Self-Regulatory Organizations; International Securities Exchange, LLC; Order Approving a Proposed Rule Change Relating to Historical ISE Open/Close Trade Profile Fees, 55610-55611 [E9-25832]
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Federal Register / Vol. 74, No. 207 / Wednesday, October 28, 2009 / Notices
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve such proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
erowe on DSK5CLS3C1PROD with NOTICES
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–FINRA–2009–068 on the
subject line.
available publicly. All submissions
should refer to File Number SR–FINRA–
2009–068 and should be submitted on
or before November 18, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–25873 Filed 10–27–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60859; File No. SR–ISE–
2009–64]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Order Approving a Proposed
Rule Change Relating to Historical ISE
Open/Close Trade Profile Fees
October 21, 2009.
On August 25, 2009, the International
Securities Exchange, LLC (the
‘‘Exchange’’ or the ‘‘ISE’’) filed with the
Securities and Exchange Commission
Paper Comments
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
• Send paper comments in triplicate
of 1934 (‘‘Act’’) 1 and Rule 19b–4
to Elizabeth M. Murphy, Secretary,
thereunder,2 a proposed rule change to
Securities and Exchange Commission,
amend its Schedule of Fees to adopt
100 F Street, NE., Washington, DC
reduced subscription fees for academic
20549–1090.
institutions for the sale of historical
All submissions should refer to File
open and close volume data on ISE
Number SR–FINRA–2009–068. This file
listed options. Notice of the proposed
number should be included on the
rule change was published for comment
subject line if e-mail is used. To help the
in the Federal Register on September
Commission process and review your
17, 2009.3 The Commission received no
comments more efficiently, please use
comments on the proposal. This order
only one method. The Commission will
approves the proposed rule change.
post all comments on the Commission’s
ISE currently sells a market data
Internet Web site (https://www.sec.gov/
offering comprised of the entire opening
rules/sro.shtml). Copies of the
and closing trade data of ISE listed
submission, all subsequent
options of both customers and firms
amendments, all written statements
(‘‘ISE Open/Close Trade Profile’’).4 The
with respect to the proposed rule
ISE Open/Close Trade Profile enables
change that are filed with the
subscribers to create their own
Commission, and all written
proprietary put/call calculations. The
communications relating to the
data is compiled and formatted by ISE
proposed rule change between the
as an end of day file. This market data
Commission and any person, other than offering is currently available to both
those that may be withheld from the
members and non-members on annual
public in accordance with the
subscription basis.5
provisions of 5 U.S.C. 552, will be
ISE also sells to both members and
available for inspection and copying in
non-members historical ISE Open/Close
the Commission’s Public Reference
Trade Profile, a market data offering
Room, on official business days between
the hours of 10 a.m. and 3 p.m. Copies
15 17 CFR 200.30–3(a)(12).
of the filing also will be available for
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
inspection and copying at the principal
3 See Securities Exchange Act Release No. 60654
office of the Exchange. All comments
received will be posted without change; (September 17, 2009), 74 FR 47848 (‘‘Notice’’).
4 See Securities Exchange Act Release No. 56254
the Commission does not edit personal
(August 15, 2007), 72 FR 47104 (August 22, 2007)
identifying information from
(approving SR–ISE–2007–70).
submissions. You should submit only
5 The current subscription rate for both members
and non-members is $600 per month.
information that you wish to make
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15:34 Oct 27, 2009
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comprised of the entire opening and
closing trade data of both customers and
firms that dates back to May 2005 (on
an ad-hoc basis or as a complete set that
dates back to May 2005). Ad-hoc
subscribers can purchase this data for
any number of months, beginning from
May 2005 through the current month.
Alternatively, subscribers can purchase
the entire set of this data, beginning
from May 2005 through the current
month. The historical ISE Open/Close
Trade Profile is compiled and formatted
by ISE and sold as a zipped file. ISE
charges ad-hoc subscribers $600 per
request for each month of data and a
discounted fee of $500 per request per
month for subscribers that want the
complete set, i.e., from May 2005 to the
present month.
The Exchange now proposes to adopt
reduced fees for subscriptions to
historical ISE Open/Close Trade Profile
by academic institutions for their
research purposes.6 In order to
encourage and promote academic
studies of its market data, ISE proposes
to charge a flat rate of $500 for up to 12
months of data or $1,000 for the
complete data set. Academic
institutions may not use the data in
support of actual securities trading. The
proposed discount applies only to the
market data fees and does not cover any
access or telecommunication charges
that may be incurred by an academic
institution. In addition, with the
adoption of reduced fees for academic
institutions, ISE is not waiving any of its
contractual rights and all academic
institutions that subscribe to this data
will be required to execute the
appropriate subscriber agreement.
After careful review, the Commission
finds that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.7 In particular, the
Commission finds that the proposed
rule change is consistent with the
requirements of Section 6(b)(4) of the
Act,8 which requires that the rules of a
national securities exchange provide for
the equitable allocation of reasonable
dues, fees and other charges among
members and issuers and other persons
using its facilities, and Section 6(b)(5) of
6 The Exchange stated that occasionally, academic
institutions inquire with the Exchange about
subscribing to the historical ISE Open/Close Trade
Profile for research purposes but are not inclined
to pay the full price.
7 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
8 15 U.S.C. 78f(b)(4).
E:\FR\FM\28OCN1.SGM
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Federal Register / Vol. 74, No. 207 / Wednesday, October 28, 2009 / Notices
the Act,9 which requires, among other
things, that the rules of an exchange be
designed to promote just and equitable
principles of trade, 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; and
not be designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers.
The Exchange proposes to reduce fees
for subscriptions to its historical ISE
Open/Close Trade Profile by academic
institutions only if they use the data for
their research purposes. The proposed
fees will apply equally to all academic
institutions. The proposed rule change
should promote academic research,
which can benefit all market
participants. Further, the Commission
notes that Options Price Reporting
Authority (‘‘OPRA’’) has in place a
similar Academic Waiver Policy,
pursuant to which OPRA waives its fees
for universities that wish to use its data
for research and educational instruction
purposes.10
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act, that the
proposed rule change (SR–ISE–2009–
64), be and hereby is approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–25832 Filed 10–27–09; 8:45 am]
erowe on DSK5CLS3C1PROD with NOTICES
BILLING CODE 8011–01–P
9 15
U.S.C. 78f(b)(5).
Securities Exchange Act Release 58424
(August 26, 2008), 73 FR 51545 (September 3, 2008)
(Notice of Filing and Immediate Effectiveness of
Proposed Amendment to the Options Price
Reporting Authority’s Academic Waiver Policy).
11 17 CFR 200.30–3(a)(12).
10 See
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15:34 Oct 27, 2009
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60857; File No. SR–CBOE–
2009–074]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Interpretation
and Policy .13 to Rule 5.3
October 21, 2009.
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 October
20, 2009, the Chicago Board Options
Exchange, Incorporated (‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I and II below, which Items
have been prepared by the Exchange.
The Exchange filed the proposal as a
‘‘non-controversial’’ proposed rule
change pursuant to Section 19(b)(3)(A)
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
CBOE proposes to revise CBOE Rule
5.3.13(1)(E) to amend the definition of
Futures-Linked Securities for the
trading of options on Index-Linked
Securities. The text of the rule proposal
is available on the Exchange’s Web site
(https://www.cboe.org/legal), at the
Exchange’s Office of the Secretary and
at the Commission.
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 those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
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55611
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Interpretation and Policy .13 to Rule
5.3 designates the listing and trading of
options on ‘‘Equity Index-Linked
Securities,’’ ‘‘Commodity-Linked
Securities,’’ ‘‘Currency-Linked
Securities,’’ ‘‘Fixed Income IndexLinked Securities,’’ ‘‘Futures-Linked
Securities’’ and ‘‘Multifactor IndexLinked Securities,’’ collectively known
as ‘‘Index-Linked Securities’’ that are
principally traded on a national
securities exchange and an ‘‘NMS
Stock’’ (as defined in Rule 600 of
Regulation NMS under the Securities
and Exchange Act of 1934). The
Exchange proposes to amend the
definition of Futures-Linked Securities
for the trading of options on IndexLinked Securities to include products
linked to CBOE Volatility Index (‘‘VIX’’)
futures. Specifically, the Exchange
proposes to add VIX futures to the
definition of a Futures Reference Asset
in Rule 5.3.13(1)(E).
Index-Linked Securities are designed
for investors who desire to participate in
a specific market segment by providing
exposure to one or more identifiable
underlying securities, commodities,
currencies, derivative instruments or
market indexes of the foregoing
(‘‘Underlying Index’’ or ‘‘Underlying
Indexes’’). Index-Linked Securities are
the non-convertible debt of an issuer
that have a term of at least one (1) year
but not greater than thirty (30) years.
Despite the fact that Index-Linked
Securities are linked to an underlying
index, each trade as a single, exchangelisted security. Accordingly, rules
pertaining to the listing and trading of
standard equity options apply to IndexLinked Securities.
Currently, the Exchange will consider
listing and trading options on IndexLinked Securities provided the IndexLinked Securities meet the criteria for
underlying securities set forth in
Interpretation and Policy .01 to Rule 5.3
or the criteria set forth in Interpretation
and Policy .13(3)(B) to Rule 5.3.
Index-Linked Securities must meet
the criteria and guidelines for
underlying securities set forth in
Interpretation and Policy .01 Rule 5.3;
or the Index-Linked Securities must be
redeemable at the option of the holder
at least on a weekly basis through the
issuer at a price related to the applicable
E:\FR\FM\28OCN1.SGM
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]]>Agencies
[Federal Register Volume 74, Number 207 (Wednesday, October 28, 2009)]
[Notices]
[Pages 55610-55611]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-25832]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60859; File No. SR-ISE-2009-64]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Order Approving a Proposed Rule Change Relating to Historical ISE
Open/Close Trade Profile Fees
October 21, 2009.
On August 25, 2009, the International Securities Exchange, LLC (the
``Exchange'' or the ``ISE'') filed with the Securities and Exchange
Commission (``Commission''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to amend its Schedule of Fees to
adopt reduced subscription fees for academic institutions for the sale
of historical open and close volume data on ISE listed options. Notice
of the proposed rule change was published for comment in the Federal
Register on September 17, 2009.\3\ The Commission received no comments
on the proposal. This order approves the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 60654 (September 17,
2009), 74 FR 47848 (``Notice'').
---------------------------------------------------------------------------
ISE currently sells a market data offering comprised of the entire
opening and closing trade data of ISE listed options of both customers
and firms (``ISE Open/Close Trade Profile'').\4\ The ISE Open/Close
Trade Profile enables subscribers to create their own proprietary put/
call calculations. The data is compiled and formatted by ISE as an end
of day file. This market data offering is currently available to both
members and non-members on annual subscription basis.\5\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 56254 (August 15,
2007), 72 FR 47104 (August 22, 2007) (approving SR-ISE-2007-70).
\5\ The current subscription rate for both members and non-
members is $600 per month.
---------------------------------------------------------------------------
ISE also sells to both members and non-members historical ISE Open/
Close Trade Profile, a market data offering comprised of the entire
opening and closing trade data of both customers and firms that dates
back to May 2005 (on an ad-hoc basis or as a complete set that dates
back to May 2005). Ad-hoc subscribers can purchase this data for any
number of months, beginning from May 2005 through the current month.
Alternatively, subscribers can purchase the entire set of this data,
beginning from May 2005 through the current month. The historical ISE
Open/Close Trade Profile is compiled and formatted by ISE and sold as a
zipped file. ISE charges ad-hoc subscribers $600 per request for each
month of data and a discounted fee of $500 per request per month for
subscribers that want the complete set, i.e., from May 2005 to the
present month.
The Exchange now proposes to adopt reduced fees for subscriptions
to historical ISE Open/Close Trade Profile by academic institutions for
their research purposes.\6\ In order to encourage and promote academic
studies of its market data, ISE proposes to charge a flat rate of $500
for up to 12 months of data or $1,000 for the complete data set.
Academic institutions may not use the data in support of actual
securities trading. The proposed discount applies only to the market
data fees and does not cover any access or telecommunication charges
that may be incurred by an academic institution. In addition, with the
adoption of reduced fees for academic institutions, ISE is not waiving
any of its contractual rights and all academic institutions that
subscribe to this data will be required to execute the appropriate
subscriber agreement.
---------------------------------------------------------------------------
\6\ The Exchange stated that occasionally, academic institutions
inquire with the Exchange about subscribing to the historical ISE
Open/Close Trade Profile for research purposes but are not inclined
to pay the full price.
---------------------------------------------------------------------------
After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities exchange.\7\
In particular, the Commission finds that the proposed rule change is
consistent with the requirements of Section 6(b)(4) of the Act,\8\
which requires that the rules of a national securities exchange provide
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using its facilities, and
Section 6(b)(5) of
[[Page 55611]]
the Act,\9\ which requires, among other things, that the rules of an
exchange be designed to promote just and equitable principles of trade,
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; and not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\7\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\8\ 15 U.S.C. 78f(b)(4).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange proposes to reduce fees for subscriptions to its
historical ISE Open/Close Trade Profile by academic institutions only
if they use the data for their research purposes. The proposed fees
will apply equally to all academic institutions. The proposed rule
change should promote academic research, which can benefit all market
participants. Further, the Commission notes that Options Price
Reporting Authority (``OPRA'') has in place a similar Academic Waiver
Policy, pursuant to which OPRA waives its fees for universities that
wish to use its data for research and educational instruction
purposes.\10\
---------------------------------------------------------------------------
\10\ See Securities Exchange Act Release 58424 (August 26,
2008), 73 FR 51545 (September 3, 2008) (Notice of Filing and
Immediate Effectiveness of Proposed Amendment to the Options Price
Reporting Authority's Academic Waiver Policy).
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (SR-ISE-2009-64), be and hereby is
approved.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-25832 Filed 10-27-09; 8:45 am]
BILLING CODE 8011-01-P
