Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend a Pilot Program for Short Term Options Series, 34811-34813 [E9-17006]
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Federal Register / Vol. 74, No. 136 / Friday, July 17, 2009 / Notices
‘‘Act’’) and the rules and regulations
thereunder and, in particular, the
requirements of section 6(b) of the Act.
Specifically, the Exchange believes the
proposed rule change is consistent with
Section 6(b)(5) requirements that the
rules of an exchange be designed to
promote just and equitable principles of
trade, to prevent fraudulent and
manipulative acts, to remove
impediments to and perfect the
mechanism for a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. The Exchange believes
that permanent approval of the
Quarterly Options Series Program will
result in a continuing benefit to
investors, by allowing them to more
closely tailor their investment decisions.
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.
mstockstill on DSKH9S0YB1PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing 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
the filing, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, it has
become effective pursuant to 19(b)(3)(A)
of the Act 7 and Rule 19b–4(f)(6)
thereunder.8
The Exchange requests that the
Commission waive the 30-day operative
delay so that the Exchange can
permanently establish a Quarterly
Options Series Program that is
consistent with those of other options
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. ISE has satisfied this requirement.
8 17
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19:20 Jul 16, 2009
Jkt 217001
exchanges.9 In addition, the
Commission notes that the Exchange’s
QOS Program currently is scheduled to
expire on July 10, 2009. The
Commission therefore has determined
that waiving the 30-day operative delay
of the Exchange’s proposal is consistent
with the protection of investors and the
public interest because such waiver will
enable the Exchange to permanently
establish the QOS program without
disruption.10 Therefore, the
Commission designates the proposal
operative upon filing.
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:
34811
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 the 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–2009–50 and should be
submitted on or before August 7, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–17004 Filed 7–16–09; 8:45 am]
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–2009–50 on the subject
line.
BILLING CODE 8010–01–P
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–ISE–2009–50. 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
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Extend a Pilot Program for
Short Term Options Series
9 See Securities Exchange Act Release No. 60164
(June 23, 2009), 74 FR 31333 (June 30, 2009) (SR–
CBOE–2009–029) (approving the quarterly options
series program on a permanent basis).
10 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).
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60281; File No. SR–ISE–
2009–49]
July 10, 2009.
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 July 8,
2009, 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 and
II 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.
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\17JYN1.SGM
17JYN1
34812
Federal Register / Vol. 74, No. 136 / Friday, July 17, 2009 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is proposing to amend
its rules to extend the Short Term
Option Series Pilot Program (‘‘Pilot
Program’’) for an additional year. The
text of the proposed rule change is
available on the Exchange’s Web site
https://www.ise.com, at the Exchange’s
Office of the Secretary, 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, 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.
mstockstill on DSKH9S0YB1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On July 12, 2005, the Commission
approved the Short Term Option Series
Pilot Program (‘‘Pilot Program’’) that
allows ISE to list and trade Short Term
Option Series.3 Under the terms of the
Pilot Program, the Exchange can select
up to five options classes on which
Short Term Option Series may be
opened on any Short Term Option
Series Opening Date. The Exchange is
also allowed to list Short Term Option
Series on any option class that is
selected by other securities exchanges
that employ a similar pilot program
under their respective rules.
The Pilot Program was subsequently
extended 4 and the current Pilot
Program is set to expire on July 12,
2009.5 The purpose of this proposed
rule change is to extend the Pilot
Program for an additional one year. The
Exchange believes that Short Term
Option Series provides investors with a
flexible and valuable tool to manage risk
exposure, minimize capital outlays, and
be more responsive to the timing of
3 See Securities Exchange Act Release No. 52012
(July 12, 2005), 70 FR 41246 (July 18, 2005).
4 See Securities Exchange Act Release Nos. 54117
(July 12, 2006), 71 FR 40564 (July 17, 2006); 56047
(July 11, 2007), 72 FR 39106 (July 17, 2007).
5 See Securities Exchange Act Release No. 58020
(June 25, 2008), 73 FR 38000 (July 2, 2008).
VerDate Nov<24>2008
19:20 Jul 16, 2009
Jkt 217001
events affecting the securities that
underlie option contracts. While ISE has
not listed any Short Term Option Series
during the Pilot Program, there has been
investor interest in trading short-term
options at the Chicago Board Options
Exchange. For competitive reasons and
in order to have the ability to respond
to customer interest in Short Term
Option Series, the Exchange proposes
the continuation of the Pilot Program at
ISE.
In the original proposal to establish
the Pilot Program, the Exchange stated
that if it were to propose an extension
or an expansion of the Pilot Program,
the Exchange would submit, along with
any filing proposing such amendments
to the Pilot Program, a report (‘‘Pilot
Program Report’’) that would provide an
analysis of the Pilot Program covering
the entire period during which the Pilot
Program was in effect. Since the
Exchange did not list any Short Term
Option Series during the preceding year
of the Pilot Program, there is no data
available to compile such a report at this
time. Therefore, the Exchange is not
submitting a Pilot Program Report with
this proposal.
Finally, the Exchange represents that
it has the necessary systems capacity to
support the listing of Short Term
Options Series should it determine to do
so in the future.
2. Statutory Basis
The Exchange believes that Short
Term Option Series increases the variety
of listed options available to investors
and provides investors with a valuable
tool to manage risk exposure, minimize
capital outlays and be more responsive
to the timing of events affecting the
securities that underlie options
contracts. For these reasons, the
Exchange believes the proposed rule
change is consistent with Section 6(b) of
the Act.6 Specifically, the Exchange
believes the proposed rule change is
consistent with Section 6(b)(5) 7
requirements that the rules of an
exchange be designed to promote just
and equitable principles of trade, serve
to remove impediments to and perfect
the mechanism for a free and open
market and a national market system,
and, in general, to protect investors and
the public interest.
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.
PO 00000
6 15
7 15
U.S.C. 78(f)(b).
U.S.C. 78(f)(b)(5).
Frm 00103
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 foregoing 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
the filing, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, it has
become effective pursuant to 19(b)(3)(A)
of the Act 8 and Rule 19b–4(f)(6)
thereunder.9
The Exchange has asked the
Commission to waive the operative
delay to permit the proposed rule
change to become operative prior to the
30th day after filing. The Commission
has determined that waiving the 30-day
operative delay of the Exchange’s
proposal is consistent with the
protection of investors and the public
interest and will promote competition
because such waiver will allow ISE to
continue the existing Pilot Program
without interruption.10 Therefore, the
Commission designates the proposal
operative upon filing.
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.
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. ISE has satisfied this requirement.
10 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).
9 17
E:\FR\FM\17JYN1.SGM
17JYN1
Federal Register / Vol. 74, No. 136 / Friday, July 17, 2009 / Notices
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–ISE–2009–49 on the subject
line.
Paper Comments
mstockstill on DSKH9S0YB1PROD with NOTICES
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60283; File No. SR–
NYSEAmex–2009–41]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Amex LLC Amending Its Option
Trading Rules in Order To Adopt the
Quarterly Option Series Pilot Program
on a Permanent Basis
July 10, 2009.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on July 9,
All submissions should refer to File
2009, NYSE Amex LLC (‘‘NYSE Amex’’
Number SR–ISE–2009–49. This file
or the ‘‘Exchange’’) filed with the
number should be included on the
Securities and Exchange Commission
subject line if e-mail is used. To help the (the ‘‘Commission’’) the proposed rule
Commission process and review your
change as described in Items I and II
comments more efficiently, please use
below, which Items have been prepared
only one method. The Commission will by the self-regulatory organization. The
post all comments on the Commission’s Commission is publishing this notice to
Internet Web site (https://www.sec.gov/
solicit comments on the proposed rule
rules/sro.shtml). Copies of the
change from interested persons.
submission, all subsequent
I. Self-Regulatory Organization’s
amendments, all written statements
Statement of the Terms of Substance of
with respect to the proposed rule
the Proposed Rule Change
change that are filed with the
Commission, and all written
The Exchange proposes to amend its
communications relating to the
option trading rules in order to adopt
proposed rule change between the
Commission and any person, other than the Quarterly Option Series Pilot
Program on a permanent basis. The text
those that may be withheld from the
of the proposed rule change is attached
public in accordance with the
as Exhibit 5 to the 19b–4 form. A copy
provisions of 5 U.S.C. 552, will be
of this filing is available on the
available for inspection and copying in
Exchange’s Web site at https://
the Commission’s Public Reference
www.nyse.com, at the Exchange’s
Room, 100 F Street, NE., Washington,
principal office and at the Commission’s
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m. Public Reference Room.
Copies of the filing also will be available
II. Self-Regulatory Organization’s
for inspection and copying at the
Statement of the Purpose of, and
principal office of the Exchange. All
Statutory Basis for, the Proposed Rule
comments received will be posted
Change
without change; the Commission does
not edit personal identifying
In its filing with the Commission, the
information from submissions. You
self-regulatory organization included
should submit only information that
statements concerning the purpose of,
you wish to make available publicly. All and basis for, the proposed rule change
submissions should refer to File
and discussed any comments it received
Number SR–ISE–2009–49 and should be on the proposed rule change. The text
submitted on or before August 7, 2009.
of those statements may be examined at
For the Commission, by the Division of
the places specified in Item IV below.
Trading and Markets, pursuant to delegated
The Exchange has prepared summaries,
authority.11
set forth in sections A, B, and C below,
Elizabeth M. Murphy,
of the most significant parts of such
statements.
Secretary.
[FR Doc. E9–17006 Filed 7–16–09; 8:45 am]
BILLING CODE 8010–01–P
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
11 17
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
19:20 Jul 16, 2009
Jkt 217001
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
34813
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 adopt
the Quarterly Option Series Pilot
Program (‘‘QOS Program’’) on a
permanent basis. On July 12, 2006, the
Exchange filed with the Securities and
Exchange Commission (‘‘Commission’’)
SR–Amex–2006–67, which was effective
on filing and established the QOS
Program. The QOS Program allows
NYSE Amex to list and trade Quarterly
Option Series, which expire at the close
of business on the last business day or
a calendar quarter. Under the QOS
Program, NYSE Amex may select up to
five (5) currently listed exchange traded
fund (‘‘ETF’’) or index option classes on
which Quarterly Option Series may be
opened. In addition, NYSE Amex may
also list Quarterly Option Series on any
options classes that are selected by other
securities exchanges that employ a
similar pilot program under their
respective rules.
The Exchange may list series that
expire at the end of the next consecutive
four (4) calendar quarters, as well as the
fourth quarter of the next calendar year.
For example, if the Exchange is trading
Quarterly Options Series in the month
of May 2009, it may list series that
expire at the end of the second, third,
and fourth quarters of 2009, as well as
the first and fourth quarters of 2010.
Following the second quarter 2009
expiration, the Exchange could add
series that expire at the end of the
second quarter of 2010.
Quarterly Option Series are P.M.
settled.
Quarterly Option Series in ETF Options
If an ETF option is selected for
participation in the QOS Program, the
strike price of each Quarterly Option
Series is fixed at a price per share, with
at least two strike prices above and two
strike prices below the approximate
value of the underlying security at about
the time the Quarterly Options Series is
opened for trading on the Exchange.
NYSE Amex shall list strike prices for
a Quarterly Option series that are within
$5 of the closing price of the underlying
on the preceding day.
The Exchange may open for trading
additional Quarterly Options Series of
the same class when the Exchange
deems it necessary to maintain an
orderly market, to meet customer
demand or when the market price of the
underlying security moves substantially
from the initial exercise price or prices.
To the extent that any additional strike
E:\FR\FM\17JYN1.SGM
17JYN1
]]>Agencies
[Federal Register Volume 74, Number 136 (Friday, July 17, 2009)]
[Notices]
[Pages 34811-34813]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-17006]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60281; File No. SR-ISE-2009-49]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Extend a Pilot Program for Short Term Options Series
July 10, 2009.
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 July 8, 2009, 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 and II
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.
---------------------------------------------------------------------------
[[Page 34812]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to amend its rules to extend the Short
Term Option Series Pilot Program (``Pilot Program'') for an additional
year. The text of the proposed rule change is available on the
Exchange's Web site https://www.ise.com, at the Exchange's Office of the
Secretary, 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, 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
On July 12, 2005, the Commission approved the Short Term Option
Series Pilot Program (``Pilot Program'') that allows ISE to list and
trade Short Term Option Series.\3\ Under the terms of the Pilot
Program, the Exchange can select up to five options classes on which
Short Term Option Series may be opened on any Short Term Option Series
Opening Date. The Exchange is also allowed to list Short Term Option
Series on any option class that is selected by other securities
exchanges that employ a similar pilot program under their respective
rules.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 52012 (July 12,
2005), 70 FR 41246 (July 18, 2005).
---------------------------------------------------------------------------
The Pilot Program was subsequently extended \4\ and the current
Pilot Program is set to expire on July 12, 2009.\5\ The purpose of this
proposed rule change is to extend the Pilot Program for an additional
one year. The Exchange believes that Short Term Option Series provides
investors with a flexible and valuable tool to manage risk exposure,
minimize capital outlays, and be more responsive to the timing of
events affecting the securities that underlie option contracts. While
ISE has not listed any Short Term Option Series during the Pilot
Program, there has been investor interest in trading short-term options
at the Chicago Board Options Exchange. For competitive reasons and in
order to have the ability to respond to customer interest in Short Term
Option Series, the Exchange proposes the continuation of the Pilot
Program at ISE.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release Nos. 54117 (July 12,
2006), 71 FR 40564 (July 17, 2006); 56047 (July 11, 2007), 72 FR
39106 (July 17, 2007).
\5\ See Securities Exchange Act Release No. 58020 (June 25,
2008), 73 FR 38000 (July 2, 2008).
---------------------------------------------------------------------------
In the original proposal to establish the Pilot Program, the
Exchange stated that if it were to propose an extension or an expansion
of the Pilot Program, the Exchange would submit, along with any filing
proposing such amendments to the Pilot Program, a report (``Pilot
Program Report'') that would provide an analysis of the Pilot Program
covering the entire period during which the Pilot Program was in
effect. Since the Exchange did not list any Short Term Option Series
during the preceding year of the Pilot Program, there is no data
available to compile such a report at this time. Therefore, the
Exchange is not submitting a Pilot Program Report with this proposal.
Finally, the Exchange represents that it has the necessary systems
capacity to support the listing of Short Term Options Series should it
determine to do so in the future.
2. Statutory Basis
The Exchange believes that Short Term Option Series increases the
variety of listed options available to investors and provides investors
with a valuable tool to manage risk exposure, minimize capital outlays
and be more responsive to the timing of events affecting the securities
that underlie options contracts. For these reasons, the Exchange
believes the proposed rule change is consistent with Section 6(b) of
the Act.\6\ Specifically, the Exchange believes the proposed rule
change is consistent with Section 6(b)(5) \7\ requirements that the
rules of an exchange be designed to promote just and equitable
principles of trade, serve to remove impediments to and perfect the
mechanism for a free and open market and a national market system, and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78(f)(b).
\7\ 15 U.S.C. 78(f)(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 foregoing 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 the filing, or such
shorter time as the Commission may designate, if consistent with the
protection of investors and the public interest, it has become
effective pursuant to 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6)
thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
ISE has satisfied this requirement.
---------------------------------------------------------------------------
The Exchange has asked the Commission to waive the operative delay
to permit the proposed rule change to become operative prior to the
30th day after filing. The Commission has determined that waiving the
30-day operative delay of the Exchange's proposal is consistent with
the protection of investors and the public interest and will promote
competition because such waiver will allow ISE to continue the existing
Pilot Program without interruption.\10\ Therefore, the Commission
designates the proposal operative upon filing.
---------------------------------------------------------------------------
\10\ 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).
---------------------------------------------------------------------------
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.
[[Page 34813]]
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-2009-49 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-ISE-2009-49. 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 the 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-2009-49 and should be
submitted on or before August 7, 2009.
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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Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-17006 Filed 7-16-09; 8:45 am]
BILLING CODE 8010-01-P
