Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Definition of Qualified Contingent Trade, 36941-36943 [E8-14765]
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Federal Register / Vol. 73, No. 126 / Monday, June 30, 2008 / Notices
(ii) must not participate in the execution
of the transaction once it has been
transmitted to the member performing
the execution; 16 (iii) must not be
affiliated with the executing member; 17
and (iv) with respect to an account over
which the member has investment
discretion, neither the member nor its
associated person may retain any
compensation in connection with
effecting the transaction except as
provided in the rule. To the extent a
member submits an order for a
proprietary account into HOSS from on
the floor (including an order for a
proprietary account initiated from off
the floor and routed to the member or
an affiliated member on the floor for
submission into HOSS), such an order
would not qualify for the effect versus
execute exception.
The Exchange believes the proposed
rule change should serve to further
enhance the efficiency of HOSS opening
rotations because it will further
automate the process for addressing
opening quote, acceptable opening
range, and market order imbalance
conditions that may occur on the
openings, as well as address NBBO
condition scenarios where the
Exchange’s opening trade might occur at
a price when there is a better away
market.
the objectives of Section 6(b)(5) of the
Act,19 in particular, in that it is designed
to foster cooperation and coordination
with persons engaged in regulating,
clearing, settling, processing
information with respect to, and
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. In particular, the
Exchange believes that the proposed
rule change should serve to enhance the
efficiency of HOSS opening rotations.
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
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
jlentini on PROD1PC65 with NOTICES
2. Statutory Basis
Within 35 days of the date of
publication of this notice in the Federal
The Exchange believes the proposed
Register or within such longer period (i)
rule change is consistent with Section
6(b) of the Act,18 in general, and furthers as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
this requirement is met if an order for a proprietary
account is transmitted from a remote location
publishes its reasons for so finding or
directly into the HOSS system by electronic means.
(ii) as to which the Exchange consents,
16 The Exchange states that given HOSS’s existing
the Commission will:
and proposed automated matching and execution
(A) By order approve such proposed
services, no Exchange member enjoys any special
rule change, or
control or influence over the timing of execution or
special order handling advantages for orders
(B) Institute proceedings to determine
executed via HOSS (including as proposed to be
whether the proposed rule change
amended), as all orders will be centrally processed
should be disapproved.
for execution by computer, rather than being
handled by a member through bids or offers made
on the trading floor. The member may, however,
participate in clearing and settling the transaction.
17 The Commission has recognized in the past
that this requirement is not applicable where
automated exchange facilities are used, as long as
the design of these systems ensures that members
do not possess any special or unique trading
advantages in handling their orders after
transmitting them to the exchange. See, e.g.,
NASDAQ Options Market Approval Order, 73 FR at
14539, and Securities Exchange Act Release No.
15533 (January 29, 1979), 44 FR 6084 (January 31,
1979). The Exchange believes that this principle is
directly applicable to HOSS, including through the
proposed new exposure period, due to HOSS’s
open, electronic structure that is designed to
prevent any Exchange members from gaining any
time and place advantages. Therefore, the Exchange
believes that an Exchange member effecting a
transaction through HOSS (including as proposed
to be amended) satisfies the requirement for
execution through an unaffiliated member.
18 15 U.S.C. 78f(b).
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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–2008–30 on the
subject line.
PO 00000
U.S.C. 78f(b)(5).
Frm 00105
Fmt 4703
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, Station Place, 100 F Street,
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CBOE–2008–30. 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
inspection and copying at the principal
office of the 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–
2008–30 and should be submitted on or
before July 21, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14764 Filed 6–27–08; 8:45 am]
BILLING CODE 8010–01–P
IV. Solicitation of Comments
19 15
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58005; File No. SR–ISE–
2008–45]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Definition of
Qualified Contingent Trade
June 23, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
20 17
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36941
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CFR 200.30–3(a)(12).
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36942
Federal Register / Vol. 73, No. 126 / Monday, June 30, 2008 / Notices
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 12,
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. The ISE designated the
proposed rule change as ‘‘noncontroversial’’ under Section
19(b)(3)(A)(iii) 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 ISE is proposing to amend its
rules to delete from the definition of
Qualified Contingent Trade the
requirement that such transactions are
for a minimum size of 10,000 shares or
$200,000 in transaction value. The text
of the proposed rule change is available
at the Exchange, the Commission’s
Public Reference Room, and https://
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
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
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
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
5 See Securities Exchange Act Release No. 54389
(August 31, 2006), 71 FR 52829 (September 7, 2006)
(Order Granting an Exemption for Qualified
Contingent Trades from Rule 611(a) of Regulation
NMS) (‘‘Exemptive Order’’).
jlentini on PROD1PC65 with NOTICES
2 17
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2. Statutory Basis
The Exchange believes that the
proposal is consistent with Section 6(b)
of the Act,9 in general, and Section
6(b)(5) of the Act,10 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, 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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
1. Purpose
The Exchange’s rules currently define
the term ‘‘Qualified Contingent Trade’’
according to the definition included in
an exemptive order issued by the
Commission on August 31, 2006.5
1 15
Pursuant to the Exemptive Order,
Qualified Contingent Trades are exempt
from the trade-through restrictions of
Regulation NMS.6 The Exchange has
incorporated an identical definition of
Qualified Contingent Trades into ISE
Rule 2107(c) so that such trades could
be exempted from Exchange rules
restricting intermarket trade-throughs.7
On April 4, 2008, the Commission
issued a revised exemptive order
eliminating one of the elements of the
original Qualified Contingent Trade
definition.8 Based upon a request from
the Chicago Board Options Exchange,
Incorporated, the Revised Exemptive
Order deleted the minimum size
conditions of 10,000 shares or $200,000,
which were part of the original
definition. The Exchange proposes to
eliminate these size conditions from its
own definition of Qualified Contingent
Trade in order to operate its
marketplace in a manner consistent
with the Revised Exemptive Order.
Accordingly, the Exchange proposes
to amend its Rule 2107(c)(4)(ii) to
eliminate any minimum size conditions
in its definition of the term Qualified
Contingent Trade.
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.
6 See
Exemptive Order and 17 CFR 242.611.
Securities Exchange Act Release No. 56671
(October 18, 2007), 72 FR 60400 (October 24, 2007)
(SR–ISE–2007–88).
8 See Securities Exchange Act Release No. 57620
(April 4, 2008), 73 FR 19271 (April 9, 2008) (Order
Modifying the Exemption for Qualified Contingent
Trades from Rule 611(a) of Regulation NMS)
(‘‘Revised Exemptive Order’’).
9 15 U.S.C. 78f.
10 15 U.S.C. 78f(b)(5).
7 See
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
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
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 11 and
subparagraph (f)(6) of Rule 19b–4
thereunder.12 As required under Rule
19b–4(f)(6)(iii),13 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 filing
of the proposed rule change.
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative prior to the 30th day
after the date of filing.14 However, Rule
19b–4(f)(6)(iii) 15 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 for ‘‘non-controversial’’ proposals
under Rule 19b–4(f)(6) 16 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 language is identical to
language contained in the Revised
Exemptive Order.17 In addition, the
Commission notes that the Chicago
Stock Exchange, Inc. recently made
identical changes to its qualified
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 Id.
15 Id.
16 Id.
17 See supra note 8.
12 17
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Federal Register / Vol. 73, No. 126 / Monday, June 30, 2008 / Notices
36943
contingent trade definition.18
Accordingly, the Commission
designates the proposed rule change
operative upon filing with the
Commission.19
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
the 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.
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–2008–45 and should be
submitted on or before July 21, 2008.
Inc. (‘‘NYSE Arca Equities’’), proposes
to amend the section of its Schedule of
Fees and Charges for Exchange Services
(the ‘‘Schedule’’) that applies to orders
submitted by ETP Holders and Market
Makers.5 The changes to the Schedule
pursuant to this proposal are effective
upon filing; however the changes will
become operative on July 1, 2008. The
text of the proposed rule change is
available on the Exchange’s Web site at
https://www.nyse.com, at the Exchange’s
Office of the Secretary and at the
Commission’s Public Reference Room.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14765 Filed 6–27–08; 8:45 am]
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
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–2008–45 on the subject
line.
SECURITIES AND EXCHANGE
COMMISSION
jlentini on PROD1PC65 with NOTICES
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–ISE–2008–45. 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,
18 See Securities Exchange Act Release No. 57767
(May 2, 2008), 73 FR 26174 (May 8, 2008) (SR–
CHX–2008–06).
19 For 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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16:15 Jun 27, 2008
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BILLING CODE 8010–01–P
[Release No. 34–58006; File No. SR–
NYSEArca–2008–64]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending its Schedule of
Fees and Charges for Exchange
Services
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 June 19,
2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
the ‘‘Exchange’’), through its wholly
owned subsidiary NYSE Arca Equities,
Inc. (‘‘NYSE Arca Equities’’), filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been substantially prepared by the
Exchange. The Exchange filed the
proposed rule change pursuant to
section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(2) thereunder,4 which renders
it effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange, through its whollyowned subsidiary NYSE Arca Equities,
20 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).
4 17 CFR 240.19b–4(f)(2).
1 15
PO 00000
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Fmt 4703
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In its filing with the Commission,
NYSE Arca 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 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
The Exchange proposes to amend the
Schedule and introduce unified volume
tiers for NYSE Arca equities pricing in
Tape A, B, and C securities. Currently,
ETP Holders and Market Makers must
meet volume tiers independently in
each Tape to qualify for a volume
discount. Pursuant to this proposal, an
ETP Holder’s and Market Maker’s
volume in each Tape will be aggregated
for purposes of attaining the applicable
fee or credit associated with the tier
attained. The Exchange believes these
integrated volume tiers offer highly
attractive volume-based incentives with
the best rate combinations in NYSElisted and Nasdaq-listed securities
among major liquidity venues.
The Exchange proposes to amend the
Schedule as it applies to ETP Holders
and Market Makers as follows:
Tier 1:
For customers who transact average
daily share volume per month greater
than 90 million shares in total Tape A,
B, and C volume, including adding
liquidity of more than 45 million shares,
the rates are as follows:
• For Tape A and C securities, a
$0.0028 per share credit for orders that
add liquidity and a fee of $0.0027 per
share for orders that remove liquidity.
5 See
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NYSE Arca Equities Rule 1.1(n) and (u).
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]]>Agencies
[Federal Register Volume 73, Number 126 (Monday, June 30, 2008)]
[Notices]
[Pages 36941-36943]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-14765]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58005; File No. SR-ISE-2008-45]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to the Definition of Qualified Contingent Trade
June 23, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 36942]]
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 12, 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.
The ISE designated the proposed rule change as ``non-controversial''
under Section 19(b)(3)(A)(iii) 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.
---------------------------------------------------------------------------
\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 to delete from the
definition of Qualified Contingent Trade the requirement that such
transactions are for a minimum size of 10,000 shares or $200,000 in
transaction value. The text of the proposed rule change is available at
the Exchange, the Commission's Public Reference Room, and https://
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 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 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's rules currently define the term ``Qualified
Contingent Trade'' according to the definition included in an exemptive
order issued by the Commission on August 31, 2006.\5\ Pursuant to the
Exemptive Order, Qualified Contingent Trades are exempt from the trade-
through restrictions of Regulation NMS.\6\ The Exchange has
incorporated an identical definition of Qualified Contingent Trades
into ISE Rule 2107(c) so that such trades could be exempted from
Exchange rules restricting intermarket trade-throughs.\7\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 54389 (August 31,
2006), 71 FR 52829 (September 7, 2006) (Order Granting an Exemption
for Qualified Contingent Trades from Rule 611(a) of Regulation NMS)
(``Exemptive Order'').
\6\ See Exemptive Order and 17 CFR 242.611.
\7\ See Securities Exchange Act Release No. 56671 (October 18,
2007), 72 FR 60400 (October 24, 2007) (SR-ISE-2007-88).
---------------------------------------------------------------------------
On April 4, 2008, the Commission issued a revised exemptive order
eliminating one of the elements of the original Qualified Contingent
Trade definition.\8\ Based upon a request from the Chicago Board
Options Exchange, Incorporated, the Revised Exemptive Order deleted the
minimum size conditions of 10,000 shares or $200,000, which were part
of the original definition. The Exchange proposes to eliminate these
size conditions from its own definition of Qualified Contingent Trade
in order to operate its marketplace in a manner consistent with the
Revised Exemptive Order.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 57620 (April 4,
2008), 73 FR 19271 (April 9, 2008) (Order Modifying the Exemption
for Qualified Contingent Trades from Rule 611(a) of Regulation NMS)
(``Revised Exemptive Order'').
---------------------------------------------------------------------------
Accordingly, the Exchange proposes to amend its Rule 2107(c)(4)(ii)
to eliminate any minimum size conditions in its definition of the term
Qualified Contingent Trade.
2. Statutory Basis
The Exchange believes that the proposal is consistent with Section
6(b) of the Act,\9\ in general, and Section 6(b)(5) of the Act,\10\ 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, 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f.
\10\ 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
parties.
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 \11\ and subparagraph (f)(6) of Rule
19b-4 thereunder.\12\ As required under Rule 19b-4(f)(6)(iii),\13\ 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 filing of the proposed rule change.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
\13\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative prior to the 30th day after the date of
filing.\14\ However, Rule 19b-4(f)(6)(iii) \15\ 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 for ``non-
controversial'' proposals under Rule 19b-4(f)(6) \16\ 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 language is identical to
language contained in the Revised Exemptive Order.\17\ In addition, the
Commission notes that the Chicago Stock Exchange, Inc. recently made
identical changes to its qualified
[[Page 36943]]
contingent trade definition.\18\ Accordingly, the Commission designates
the proposed rule change operative upon filing with the Commission.\19\
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\14\ Id.
\15\ Id.
\16\ Id.
\17\ See supra note 8.
\18\ See Securities Exchange Act Release No. 57767 (May 2,
2008), 73 FR 26174 (May 8, 2008) (SR-CHX-2008-06).
\19\ For 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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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate the rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-ISE-2008-45 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-ISE-2008-45. 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-2008-45 and should be
submitted on or before July 21, 2008.
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\20\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-14765 Filed 6-27-08; 8:45 am]
BILLING CODE 8010-01-P
