Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Changes, 78414-78415 [E8-30317]

Download as PDF 78414 Federal Register / Vol. 73, No. 246 / Monday, December 22, 2008 / Notices 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: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Florence E. Harmon, Acting Secretary. [FR Doc. E8–30319 Filed 12–19–08; 8:45 am] 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–FINRA–2008–057 on the subject line. [Release No. 34–59092; File No. SR–ISE– 2008–93] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Changes December 12, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the • Send paper comments in triplicate ‘‘Act’’),1 and Rule 19b–4 thereunder,2 to Secretary, Securities and Exchange notice is hereby given that on December Commission, 100 F Street, NE., 8, 2008, the International Securities Washington, DC 20549–1090. Exchange, LLC (the ‘‘Exchange’’ or the ‘‘ISE’’) filed with the Securities and All submissions should refer to File Number SR–FINRA–2008–057. This file Exchange Commission the proposed rule change, as described in Items I, II, number should be included on the subject line if e-mail is used. To help the and III below, which items have been prepared by the self-regulatory Commission process and review your organization. The Commission is comments more efficiently, please use only one method. The Commission will publishing this notice to solicit post all comments on the Commission’s comments on the proposed rule change from interested persons. Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s submission, all subsequent Statement of the Terms of Substance of amendments, all written statements the Proposed Rule Change with respect to the proposed rule The ISE is proposing to amend its change that are filed with the Schedule of Fees to establish fees for Commission, and all written transactions in options on 2 Premium communications relating to the Products.3 The text of the proposed rule proposed rule change between the Commission and any person, other than change is available on the Exchange’s Web site (https://www.ise.com), at the those that may be withheld from the principal office of the Exchange, and at public in accordance with the the Commission’s Public Reference provisions of 5 U.S.C. 552, will be Room. available for inspection and copying in the Commission’s Public Reference II. Self-Regulatory Organization’s Room, 100 F Street, NE., Washington, Statement of the Purpose of, and DC 20549, on official business days Statutory Basis for, the Proposed Rule between the hours of 10 a.m. and 3 p.m. Change Copies of such filing also will be In its filing with the Commission, the available for inspection and copying at self-regulatory organization included the principal office of FINRA. All statements concerning the purpose of, comments received will be posted and basis for, the proposed rule change without change; the Commission does and discussed any comments it received not edit personal identifying on the proposed rule change. The text information from submissions. You of these statements may be examined at should submit only information that you wish to make available publicly. All the places specified in Item IV below. The self-regulatory organization has submissions should refer to File prepared summaries, set forth in Number SR–FINRA–2008–057 and should be submitted on or before 1 15 U.S.C. 78s(b)(1). January 12, 2009. 2 17 CFR 240.19b–4. mstockstill on PROD1PC66 with NOTICES Paper Comments 3 Premium Products is defined in the Schedule of Fees as the products enumerated therein. CFR 200.30–3(a)(12). VerDate Aug<31>2005 19:07 Dec 19, 2008 Jkt 217001 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change BILLING CODE 8011–01–P Electronic Comments 20 17 sections A, B and C below, of the most significant aspects of such statements. PO 00000 Frm 00131 Fmt 4703 Sfmt 4703 1. Purpose The Exchange is proposing to amend its Schedule of Fees to establish fees for transactions in options on the iShares Silver Trust (‘‘SLV’’) 4 and the iShares® COMEX Gold Trust (‘‘IAU’’).5 The Exchange represents that SLV and IAU are eligible for options trading because they constitute ‘‘Exchange-Traded Fund Shares,’’ 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 for all transactions in options on SLV and IAU.6 The amount of the execution fee 4 iShares® is a registered trademark of Barclays Global Investors, N.A. All other trademarks, service marks or registered trademarks are the property of their respective owners. The iShares Silver Trust’s (‘‘SLV’’) sponsor is Barclays Global Investors International, Inc. (‘‘BGII’’), a subsidiary of Barclays Bank PLC. SLV is not sponsored, endorsed, sold or promoted by BGII, and BGII makes no representation regarding the advisability of investing in SLV. BGII 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 SLV 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 SLV or with making disclosures concerning options on SLV under any applicable federal or state laws, rules or regulations. BGII does not sponsor, endorse, or promote such activity by ISE and is not affiliated in any manner with ISE. 5 iShares® is a registered trademark of Barclays Global Investors, N.A., ‘‘Commodity Exchange, Inc.’’ and ‘‘COMEX’’ are trademarks of Commodity Exchange, Inc., and have been licensed for use for certain purposes to Barclays Global Investors and the iShares® COMEX Gold Trust (‘‘IAU’’). All other trademarks, service marks or registered trademarks are the property of their respective owners. IAU’s sponsor is Barclays Global Investors International, Inc., (‘‘BGII’’), a Delaware corporation and a subsidiary of Barclays Bank PLC. IAU is not sponsored, endorsed, sold or promoted by BGII or by Commodity Exchange, Inc., nor do BGII and Commodity Exchange, Inc., make any representation regarding the advisability of investing in IAU. BGII and Commodity Exchange, Inc., 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 IAU 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 IAU or with making disclosures concerning options on IAU under any applicable federal or state laws, rules or regulations. BGII and Commodity Exchange, Inc., do not sponsor, endorse, or promote such activity by ISE and are not affiliated in any manner with ISE. 6 These fees will be charged only to Exchange members. Under a pilot program that is set to expire on July 31, 2009, these fees will also be charged to Linkage Principal Orders (’’Linkage P Orders’’) and Linkage Principal Acting as Agent Orders (’’Linkage E:\FR\FM\22DEN1.SGM 22DEN1 Federal Register / Vol. 73, No. 246 / Monday, December 22, 2008 / Notices for products covered by this filing shall be $0.18 per contract for all Public Customer Orders 7 and $0.20 per contract for all Firm Proprietary orders. The amount of the execution fee for all ISE Market Maker transactions shall be equal to the execution fee currently charged by the Exchange for ISE Market Maker transactions in equity options.8 Finally, the amount of the execution fee for all non-ISE Market Maker transactions shall be $0.45 per contract.9 Further, since options on SLV and IAU are multiply-listed, the Exchange’s Payment for Order Flow fee shall apply to these products. The Exchange believes the proposed rule change will further the Exchange’s goal of introducing new products to the marketplace that are competitively priced. Further, as a matter of housekeeping, the Exchange proposes to remove MYP, PUF, SAW and WSI from its Schedule of fees.10 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,11 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 mstockstill on PROD1PC66 with NOTICES 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. 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. 58143 (July 11, 2008), 73 FR 41388 (July 18, 2008) (SR–ISE–2008–52). 7 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. 8 The Exchange applies a sliding scale, between $0.01 and $0.18 per contract side, based on the number of contracts an ISE market maker trades in a month. 9 The amount of the execution fee for non-ISE Market Maker transactions executed in the Exchange’s Facilitation and Solicitation Mechanisms is $0.19 per contract. 10 MYP, PUF, SAW and WSI were recently delisted and no longer trade on the Exchange. 11 15 U.S.C. 78f. 12 15 U.S.C. 78f(b)(4). VerDate Aug<31>2005 19:07 Dec 19, 2008 Jkt 217001 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 rule change has become effective pursuant to Section 19(b)(3) of the Act 13 and Rule 19b–4(f)(2)14 thereunder. 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. 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: 78415 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 Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ISE–2008–93 and should be submitted on or before January 12, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Florence E. Harmon, Acting Secretary. [FR Doc. E8–30317 Filed 12–19–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59098; File No. SR– NASDAQ–2008–096] 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–2008–93 on the subject line. Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule Change Relating to the Generic Listing Standards for Index Multiple Exchange Traded Fund Shares and Index Inverse Exchange Traded Fund Shares 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–2008–93. 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 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 December 9, 2008, The NASDAQ Stock Market LLC (‘‘Nasdaq’’) 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 the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. December 12, 2008. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Nasdaq is filing a proposed rule change to amend Nasdaq Rule 4420(j) in connection with generic listing 15 17 13 15 U.S.C. 78s(b)(3)(A). 14 17 CFR 19b–4(f)(2) [sic]. PO 00000 Frm 00132 Fmt 4703 Sfmt 4703 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\22DEN1.SGM 22DEN1

Agencies

[Federal Register Volume 73, Number 246 (Monday, December 22, 2008)]
[Notices]
[Pages 78414-78415]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-30317]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59092; File No. SR-ISE-2008-93]


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

December 12, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on December 8, 2008, the International Securities Exchange, LLC 
(the ``Exchange'' or the ``ISE'') filed with the Securities and 
Exchange Commission the proposed rule change, as described in Items I, 
II, and III below, which items have been prepared by the self-
regulatory organization. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The ISE is proposing to amend its Schedule of Fees to establish 
fees for transactions in options on 2 Premium Products.\3\ The text of 
the proposed rule change is available on the Exchange's Web site 
(https://www.ise.com), at the principal office of the Exchange, and at 
the Commission's Public Reference Room.
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    \3\ Premium Products is defined in the Schedule of Fees as the 
products enumerated therein.
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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 self-regulatory organization 
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 self-regulatory organization 
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 iShares Silver Trust 
(``SLV'') \4\ and the iShares[supreg] COMEX Gold Trust (``IAU'').\5\ 
The Exchange represents that SLV and IAU are eligible for options 
trading because they constitute ``Exchange-Traded Fund Shares,'' as 
defined by ISE Rule 502(h).
---------------------------------------------------------------------------

    \4\ iShares[supreg] is a registered trademark of Barclays Global 
Investors, N.A. All other trademarks, service marks or registered 
trademarks are the property of their respective owners. The iShares 
Silver Trust's (``SLV'') sponsor is Barclays Global Investors 
International, Inc. (``BGII''), a subsidiary of Barclays Bank PLC. 
SLV is not sponsored, endorsed, sold or promoted by BGII, and BGII 
makes no representation regarding the advisability of investing in 
SLV. BGII 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 SLV 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 SLV or with making disclosures concerning options on SLV 
under any applicable federal or state laws, rules or regulations. 
BGII does not sponsor, endorse, or promote such activity by ISE and 
is not affiliated in any manner with ISE.
    \5\ iShares[supreg] is a registered trademark of Barclays Global 
Investors, N.A., ``Commodity Exchange, Inc.'' and ``COMEX'' are 
trademarks of Commodity Exchange, Inc., and have been licensed for 
use for certain purposes to Barclays Global Investors and the 
iShares[supreg] COMEX Gold Trust (``IAU''). All other trademarks, 
service marks or registered trademarks are the property of their 
respective owners. IAU's sponsor is Barclays Global Investors 
International, Inc., (``BGII''), a Delaware corporation and a 
subsidiary of Barclays Bank PLC. IAU is not sponsored, endorsed, 
sold or promoted by BGII or by Commodity Exchange, Inc., nor do BGII 
and Commodity Exchange, Inc., make any representation regarding the 
advisability of investing in IAU. BGII and Commodity Exchange, Inc., 
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 IAU 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 IAU or with making disclosures concerning options on IAU 
under any applicable federal or state laws, rules or regulations. 
BGII and Commodity Exchange, Inc., 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 for 
all transactions in options on SLV and IAU.\6\ The amount of the 
execution fee

[[Page 78415]]

for products covered by this filing shall be $0.18 per contract for all 
Public Customer Orders \7\ and $0.20 per contract for all Firm 
Proprietary orders. The amount of the execution fee for all ISE Market 
Maker transactions shall be equal to the execution fee currently 
charged by the Exchange for ISE Market Maker transactions in equity 
options.\8\ Finally, the amount of the execution fee for all non-ISE 
Market Maker transactions shall be $0.45 per contract.\9\ Further, 
since options on SLV and IAU are multiply-listed, the Exchange's 
Payment for Order Flow fee shall apply to these products. The Exchange 
believes the proposed rule change will further the Exchange's goal of 
introducing new products to the marketplace that are competitively 
priced.
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    \6\ These fees will be charged only to Exchange members. Under a 
pilot program that is set to expire on July 31, 2009, 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. 58143 (July 11, 2008), 73 FR 41388 (July 
18, 2008) (SR-ISE-2008-52).
    \7\ 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.
    \8\ The Exchange applies a sliding scale, between $0.01 and 
$0.18 per contract side, based on the number of contracts an ISE 
market maker trades in a month.
    \9\ The amount of the execution fee for non-ISE Market Maker 
transactions executed in the Exchange's Facilitation and 
Solicitation Mechanisms is $0.19 per contract.
---------------------------------------------------------------------------

    Further, as a matter of housekeeping, the Exchange proposes to 
remove MYP, PUF, SAW and WSI from its Schedule of fees.\10\
---------------------------------------------------------------------------

    \10\ MYP, PUF, SAW and WSI were recently delisted and no longer 
trade on the Exchange.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\11\ 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 rule change has become effective pursuant to Section 
19(b)(3) of the Act \13\ and Rule 19b-4(f)(2)\14\ thereunder. 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.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 19b-4(f)(2) [sic].
---------------------------------------------------------------------------

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-2008-93 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-2008-93. 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 Exchange. All comments received will be posted without change; the 
Commission does not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly.
    All submissions should refer to File Number SR-ISE-2008-93 and 
should be submitted on or before January 12, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
Florence E. Harmon,
Acting Secretary.
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    \15\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E8-30317 Filed 12-19-08; 8:45 am]
BILLING CODE 8011-01-P
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