Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Schedule of Fees To Establish Fees for Transactions in Options on One Premium Product, 31173-31174 [E8-12033]
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Federal Register / Vol. 73, No. 105 / Friday, May 30, 2008 / Notices
and a national market system, and, in
general, to protect investors and the
public interest.
The Commission notes that the
proposed rule change is designed to
simplify and standardize delegations of
authority under the CBOE Rules. The
Commission notes that, under the
proposed rule change, the Exchange
would have the flexibility to delegate
authorities under its rules to Exchange
staff or an Exchange committee, as
appropriate, which could foster greater
efficiency from an administrative
perspective. The Commission further
notes that the Exchange has not
proposed any revisions to its current
disciplinary, arbitration or appeals
procedures (or related Business
Conduct, Arbitration and Appeals
Committees) as part of the proposed rule
change. The Commission believes that
CBOE’s proposal is consistent with the
requirements of the Act.
have been prepared by ISE. The
Exchange has designated this proposal
as one establishing or changing a
member due, fee, or other charge
imposed by ISE under Section
19(b)(3)(A)(ii) of the Act 3 and Rule 19b–
4(f)(2) thereunder,4 which renders the
proposal effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
III. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,11 that the
proposed rule change (SR–CBOE–2008–
02) is hereby approved.
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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–12076 Filed 5–29–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
ISE is proposing to amend its
Schedule of Fees to establish fees for
transactions in options on one Premium
Product.5 The text of the proposed rule
change is available at https://
www.ise.com, the principal offices of
the Exchange, and the Commission’s
Public Reference Room.
[Release No. 34–57854; File No. SR–ISE–
2008–40]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend Its Schedule of
Fees To Establish Fees for
Transactions in Options on One
Premium Product
1. Purpose
The Exchange is proposing to amend
its Schedule of Fees to establish fees for
transactions in options on the
Claymore/MAC Global Solar Energy
Index ETF (‘‘TAN’’).6 The Exchange
3 15
sroberts on PROD1PC70 with NOTICES
May 22, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 20,
2008, International Securities Exchange,
LLC (‘‘ISE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
11 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
12 17
VerDate Aug<31>2005
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
5 Premium Product is defined in the Schedule of
Fees as the products enumerated therein.
6 Claymore is a registered trademark of Claymore
Securities, Inc. (‘‘Claymore’’). MAC Indexing LLC
(‘‘MAC’’) is the Index Provider for the Claymore/
MAC Global Solar Energy Index ETF (‘‘TAN’’).
Claymore Advisors, LLC is the Investment Advisor
for TAN. Claymore is the Distributor for TAN. MAC
is not affiliated with the Investment Adviser or the
Distributor. The Investment Adviser has entered
into a license agreement with MAC to use the MAC
Global Solar Energy Index. TAN is not sponsored,
endorsed, issued, sold or promoted by MAC. MAC
and Claymore Securities have not licensed or
authorized ISE to (i) engage in the creation, listing,
provision of a market for trading, marketing, and
promotion of options on TAN or (ii) to use and refer
to any of their trademarks or service marks in
4 17
18:39 May 29, 2008
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Frm 00122
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Sfmt 4703
31173
represents that TAN is eligible for
options trading because it constitutes an
‘‘Exchange-Traded Fund Share,’’ as
defined by ISE Rule 502(h).
All of the applicable fees covered by
this filing are identical to fees charged
by the Exchange for all other Premium
Products. Specifically, the Exchange is
proposing to adopt an execution fee and
a comparison fee for all transactions in
options on TAN.7 The amount of the
execution fee and comparison fee for
products covered by this filing shall be
$0.15 and $0.03 per contract,
respectively, for all Public Customer
Orders 8 and Firm Proprietary orders.
The amount of the execution fee and
comparison fee for all ISE Market Maker
transactions shall be equal to the
execution fee and comparison fee
currently charged by the Exchange for
ISE Market Maker transactions in equity
options.9 Finally, the amount of the
execution fee and comparison fee for all
non-ISE Market Maker transactions shall
be $0.37 and $0.03 per contract,
respectively.10 Further, since options on
TAN are multiply-listed, the Exchange’s
Payment for Order Flow fee shall apply
to this product. The Exchange believes
the proposed rule change will further
the Exchange’s goal of introducing new
products to the marketplace that are
competitively priced.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 of the Act,11
connection with the listing, provision of a market
for trading, marketing, and promotion of options on
TAN or with making disclosures concerning
options on TAN under any applicable federal or
state laws, rules or regulations. MAC and Claymore
Securities do not sponsor, endorse, or promote such
activity by ISE, and are not affiliated in any manner
with ISE.
7 These fees will be charged only to Exchange
members. Under a pilot program that is set to expire
on July 31, 2008, these fees will also be charged to
Linkage Principal Orders (‘‘Linkage P Orders’’) and
Linkage Principal Acting as Agent Orders (‘‘Linkage
P/A Orders’’). The amount of the execution fee
charged by the Exchange for Linkage P Orders and
Linkage P/A Orders is $0.24 per contract side and
$0.15 per contract side, respectively. See Securities
Exchange Act Release No. 56128 (July 24, 2007), 72
FR 42161 (August 1, 2007) (SR–ISE–2007–55).
8 Public Customer Order is defined in Exchange
Rule 100(a)(39) as an order for the account of a
Public Customer. Public Customer is defined in
Exchange Rule 100(a)(38) as a person or entity that
is not a broker or dealer in securities.
9 The execution fee is currently between $.21 and
$.12 per contract side, depending on the Exchange
Average Daily Volume, and the comparison fee is
currently $.03 per contract side.
10 The amount of the execution and comparison
fee for non-ISE Market Maker transactions executed
in the Exchange’s Facilitation and Solicitation
Mechanisms is $0.16 and $0.03 per contract,
respectively.
11 15 U.S.C. 78f.
E:\FR\FM\30MYN1.SGM
30MYN1
31174
Federal Register / Vol. 73, No. 105 / Friday, May 30, 2008 / Notices
in general, and furthers the objectives of
Section 6(b)(4),12 in particular, in that it
is designed to provide for the equitable
allocation of reasonable dues, fees and
other charges among its members and
other persons using its facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has been designated as a fee change
pursuant to Section 19(b)(3)(A)(ii) of the
Act 13 and Rule 19b–4(f)(2)14
thereunder, because it establishes or
changes a due, fee, or other charge
imposed on members by ISE.
Accordingly, the proposal is effective
upon filing with the Commission. 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:
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
[Release No. 34–57862; File No. SR–NYSE–
2008–41]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
All submissions should refer to File
Proposed Rule Change Amending
Number SR–ISE–2008–40. This file
Exchange Rule 15 (Pre-Opening
number should be included on the
subject line if e-mail is used. To help the Indications) and Exchange Rule 123C
(Market on the Close Policy and
Commission process and review your
Expiration Procedures)
comments more efficiently, please use
only one method. The Commission will May 23, 2008.
post all comments on the Commission’s
Pursuant to section 19(b)(1) of the
Internet Web site (https://www.sec.gov/
Securities Exchange Act of 1934
rules/sro.shtml). Copies of the
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
submission, all subsequent
notice is hereby given that on May 16,
amendments, all written statements
2008, the New York Stock Exchange
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
with respect to the proposed rule
the Securities and Exchange
change that are filed with the
Commission (‘‘Commission’’) the
Commission, and all written
proposed rule change as described in
communications relating to the
Items I and II below, which Items have
proposed rule change between the
Commission and any person, other than been substantially prepared by the
Exchange. The Exchange has designated
those that may be withheld from the
the proposed rule change as a ‘‘nonpublic in accordance with the
controversial’’ rule change pursuant to
provisions of 5 U.S.C. 552, will be
section 19(b)(3)(A) of the Act 3 and Rule
available for inspection and copying in
19b–4(f)(6) thereunder,4 which renders
the Commission’s Public Reference
the proposed rule change effective upon
Room, 100 F Street, NE., Washington,
filing with the Commission. The
DC 20549, on official business days
Commission is publishing this notice to
between the hours of 10 a.m. and 3 p.m.
solicit comments on the proposed rule
Copies of such filing also will be
change from interested persons.
available for inspection and copying at
the principal office of the Exchange. All I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
comments received will be posted
the Proposed Rule Change
without change; the Commission does
not edit personal identifying
The Exchange proposes to amend
information from submissions. You
Exchange Rule 15 (Pre-Opening
Indications) and Exchange Rule 123C
should submit only information that
you wish to make publicly available. All (Market On The Close Policy And
Expiration Procedures) to allow
submissions should refer to File
Number SR–ISE–2008–40 and should be Exchange systems to disseminate a data
feed of real-time order imbalances that
submitted on or before June 20, 2008.
accumulate prior to the opening of
For the Commission, by the Division of
trading on the Exchange and prior to the
Trading and Markets, pursuant to delegated
close of trading on the Exchange. The
authority.15
text of the proposed rule change is
J. Lynn Taylor,
available at https://www.nyse.com, the
Assistant Secretary.
Exchange, and the Commission’s Public
[FR Doc. E8–12033 Filed 5–29–08; 8:45 am]
Reference Room.
BILLING CODE 8010–01–P
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
NYSE included statements concerning
the purpose of, and basis for, the
proposed rule change and discussed any
comments it received on the proposed
Electronic Comments
sroberts on PROD1PC70 with NOTICES
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–2008–40 on the subject
line.
1 15
12 15
U.S.C. 78f(b)(4).
13 15 U.S.C. 78s(b)(3)(A)(ii).
14 17 CFR 240.19b–4(f)(2).
VerDate Aug<31>2005
16:52 May 29, 2008
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
15 17
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CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 73, Number 105 (Friday, May 30, 2008)]
[Notices]
[Pages 31173-31174]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-12033]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57854; File No. SR-ISE-2008-40]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change To Amend Its Schedule of Fees To Establish Fees for Transactions
in Options on One Premium Product
May 22, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 20, 2008, International Securities Exchange, LLC (``ISE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by ISE. The Exchange has
designated this proposal as one establishing or changing a member due,
fee, or other charge imposed by ISE under Section 19(b)(3)(A)(ii) of
the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the
proposal effective upon filing with the Commission. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
ISE is proposing to amend its Schedule of Fees to establish fees
for transactions in options on one Premium Product.\5\ The text of the
proposed rule change is available at https://www.ise.com, the principal
offices of the Exchange, and the Commission's Public Reference Room.
---------------------------------------------------------------------------
\5\ Premium Product is defined in the Schedule of Fees as the
products enumerated therein.
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, 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 Exchange is proposing to amend its Schedule of Fees to
establish fees for transactions in options on the Claymore/MAC Global
Solar Energy Index ETF (``TAN'').\6\ The Exchange represents that TAN
is eligible for options trading because it constitutes an ``Exchange-
Traded Fund Share,'' as defined by ISE Rule 502(h).
---------------------------------------------------------------------------
\6\ Claymore[supreg] is a registered trademark of Claymore
Securities, Inc. (``Claymore''). MAC Indexing LLC (``MAC'') is the
Index Provider for the Claymore/MAC Global Solar Energy Index ETF
(``TAN''). Claymore Advisors, LLC is the Investment Advisor for TAN.
Claymore is the Distributor for TAN. MAC is not affiliated with the
Investment Adviser or the Distributor. The Investment Adviser has
entered into a license agreement with MAC to use the MAC Global
Solar Energy Index. TAN is not sponsored, endorsed, issued, sold or
promoted by MAC. MAC and Claymore Securities have not licensed or
authorized ISE to (i) engage in the creation, listing, provision of
a market for trading, marketing, and promotion of options on TAN 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 TAN or with making
disclosures concerning options on TAN under any applicable federal
or state laws, rules or regulations. MAC and Claymore Securities do
not sponsor, endorse, or promote such activity by ISE, and are not
affiliated in any manner with ISE.
---------------------------------------------------------------------------
All of the applicable fees covered by this filing are identical to
fees charged by the Exchange for all other Premium Products.
Specifically, the Exchange is proposing to adopt an execution fee and a
comparison fee for all transactions in options on TAN.\7\ The amount of
the execution fee and comparison fee for products covered by this
filing shall be $0.15 and $0.03 per contract, respectively, for all
Public Customer Orders \8\ and Firm Proprietary orders. The amount of
the execution fee and comparison fee for all ISE Market Maker
transactions shall be equal to the execution fee and comparison fee
currently charged by the Exchange for ISE Market Maker transactions in
equity options.\9\ Finally, the amount of the execution fee and
comparison fee for all non-ISE Market Maker transactions shall be $0.37
and $0.03 per contract, respectively.\10\ Further, since options on TAN
are multiply-listed, the Exchange's Payment for Order Flow fee shall
apply to this product. The Exchange believes the proposed rule change
will further the Exchange's goal of introducing new products to the
marketplace that are competitively priced.
---------------------------------------------------------------------------
\7\ These fees will be charged only to Exchange members. Under a
pilot program that is set to expire on July 31, 2008, these fees
will also be charged to Linkage Principal Orders (``Linkage P
Orders'') and Linkage Principal Acting as Agent Orders (``Linkage P/
A Orders''). The amount of the execution fee charged by the Exchange
for Linkage P Orders and Linkage P/A Orders is $0.24 per contract
side and $0.15 per contract side, respectively. See Securities
Exchange Act Release No. 56128 (July 24, 2007), 72 FR 42161 (August
1, 2007) (SR-ISE-2007-55).
\8\ Public Customer Order is defined in Exchange Rule 100(a)(39)
as an order for the account of a Public Customer. Public Customer is
defined in Exchange Rule 100(a)(38) as a person or entity that is
not a broker or dealer in securities.
\9\ The execution fee is currently between $.21 and $.12 per
contract side, depending on the Exchange Average Daily Volume, and
the comparison fee is currently $.03 per contract side.
\10\ The amount of the execution and comparison fee for non-ISE
Market Maker transactions executed in the Exchange's Facilitation
and Solicitation Mechanisms is $0.16 and $0.03 per contract,
respectively.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\11\
[[Page 31174]]
in general, and furthers the objectives of Section 6(b)(4),\12\ in
particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees and other charges among its members
and other persons using its facilities.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f.
\12\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has been designated as a fee
change pursuant to Section 19(b)(3)(A)(ii) of the Act \13\ and Rule
19b-4(f)(2)\14\ thereunder, because it establishes or changes a due,
fee, or other charge imposed on members by ISE. Accordingly, the
proposal is effective upon filing with the Commission. 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.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(A)(ii).
\14\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-ISE-2008-40 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-2008-40. 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 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 publicly available. All
submissions should refer to File Number SR-ISE-2008-40 and should be
submitted on or before June 20, 2008.
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E8-12033 Filed 5-29-08; 8:45 am]
BILLING CODE 8010-01-P
