Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the International Securities Exchange, LLC Related to Market Maker Guidelines, 57217-57219 [E9-26509]
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Federal Register / Vol. 74, No. 212 / Wednesday, November 4, 2009 / Notices
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing. However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange requests that the Commission
waive the 30-day operative delay so that
the benefits of this functionality to
Exchange market participants expected
from the rule change can be
implemented on or about November 2,
2009, when the Exchange expects to
have the technological changes in place
to support the proposed rule change.
The Commission believes that waiving
the 30-day operative delay 10 to make
this functionality available on
November 2, 2009 is consistent with the
protection of investors and the public
interest. The Commission notes that the
proposal is similar to rules of other
exchanges.11 Therefore, the Commission
designates the proposal operative on
November 2, 2009.
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:
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml ). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–BX–2009–068 and should
be submitted on or before November 25,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–26510 Filed 11–3–09; 8:45 am]
mstockstill on DSKH9S0YB1PROD 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–BX–2009–068 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–BX–2009–068. This file
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).
11 See BATS Exchange Rule 11.9(f) and NYSE
Arca Equities Rule 7.31(qq).
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BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60897; File No. SR–ISE–
2009–85]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
International Securities Exchange, LLC
Related to Market Maker Guidelines
October 28, 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 October
22, 2009, the International Securities
Exchange, LLC (the ‘‘Exchange’’ or the
‘‘ISE’’) 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 Exchange has filed the proposal as
a ‘‘non-controversial’’ proposed rule
change pursuant to Section
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(6) thereunder.4 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 proposes to amend
Rule 803 to eliminate the provision
providing for bids (offers) to be no more
than $1 lower (higher) that the last
preceding transaction plus or minus the
aggregate change in the last sale price of
the underlying, and amend the
provision pertaining to trades that are
more than $0.25 below parity. 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.
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
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
This proposed rule change is based on
a filing previously submitted by the
Chicago Board Options Exchange
(‘‘CBOE’’) that was effective on filing.5
ISE proposes to amend Rule 803 to
eliminate the provision providing for
bids (offers) to be no more than $1 lower
(higher) that the last preceding
transaction plus or minus the aggregate
change in the last sale price of the
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 See Securities Exchange Act Release No. 60295
(July 13, 2009), 74 FR 35215 (July 20, 2009) (SR–
CBOE–2009–49).
4 17
12 17
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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mstockstill on DSKH9S0YB1PROD with NOTICES
57218
Federal Register / Vol. 74, No. 212 / Wednesday, November 4, 2009 / Notices
underlying, and amend the provision
pertaining to trades that are more than
$0.25 below parity. Rule 803, in part,
provides that market makers are
expected ordinarily, except in unusual
market conditions, not to bid more than
$1 lower or offer more than $1 higher
that the last preceding transaction price
for the particular option contract plus or
minus the aggregate change in the last
sale price of the underlying security
since the time of the last preceding
transaction for the particular option
contract (the ‘‘one point’’ rule). In
addition, market makers are expected
ordinarily, except in unusual market
conditions, to refrain from purchasing a
call option or a put option at a price
more than $0.25 below parity. In the
case of call options, parity is measured
by the bid in the underlying security,
and in the case of put options, parity is
measured by the offer in the underlying
security (the ‘‘parity’’ rule).
First, the Exchange proposes to
eliminate the one point rule. The one
point rule has been in place at the
Exchange since its inception.6 Since
that time, various market changes have
rendered the rule obsolete and
unnecessary. For example, market
makers are now subject to various
quotation requirements, including bid/
ask quote width requirements contained
elsewhere in Rule 803. The Exchange
also has an obvious error rule that
contains provisions on erroneous
pricing errors (e.g., Rule 720) and has in
place certain price check parameters
that will not permit the automatic
execution of certain orders if the
execution would take place at prices
inferior to the national best bid/offer
(e.g., Rules 714(a), 721).
Second, at this time the Exchange is
proposing to retain the parity rule,
which has also been in place at the
Exchange since its inception,7 as a
guideline but to modify it to provide
that an amount larger than $0.25 may be
appropriate considering the particular
market conditions (not just unusual
market conditions as the rule currently
states). The text will also be revised to
provide that the $0.25 guideline may be
increased, or the parity rule waived, by
the Exchange on a series-by-series basis.
The Exchange believes that revising the
$0.25 parity rule in this manner
modernizes the guideline to reflect
market changes (including those
discussed above) and will provide more
flexibility to take into consideration the
particular trading in a security,
including but not limited to the
underlying market price, market
conditions, and applicable minimum
bid/ask width requirements for a given
options series.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) 8 and the rules and regulations
thereunder and, in particular, the
requirements of Section 6(b) of the Act.9
Specifically, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 10 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 to perfect the
mechanism for a free and open market
and a national market system, and, in
general, to protect investors and the
public interest, because it will eliminate
the outdated one point rule and update
the parity rule to incorporate more
flexibility and recognize changing
market conditions.
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: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms, does not 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, it has become effective
pursuant to Section 19(b)(3)(A) 11 of the
8 15
6 See
Securities Exchange Act Release No. 42455
(February 24, 2000), 65 FR 11388 (March 2, 2000).
7 Id.
VerDate Nov<24>2008
16:29 Nov 03, 2009
Jkt 220001
U.S.C. 78s(b)(1).
U.S.C. 78(f)(b).
10 15 U.S.C. 78(f)(b)(5).
11 15 U.S.C. 78s(b)(3)(A).
9 15
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
Act and Rule 19b–4(f)(6)(iii) 12
thereunder.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.13
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 rulecomments@sec.gov. Please include File
Number SR–ISE–2009–85 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–2009–85. 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,
12 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change along with a brief
description and the text of 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. The
Exchange has satisfied the pre-filing requirement.
13 15 U.S.C. 78s(b)(3)(C).
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Federal Register / Vol. 74, No. 212 / Wednesday, November 4, 2009 / Notices
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–ISE–2009–85 and should be
submitted on or before November 25,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–26509 Filed 11–3–09; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice 6782]
mstockstill on DSKH9S0YB1PROD with NOTICES
Industry Advisory Panel: Notice of
Open Meeting
The Industry Advisory Panel of the
Bureau Overseas Buildings Operations
will meet on Tuesday, December 1, 2009
from 9:30 a.m. until 3:30 p.m. Eastern
Standard Time. The meeting is open to
the public as seating permits and will be
held in room 1107 of the U.S.
Department of State, located at 2201 C
Street, NW., (entrance on 23rd Street)
Washington, DC. For logistical and
security reasons, it is imperative that
everyone enter and exit using only the
23rd Street entrance. The majority of the
meeting will be devoted to an exchange
of ideas between the Department’s
senior management and the panel
members on design, operations, and
building maintenance. There will be a
reasonable time provided for members
of the public to provide comment.
Entry to the building is controlled; to
obtain pre-clearance for entry, members
of the public planning to attend should
provide, by November 15, 2009, their
name, professional affiliation, date of
birth, citizenship, and a valid
government-issued ID number (i.e., U.S.
government ID, U.S. military ID,
passport, or drivers license) by emailing: FousheeCT@state.gov. Requests
for reasonable accommodation should
be sent to the same e-mail address by
November 19, 2009. Requests made after
that time will be considered, but may
not be able to be fulfilled. Because of
space restrictions, we request that
14 17
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
16:29 Nov 03, 2009
Jkt 220001
companies interested in attending send
only one representative.
Please contact Jonathan Blyth at
BlythJJ@State.Gov or on (703) 875–4131
with any questions.
Dated: October 23, 2009.
Adam E. Namm,
Director, Acting, U.S. Department of State,
Bureau of Overseas Buildings Operations.
[FR Doc. E9–26613 Filed 11–3–09; 8:45 am]
BILLING CODE 4710–24–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
[Summary Notice No. PE–2007–51]
Petition for Exemption; Summary of
Petition Received
AGENCY: Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of petition for exemption
received.
SUMMARY: This notice contains a
summary of a petition seeking relief
from specified requirements of 14 CFR.
The purpose of this notice is to improve
the public’s awareness of, and
participation in, this aspect of FAA’s
regulatory activities. Neither publication
of this notice nor the inclusion or
omission of information in the summary
is intended to affect the legal status of
the petition or its final disposition.
DATES: Comments on this petition must
identify the petition docket number
involved and must be received on or
before November 24, 2009.
ADDRESSES: You may send comments
identified by Docket Number FAA–
2008–1296 using any of the following
methods:
• Government-wide rulemaking Web
site: Go to https://www.regulations.gov
and follow the instructions for sending
your comments electronically.
• Mail: Send comments to the Docket
Management Facility; U.S. Department
of Transportation, 1200 New Jersey
Avenue, SE., West Building Ground
Floor, Room W12–140, Washington, DC
20590.
• Fax: Fax comments to the Docket
Management Facility at 202–493–2251.
• Hand Delivery: Bring comments to
the Docket Management Facility in
Room W12–140 of the West Building
Ground Floor at 1200 New Jersey
Avenue, SE., Washington, DC, between
9 a.m. and 5 p.m., Monday through
Friday, except Federal holidays.
Privacy: We will post all comments
we receive, without change, to https://
www.regulations.gov, including any
personal information you provide.
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57219
Using the search function of our docket
web site, anyone can find and read the
comments received into any of our
dockets, including the name of the
individual sending the comment (or
signing the comment for an association,
business, labor union, etc.). You may
review DOT’s complete Privacy Act
Statement in the Federal Register
published on April 11, 2000 (65 FR
19477–78).
Docket: To read background
documents or comments received, go to
https://www.regulations.gov at any time
or to the Docket Management Facility in
Room W12–140 of the West Building
Ground Floor at 1200 New Jersey
Avenue, SE., Washington, DC, between
9 a.m. and 5 p.m., Monday through
Friday, except Federal holidays.
FOR FURTHER INFORMATION CONTACT:
Anna Bruse, 202–267–9655, or Tyneka
L. Thomas, 202–267–7626, Office of
Rulemaking, Federal Aviation
Administration, 800 Independence
Avenue, SW., Washington, DC 20591.
This notice is published pursuant to
14 CFR 11.85.
Issued in Washington, DC, on October 29,
2009.
Pamela Hamilton-Powell,
Director, Office of Rulemaking.
Petition for Exemption
Docket No.: FAA–2008–1296.
Petitioner: Highest Wind.
Section of 14 CFR Affected:
§§ 101.13(a)(1), (2), and (3), and
101.17(a) and (b). Description of Relief
Sought: Highest Wind seeks an
exemption from 14 CFR 101.13(a)(1),
(2), and (3), and 101.17(a) and (b) to
operate its unmanned, tethered, semiautonomous glider, at approximately
1,000 feet above ground level (AGL), for
the purpose of generating electrical
power from the wind.
[FR Doc. E9–26500 Filed 11–3–09; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF VETERANS
AFFAIRS
[OMB Control No. 2900–New (VA Form 10–
0476)]
Proposed Information Collection
(Survey of Appropriate and Timely
Diagnosis of Infectious Diseases)
Activity: Comment Request
AGENCY: Veterans Health
Administration, Department of Veterans
Affairs.
ACTION: Notice.
SUMMARY: The Veterans Health
Administration (VHA) is announcing an
E:\FR\FM\04NON1.SGM
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]]>Agencies
[Federal Register Volume 74, Number 212 (Wednesday, November 4, 2009)]
[Notices]
[Pages 57217-57219]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-26509]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60897; File No. SR-ISE-2009-85]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the International Securities
Exchange, LLC Related to Market Maker Guidelines
October 28, 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 October 22, 2009, the International Securities Exchange, LLC
(the ``Exchange'' or the ``ISE'') 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 Exchange has filed the proposal as a ``non-
controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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).
\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 Exchange proposes to amend Rule 803 to eliminate the provision
providing for bids (offers) to be no more than $1 lower (higher) that
the last preceding transaction plus or minus the aggregate change in
the last sale price of the underlying, and amend the provision
pertaining to trades that are more than $0.25 below parity. 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.
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 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
This proposed rule change is based on a filing previously submitted
by the Chicago Board Options Exchange (``CBOE'') that was effective on
filing.\5\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 60295 (July 13,
2009), 74 FR 35215 (July 20, 2009) (SR-CBOE-2009-49).
---------------------------------------------------------------------------
ISE proposes to amend Rule 803 to eliminate the provision providing
for bids (offers) to be no more than $1 lower (higher) that the last
preceding transaction plus or minus the aggregate change in the last
sale price of the
[[Page 57218]]
underlying, and amend the provision pertaining to trades that are more
than $0.25 below parity. Rule 803, in part, provides that market makers
are expected ordinarily, except in unusual market conditions, not to
bid more than $1 lower or offer more than $1 higher that the last
preceding transaction price for the particular option contract plus or
minus the aggregate change in the last sale price of the underlying
security since the time of the last preceding transaction for the
particular option contract (the ``one point'' rule). In addition,
market makers are expected ordinarily, except in unusual market
conditions, to refrain from purchasing a call option or a put option at
a price more than $0.25 below parity. In the case of call options,
parity is measured by the bid in the underlying security, and in the
case of put options, parity is measured by the offer in the underlying
security (the ``parity'' rule).
First, the Exchange proposes to eliminate the one point rule. The
one point rule has been in place at the Exchange since its
inception.\6\ Since that time, various market changes have rendered the
rule obsolete and unnecessary. For example, market makers are now
subject to various quotation requirements, including bid/ask quote
width requirements contained elsewhere in Rule 803. The Exchange also
has an obvious error rule that contains provisions on erroneous pricing
errors (e.g., Rule 720) and has in place certain price check parameters
that will not permit the automatic execution of certain orders if the
execution would take place at prices inferior to the national best bid/
offer (e.g., Rules 714(a), 721).
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 42455 (February 24,
2000), 65 FR 11388 (March 2, 2000).
---------------------------------------------------------------------------
Second, at this time the Exchange is proposing to retain the parity
rule, which has also been in place at the Exchange since its
inception,\7\ as a guideline but to modify it to provide that an amount
larger than $0.25 may be appropriate considering the particular market
conditions (not just unusual market conditions as the rule currently
states). The text will also be revised to provide that the $0.25
guideline may be increased, or the parity rule waived, by the Exchange
on a series-by-series basis. The Exchange believes that revising the
$0.25 parity rule in this manner modernizes the guideline to reflect
market changes (including those discussed above) and will provide more
flexibility to take into consideration the particular trading in a
security, including but not limited to the underlying market price,
market conditions, and applicable minimum bid/ask width requirements
for a given options series.
---------------------------------------------------------------------------
\7\ Id.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') \8\ and the rules and
regulations thereunder and, in particular, the requirements of Section
6(b) of the Act.\9\ Specifically, the Exchange believes the proposed
rule change is consistent with the Section 6(b)(5) \10\ 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 to perfect the mechanism for a free and open
market and a national market system, and, in general, to protect
investors and the public interest, because it will eliminate the
outdated one point rule and update the parity rule to incorporate more
flexibility and recognize changing market conditions.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(1).
\9\ 15 U.S.C. 78(f)(b).
\10\ 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: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms, does not 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, it
has become effective pursuant to Section 19(b)(3)(A) \11\ of the Act
and Rule 19b-4(f)(6)(iii) \12\ thereunder.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires the Exchange to give the Commission written
notice of the Exchange's intent to file the proposed rule change
along with a brief description and the text of 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. The Exchange has satisfied the pre-filing requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.\13\
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\13\ 15 U.S.C. 78s(b)(3)(C).
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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-2009-85 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-2009-85. 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,
[[Page 57219]]
DC 20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such filing also will be available for inspection and
copying at the principal office of the Exchange. All comments received
will be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-ISE-2009-85 and should be submitted on
or before November 25, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-26509 Filed 11-3-09; 8:45 am]
BILLING CODE 8011-01-P
