Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of Proposed Rule Change Relating to the Exposure of Public Customer Orders, 16917-16919 [E8-6546]
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Federal Register / Vol. 73, No. 62 / Monday, March 31, 2008 / Notices
rules relating to the Intermarket
Linkage 13 would continue to apply to
all customers who are not brokerdealers—even those customers whose
orders are identified as Non-Customer
Orders because they are Voluntary
Professionals. Similarly, rules regarding
customer suitability and other
protections for customers would
continue to apply with respect to all
customers who are not broker-dealers.14
III. Discussion and Commission
Findings
After careful consideration of the
proposed rule change, the Commission
finds that the proposed rule change is
consistent with Section 6(b) 15 of the Act
and the rules thereunder.16 In
particular, the Commission believes that
the proposed rule change is consistent
with Section 6(b)(5) of the Act,17 which
requires that the rules of a national
securities exchange, among other things,
be designed 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; and not be designed to
permit unfair discrimination between
customers, issuers, brokers, or dealers.
The proposed rule change would
allow Public Customers to elect to
become Voluntary Professionals by
choosing to instruct EAMs to designate
their orders as Non-Customer Orders.
Through such an election, the orders of
such customers no longer would be
subject to cancellation fees. The
Commission believes that, in view of
this result, the ability to become a
Voluntary Professional could represent
significant savings for a Public
Customer whose trading strategy
involves placing, and then cancelling,
orders frequently.
By electing to become a Voluntary
Professional, a Public Customer would
cede the priority rights normally granted
to the orders of Public Customers, and
fees would be incurred on a Voluntary
Professional’s transactions. The
Commission notes, however, that this
result is determined solely by the choice
of the customer. Thus, the proposed rule
change would not introduce any rule
Chapter 19 of the ISE Rules.
Chapter 6 of the ISE Rules. Telephone
conversation between Ira Brandriss and Ronesha
Butler, Special Counsels, Division of Trading
Markets, Commission, and Katherine Simmons,
Deputy General Counsel, ISE, on March 11, 2008.
15 15 U.S.C. 78f(b).
16 In approving the proposed 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).
17 15 U.S.C. 78f(b)(5).
that would alter the preferential
treatment accorded to the orders of a
Public Customer against that Public
Customer’s will.
The Commission believes that the
proposed rule change would not limit or
restrict Public Customers in any way.
On the contrary, it would give Public
Customers more flexibility and expand
their ability to participate costeffectively in ISE’s marketplace. The
Commission notes that the one
commenter who expressed a view to the
Commission regarding the proposal
favored the proposed rule change as
‘‘fair and just’’ and believed that it
would promote increased trading
activity.18
The Commission notes further that
Voluntary Professionals would continue
to benefit from all the protections
afforded to Public Customers under the
rules of the Exchange (other than the
advantages Public Customers have with
respect to priority and transaction fees).
In addition, the advantages with respect
to priority and fees would be restored
when a Public Customer rescinded its
election to be a Voluntary Professional.
In sum, the Commission believes that
the proposed rule change appropriately
would accommodate Public Customers
who employ trading strategies that
involve numerous order cancellations
by allowing them to assess and
determine for themselves the most
beneficial status and fee structure for
their orders, and to choose accordingly.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,19 that the
proposed rule change (SR–ISE–2007–
76), 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.20
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–6545 Filed 3–28–08; 8:45 am]
BILLING CODE 8011–01–P
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14 See
18:00 Mar 28, 2008
Jkt 214001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57551; File No. SR–ISE–
2008–28]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing of Proposed Rule
Change Relating to the Exposure of
Public Customer Orders
March 25, 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 March 18,
2008, the International Securities
Exchange, LLC (the ‘‘Exchange’’ or the
‘‘ISE’’), 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 ISE.
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 expose public
customer orders that are not executable
on the Exchange before sending an order
through the intermarket linkage system
(a ‘‘Linkage Order’’) on behalf of the
public customer. The text of the
proposed rule change is available on the
Exchange’s Web site (https://
www.iseoptions.com), at the principal
office of 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
13 See
VerDate Aug<31>2005
16917
1. Purpose
The ISE will not automatically
execute a customer’s options order
18 See
Rich Letter supra note 5.
U.S.C. 78s(b)(2).
20 17 CFR 200.30–3(a)(12).
19 15
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1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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16918
Federal Register / Vol. 73, No. 62 / Monday, March 31, 2008 / Notices
when the ISE’s best bid or offer (‘‘BBO’’)
is inferior to the national best bid or
offer (‘‘NBBO’’).3 Under ISE Rule
803(c)(2)(ii), the primary market maker
(‘‘PMM’’) is obligated to address public
customer orders that are not
automatically executed because there is
a better price on another exchange. Rule
803(c) specifies that the PMM can either
execute the order or send a Linkage
Order to any other exchange displaying
the best price in an attempt to get the
better price for the public customer.4
Under the current procedure, if the
PMM does not execute the public
customer order, it sends a Linkage
Order(s) to a competing exchange(s)
even though there may be other ISE
market makers who would be willing to
execute the public customer order at the
better price. Additionally, when a PMM
sends a Linkage Order to another
exchange, it is charged the other
exchange’s execution fee. Therefore, the
cost to the PMM of sending the Linkage
Order can be substantial, particularly
with respect to other options exchanges
that have adopted a maker-taker fee
schedule. To retain as much order flow
as possible on the ISE and to help
reduce PMM costs by reducing the
number of Linkage Orders they need to
send to other exchanges, we propose to
expose public customer orders to all ISE
market makers before the PMM sends a
Linkage Order to another exchange to
give all ISE market makers an
opportunity to provide the public
customer with the best price.5
Specifically, under the proposal,
before the PMM sends a Linkage Order
on behalf of a public customer, the
public customer order will be exposed
at the NBBO price for a period
established by the Exchange not to
exceed one second.6 During the
exposure period, Exchange market
makers may enter responses up to the
size of the order being exposed in the
regular trading increment applicable to
the option. If at the end of the exposure
period, the order is executable at the
then-current NBBO and the ISE is not at
the then-current NBBO, the order will
be executed against responses that equal
or better the then-current NBBO.7 The
3 See
mmaher on PROD1PC76 with NOTICES
4 ISE
ISE Rule 714.
Rules, Chapter 19 (Intermarket Linkage
Rules).
5 Immediate-or-cancel orders are cancelled if they
cannot be executed on the ISE upon entry.
Therefore, such orders are not handled by the PMM
under Rule 803(c)(2)(ii) and will not be exposed
under this proposal.
6 The Exchange will issue a Circular to inform
members of the time period.
7 Executions will be allocated pro-rata based on
size (i.e., the percentage of the total number of
contracts available at the same price that is
VerDate Aug<31>2005
18:00 Mar 28, 2008
Jkt 214001
exposure period will be terminated if
the exposed order becomes executable
on the ISE at the prevailing NBBO or if
the Exchange receives an unrelated
order that could trade against the
exposed order at the prevailing NBBO
price.8 If, after an order is exposed, the
order cannot be executed in full on the
Exchange at the then-current NBBO or
better, and it is marketable against the
then-current NBBO, the PMM will send
a Linkage Order on the customer’s
behalf for the balance of the order as
provided in Rule 803(c)(2)(ii). If the
balance of the order is not marketable
against the then-current NBBO, it will
be placed on the ISE book.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
2. Statutory Basis
IV. Solicitation of Comments
The Exchange believes the proposed
rule change is consistent with section
6(b) of the Act 9 in general and furthers
the objectives of section 6(b)(5) of the
Act 10 in particular in that it should
promote just and equitable principles of
trade, serve to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and protect investors and the
public interest. Exposing public
customer orders before the PMM sends
a Linkage Order on the public
customer’s behalf will give additional
ISE participants an opportunity to
provide the orders an execution at the
NBBO on the ISE and reduce PMM costs
by reducing the number of Linkage
Orders sent to other exchanges.
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:
B. Self-Regulatory Organization’s
Statement on Burden on Competition
This 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 written
comments from members or other
interested parties.
represented by the size of a market maker’s
response).
8 The order will be executed against orders and
quotes on the book and responses received during
the exposure period in price priority. At the same
price, customer orders will be executed first in time
priority and then all other interest (orders, quotes
and responses) will be allocated pro-rata based on
size.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
PO 00000
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Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding, or
(ii) as to which ISE consents, the
Commission will:
(A) By order approve such proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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–2008–28 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–2008–28. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml ). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room on official business days between
the hours of 10 a.m. and 3 p.m. Copies
of such filing also will be available for
E:\FR\FM\31MRN1.SGM
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Federal Register / Vol. 73, No. 62 / Monday, March 31, 2008 / Notices
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–
2008–28 and should be submitted on or
before April 21, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–6546 Filed 3–28–08; 8:45 am]
BILLING CODE 8011–01–P
SBA previously extended
CommunityExpress until March 30,
2008 (72 FR 73415) to discuss and
develop possible changes and
enhancements to the Program.
The further extension of this Program
until June 30, 2008, will allow SBA to
evaluate several program concepts and
features designed to improve the
potential effectiveness and efficiency of
the program and enhance the prospects
of success for the small business
borrowers under it.
16919
Alabama: Cherokee, Cleburne.
South Carolina: Aiken, Allendale,
Barnwell.
All other information in the original
declaration remains unchanged.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Herbert L. Mitchell,
Associate Administrator for Disaster
Assistance.
[FR Doc. E8–6552 Filed 3–28–08; 8:45 am]
BILLING CODE 8025–01–P
(Authority: 13 CFR 120.3)
Eric R. Zarnikow,
Associate Administrator for Capital Access.
[FR Doc. E8–6550 Filed 3–28–08; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration # 11198]
Kentucky Disaster # KY–00014
SMALL BUSINESS ADMINISTRATION
SMALL BUSINESS ADMINISTRATION
CommunityExpress Pilot Program
[Disaster Declaration # 11196 and # 11197]
U.S. Small Business
Administration (SBA).
ACTION: Notice of Pilot Program
extension.
Georgia Disaster Number GA–00012
mmaher on PROD1PC76 with NOTICES
AGENCY:
U.S. Small Business
Administration.
ACTION: Amendment 1.
AGENCY:
SUMMARY: This notice announces SBA’s
extension of the CommunityExpress
Pilot Program until June 30, 2008. This
extension will allow SBA to complete
and implement a restructuring of the
CommunityExpress program.
DATES: The CommunityExpress Pilot
Program is extended under this notice
until June 30, 2008.
FOR FURTHER INFORMATION CONTACT:
Charles Thomas, Office of Financial
Assistance, U.S. Small Business
Administration, 409 Third Street, SW.,
Washington, DC 20416; Telephone (202)
205–6490; charles.thomas@sba.gov.
SUPPLEMENTARY INFORMATION: The
CommunityExpress Pilot Program was
established in 1999 based on the
Agency’s SBAExpress Program. Lenders
approved for participation in
CommunityExpress are authorized to
use the expedited loan processing
procedures in place for the SBAExpress
Program, but the loans approved under
this Program must be to distressed or
underserved markets. To encourage
lenders to make these loans, SBA
provides its standard 75–85 percent
guaranty, which contrasts to the 50
percent guaranty the Agency provides
under SBAExpress. However, under
CommunityExpress, participating
lenders must arrange and, when
necessary, pay for appropriate technical
assistance for their borrowers under the
program. Maximum loan amounts under
this Program are limited to $250,000.
11 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
18:00 Mar 28, 2008
Jkt 214001
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for the State of Georgia (FEMA–
1750–DR), dated 03/20/2008.
Incident: Severe Storms and
Tornadoes.
Incident Period: 03/14/2008 through
03/16/2008.
EFFECTIVE DATE: 03/22/2008.
Physical Loan Application Deadline
Date: 05/19/2008.
EIDL Loan Application Deadline Date:
12/22/2008.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the Presidential disaster declaration
for the State of Georgia, dated 03/20/
2008 is hereby amended to include the
following areas as adversely affected by
the disaster:
Primary Counties: Bartow, Burke,
Dekalb, Floyd, Jefferson, Polk.
Contiguous Counties:
Georgia: Chattooga, Emanuel,
Glascock, Gordon, Haralson, Henry,
Jenkins, Johnson, Mcduffie,
Paulding, Pickens, Richmond,
Rockdale, Screven, Walker, Warren,
Washington.
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
U.S. Small Business
Administration.
AGENCY:
ACTION:
Notice.
SUMMARY: This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the Commonwealth of Kentucky
(FEMA–1746–DR), dated 02/21/2008.
Incident: Severe Storms, Tornadoes,
Straight-line Winds, and Flooding.
Incident Period: 02/05/2008 through
02/06/2008.
02/21/2008.
Physical Loan Application Deadline
Date: 04/21/2008.
EFFECTIVE DATE:
Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
ADDRESSES:
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
Notice is
hereby given that as a result of the
President’s major disaster declaration on
02/21/2008, Private Non-Profit
organizations that provide essential
services of a governmental nature may
file disaster loan applications at the
address listed above or other locally
announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
SUPPLEMENTARY INFORMATION:
Primary Counties: Adair, Allen, Bath,
Carlisle, Casey, Estill, Franklin,
Grayson, Hardin, Meade, Mercer,
Metcalfe, Monroe, Morgan,
Muhlenberg, Shelby.
The Interest Rates are:
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]]>Agencies
[Federal Register Volume 73, Number 62 (Monday, March 31, 2008)]
[Notices]
[Pages 16917-16919]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-6546]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57551; File No. SR-ISE-2008-28]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing of Proposed Rule Change Relating to the Exposure
of Public Customer Orders
March 25, 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 March 18, 2008, the International Securities Exchange, LLC (the
``Exchange'' or the ``ISE''), 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 ISE. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The ISE is proposing to expose public customer orders that are not
executable on the Exchange before sending an order through the
intermarket linkage system (a ``Linkage Order'') on behalf of the
public customer. The text of the proposed rule change is available on
the Exchange's Web site (https://www.iseoptions.com), at the principal
office of 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 ISE will not automatically execute a customer's options order
[[Page 16918]]
when the ISE's best bid or offer (``BBO'') is inferior to the national
best bid or offer (``NBBO'').\3\ Under ISE Rule 803(c)(2)(ii), the
primary market maker (``PMM'') is obligated to address public customer
orders that are not automatically executed because there is a better
price on another exchange. Rule 803(c) specifies that the PMM can
either execute the order or send a Linkage Order to any other exchange
displaying the best price in an attempt to get the better price for the
public customer.\4\
---------------------------------------------------------------------------
\3\ See ISE Rule 714.
\4\ ISE Rules, Chapter 19 (Intermarket Linkage Rules).
---------------------------------------------------------------------------
Under the current procedure, if the PMM does not execute the public
customer order, it sends a Linkage Order(s) to a competing exchange(s)
even though there may be other ISE market makers who would be willing
to execute the public customer order at the better price. Additionally,
when a PMM sends a Linkage Order to another exchange, it is charged the
other exchange's execution fee. Therefore, the cost to the PMM of
sending the Linkage Order can be substantial, particularly with respect
to other options exchanges that have adopted a maker-taker fee
schedule. To retain as much order flow as possible on the ISE and to
help reduce PMM costs by reducing the number of Linkage Orders they
need to send to other exchanges, we propose to expose public customer
orders to all ISE market makers before the PMM sends a Linkage Order to
another exchange to give all ISE market makers an opportunity to
provide the public customer with the best price.\5\
---------------------------------------------------------------------------
\5\ Immediate-or-cancel orders are cancelled if they cannot be
executed on the ISE upon entry. Therefore, such orders are not
handled by the PMM under Rule 803(c)(2)(ii) and will not be exposed
under this proposal.
---------------------------------------------------------------------------
Specifically, under the proposal, before the PMM sends a Linkage
Order on behalf of a public customer, the public customer order will be
exposed at the NBBO price for a period established by the Exchange not
to exceed one second.\6\ During the exposure period, Exchange market
makers may enter responses up to the size of the order being exposed in
the regular trading increment applicable to the option. If at the end
of the exposure period, the order is executable at the then-current
NBBO and the ISE is not at the then-current NBBO, the order will be
executed against responses that equal or better the then-current
NBBO.\7\ The exposure period will be terminated if the exposed order
becomes executable on the ISE at the prevailing NBBO or if the Exchange
receives an unrelated order that could trade against the exposed order
at the prevailing NBBO price.\8\ If, after an order is exposed, the
order cannot be executed in full on the Exchange at the then-current
NBBO or better, and it is marketable against the then-current NBBO, the
PMM will send a Linkage Order on the customer's behalf for the balance
of the order as provided in Rule 803(c)(2)(ii). If the balance of the
order is not marketable against the then-current NBBO, it will be
placed on the ISE book.
---------------------------------------------------------------------------
\6\ The Exchange will issue a Circular to inform members of the
time period.
\7\ Executions will be allocated pro-rata based on size (i.e.,
the percentage of the total number of contracts available at the
same price that is represented by the size of a market maker's
response).
\8\ The order will be executed against orders and quotes on the
book and responses received during the exposure period in price
priority. At the same price, customer orders will be executed first
in time priority and then all other interest (orders, quotes and
responses) will be allocated pro-rata based on size.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
section 6(b) of the Act \9\ in general and furthers the objectives of
section 6(b)(5) of the Act \10\ in particular in that it should promote
just and equitable principles of trade, serve to remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and protect investors and the public interest. Exposing
public customer orders before the PMM sends a Linkage Order on the
public customer's behalf will give additional ISE participants an
opportunity to provide the orders an execution at the NBBO on the ISE
and reduce PMM costs by reducing the number of Linkage Orders sent to
other exchanges.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
This 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 written comments from members or other interested parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding, or (ii) as to
which ISE consents, the Commission will:
(A) By order approve such proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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-2008-28 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-2008-28. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for inspection and copying in the
Commission's Public Reference Room on official business days between
the hours of 10 a.m. and 3 p.m. Copies of such filing also will be
available for
[[Page 16919]]
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-2008-28 and should be
submitted on or before April 21, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-6546 Filed 3-28-08; 8:45 am]
BILLING CODE 8011-01-P
