commission notes that the
proposed rule language is based on
comparable language contained in the
rules of the Boston Stock Exchange,
Inc.13 Accordingly, the Commission
designates the proposed rule change
operative upon filing with the
Commission.14
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 the furtherance of the
purposes of the Act.
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
9 17 CFR 240.19b–4(f)(6)(iii).
10 Id.
11 Id.
12 Id.
13 See Boston Stock Exchange Rules, Chapter
XXXVII—Boston Equities Exchange Trading
System, Section 2—Eligible Orders (c)(ii)
Subsections (A), (B), (F) and (N).
14 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
impact of the proposed rule on efficiency,
competition, and capital formation. See 15 U.S.C.
78c(f).
8 17
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Federal Register / Vol. 73, No. 54 / Wednesday, March 19, 2008 / Notices
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
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–5428 Filed 3–18–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
• 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–2008–11 on the subject
line.
[Release No. 34–57488; File No. SR–ISE–
2008–26]
Paper Comments
March 13, 2008.
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change Relating to Fee Changes
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 March 10,
2008, the International Securities
Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
All submissions should refer to File
Commission (‘‘Commission’’) the
Number SR–ISE–2008–11. This file
proposed rule change as described in
number should be included on the
Items I, II, and III below, which Items
subject line if e-mail is used. To help the
have been substantially prepared by the
Commission process and review your
Exchange. The Exchange designated this
comments more efficiently, please use
proposal as one establishing or changing
only one method. The Commission will a due, fee, or other charge imposed by
post all comments on the Commission’s ISE under Section 19(b)(3)(A)(ii) of the
Internet Web site (https://www.sec.gov/
Act 3 and Rule 19b–4(f)(2) thereunder,4
rules/sro.shtml). Copies of the
which renders the proposal effective
submission, all subsequent
upon filing with the Commission. The
amendments, all written statements
Commission is publishing this notice to
with respect to the proposed rule
solicit comments on the proposed rule
change that are filed with the
change from interested persons.
Commission, and all written
I. Self-Regulatory Organization’s
communications relating to the
Statement of the Terms of Substance of
proposed rule change between the
the Proposed Rule Change
Commission and any person, other than
ISE proposes to amend its Schedule of
those that may be withheld from the
Fees by adding to and subtracting from
public in accordance with the
its list of Premium Products.5 The text
provisions of 5 U.S.C. 552, will be
of the proposed rule change is available
available for inspection and copying in
at the Exchange, the Commission’s
the Commission’s Public Reference
Public Reference Room, and https://
Room, 100 F Street, NE., Washington,
www.ise.com.
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m. II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Copies of such filing also will be
Statutory Basis for, the Proposed Rule
available for inspection and copying at
Change
the principal office of the ISE. All
comments received will be posted
In its filing with the Commission, the
Exchange included statements
without change; the Commission does
concerning the purpose of and basis for
not edit personal identifying
the proposed rule change, and discussed
information from submissions. You
should submit only information that
15 17 CFR 200.30–3(a)(12).
you wish to make available publicly. All
1 15 U.S.C. 78s(b)(1).
submissions should refer to File
2 17 CFR 240.19b–4.
Number SR–ISE–2008–11 and should be
3 15 U.S.C. 78s(b)(3)(A)(ii).
submitted on or before April 9, 2008.
4 17 CFR 240.19b–4(f)(2).
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
20549–1090.
5 ‘‘Premium Products’’ is defined in the Schedule
of Fees as the products enumerated therein.
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14863
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 substantially 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 establish fees for
transactions in options on the
UltraShort Oil & Gas ProShares
(‘‘DUG’’),6 UltraShort Dow30 ProShares
(‘‘DXD’’),7 and PowerShares DB
Agriculture Fund (‘‘DBA’’).8 The
6 ‘‘Dow Jones’’ and ‘‘Dow Jones U.S. Oil & GasSM’’
are service marks of Dow Jones & Company, Inc.
(‘‘Dow Jones’’) and has been licensed for use for
certain purposes by ProFunds Trust. All other
trademarks and service marks are the property of
their respective owners. DUG is not sponsored,
endorsed, issued, sold or promoted by Dow Jones.
Dow Jones has not licensed or authorized ISE to: (i)
Engage in the creation, listing, provision of a market
for trading, marketing, and promotion of options on
DUG; or (ii) 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 DUG or with making
disclosures concerning options on DUG under any
applicable federal or State laws, rules or
regulations. Dow Jones does not sponsor, endorse,
or promote such activity by ISE and is not affiliated
in any manner with ISE.
7 ‘‘The Dow 30SM,’’ ‘‘Dow Jones Industrial
Average,’’ and ‘‘DJIA,’’ are service marks of Dow
Jones, and have been licensed for use for certain
purposes by ProFunds Trust. All other trademarks
and service marks are the property of their
respective owners. DXD is not sponsored, endorsed,
issued, sold or promoted by Dow Jones. Dow Jones
has not licensed or authorized ISE to: (i) Engage in
the creation, listing, provision of a market for
trading, marketing, and promotion of options on
DUG; or (ii) 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 DUG or with making
disclosures concerning options on DUG under any
applicable federal or State laws, rules or
regulations. Dow Jones does not sponsor, endorse,
or promote such activity by ISE and is not affiliated
in any manner with ISE.
8 DBA is based on the Deutsche Bank Liquid
Commodity Index—Optimum Yield Agriculture
Excess ReturnTM and managed by DB Commodity
Services LLC. DBLCITM and Deutsche Bank Liquid
Commodity IndexTM are trademarks of Deutsche
Bank AG, London (‘‘DB AG’’). PowerShares is a
registered service mark of PowerShares Capital
Management LLC (‘‘PowerShares’’). DBA is not
sponsored, endorsed, sold or promoted by DB AG,
and DB AG makes no representation regarding the
advisability of investing in DBA. Neither DB AG nor
PowerShares has licensed or authorized ISE to: (i)
Engage in the creation, listing, provision of a market
for trading, marketing, and promotion of options on
DBA; or (ii) 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 DBA or with making
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]]>Agencies
[Federal Register Volume 73, Number 54 (Wednesday, March 19, 2008)]
[Notices]
[Pages 14861-14863]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-5428]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57484; File No. SR-ISE-2008-11]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Cross Orders
March 12, 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 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 ISE. The ISE has designated the proposed rule change as ``non-
controversial'' under Section 19(b)(3)(A)(iii) \3\ of the Act 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
[[Page 14862]]
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)(iii).
\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 its rules governing equities to adopt
new order types, allowing for several different types of cross
transactions. The text of the proposed rule change is available at the
ISE, the Commission's Public Reference Room, and 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 ISE included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The ISE has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to amend ISE Rules to adopt the
following new order types, which are described in more detail below:
(1) Cross order; (2) cross with size order; (3) midpoint cross order;
and (4) ISO cross order.
A Cross Order is an order to buy and sell the same security at a
specific price better than the Exchange's displayed best bid and offer
(``BBO'') and equal to or better than the National Best Bid and Offer
(``NBBO'').
A Cross with Size Order is a cross order to buy and sell at least
5,000 shares of the same security with a market value of at least
$100,000.00: (1) At a price equal to or better than the Exchange's
displayed BBO and the NBBO; and (2) where the size of the order is
larger than the largest order displayed on the Exchange at that price.
A Midpoint Cross Order is a cross order with an instruction to
execute it at the midpoint of the NBBO. If the NBBO is locked at the
time the midpoint cross is received, it will execute at the locked
NBBO. If the NBBO is crossed at the time the midpoint cross is
received, the midpoint cross will be automatically canceled. Midpoint
cross orders may be executed and reported in increments as small as
one-half of the Minimum Price Variation.
An ISO Cross Order is any type of cross order, other than a
Midpoint Cross,\5\ marked as required by Rule 600(b)(30) of Regulation
NMS to be executed without taking any of the actions described in Rule
2107(d). These orders shall be executed because the Equity EAM routing
the order to the Exchange has represented that the Equity EAM has
satisfied the quotations of other markets as required by Rule
600(b)(30).
---------------------------------------------------------------------------
\5\ An ISO Cross order would never be used in conjunction with a
Midpoint Cross order because by definition a Midpoint Cross order
would never be trading through the NBBO.
---------------------------------------------------------------------------
Cross, cross with size, midpoint cross and ISO cross will be
automatically executed if they meet the requirements for such order
types, and will be immediately and automatically canceled if they do
not met these requirements.
2. Statutory Basis
The basis under the Act for this proposed rule change is found in
Section 6(b)(5).\6\ Specifically, the Exchange believes the proposed
rule change is consistent with Section 6(b)(5) 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, ISE believes that the proposed rule change will provide
investors with more flexibility in entering orders and receiving
executions of such orders.
---------------------------------------------------------------------------
\6\ 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
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
persons.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the 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 after the date of 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 subparagraph (f)(6) of Rule
19b-4 thereunder.\8\ As required under Rule 19b-4(f)(6)(iii),\9\ the
ISE provided 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 the filing of the proposed rule change.
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6).
\9\ 17 CFR 240.19b-4(f)(6)(iii).
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A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative prior to 30 days after the date of filing.\10\
However, Rule 19b-4(f)(6)(iii) \11\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The ISE requested that the
Commission waive the 30-day operative delay period for ``non-
controversial'' proposals under Rule 19b-4(f)(6) \12\ and make the
proposed rule change effective and operative upon filing. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest.
The Commission notes that the proposed rule language is based on
comparable language contained in the rules of the Boston Stock
Exchange, Inc.\13\ Accordingly, the Commission designates the proposed
rule change operative upon filing with the Commission.\14\
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\10\ Id.
\11\ Id.
\12\ Id.
\13\ See Boston Stock Exchange Rules, Chapter XXXVII--Boston
Equities Exchange Trading System, Section 2--Eligible Orders (c)(ii)
Subsections (A), (B), (F) and (N).
\14\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the impact of the proposed rule on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 the furtherance of the purposes of the Act.
[[Page 14863]]
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-2008-11 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-2008-11. 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 the ISE. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-ISE-2008-11 and should be
submitted on or before April 9, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
Florence E. Harmon,
Deputy Secretary.
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\15\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E8-5428 Filed 3-18-08; 8:45 am]
BILLING CODE 8011-01-P
