Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Program To Expose All-Or-None Orders Until December 31, 2009, 61393-61395 [E9-28098]
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61393
Federal Register / Vol. 74, No. 225 / Tuesday, November 24, 2009 / Notices
2. Statutory Basis
SCCP believes that the proposed rule
change is consistent with the provisions
of Section 17A of the Act,8 in general,
and with Section 17A(b)(3)(A) of the
Act,9 in particular, in that it is designed
to ensure that SCCP is so organized and
has the capacity to be able to facilitate
the prompt and accurate clearance and
settlement of securities transactions.
SCCP believes that the proposed rule
change and the issuance of Series A
Preferred to existing investors will
result in no substantive change to the
corporate ownership structure of its
parent NASDAQ OMX.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
SCCP does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
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)(A)(iii) of the Act 10 and
subparagraph (f)(3) of Rule 19b–4
thereunder.11 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, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
approximately $500,000 in aggregate principal
amount of the outstanding Notes.
8 15 U.S.C. 78q–1.
9 15 U.S.C. 78q–1(b)(3)(A).
10 15 U.S.C. 78s(b)(3)(a)(iii).
11 17 CFR 240.19b–4(f)(3).
VerDate Nov<24>2008
15:15 Nov 23, 2009
Jkt 220001
• Send an e-mail to rulecomments@sec.gov. Please include File
Number R–SCCP–2009– 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–SCCP–2009–04. 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
offices 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–SCCP–2009–04, and should
be submitted on or before December 15,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–28095 Filed 11–23–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61016; File No. SR–ISE–
2009–96]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Extend the Pilot Program
To Expose All-Or-None Orders Until
December 31, 2009
November 17, 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 November
13, 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.
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 implement a broadcast
message that will inform market
participants when a non-marketable allor-none limit order is placed on the
limit order book. The text of the
proposed rule change is as follows, with
deletions in [brackets] and additions
italicized:
Rule 717. Limitations on Orders
*
*
*
*
PO 00000
CFR 200.30–3(a)(12).
Frm 00077
Fmt 4703
Sfmt 4703
*
*
*
*
*
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
1 15
12 17
*
Supplementary Material to Rule 717
.01–.03 No Change.
.04 A non-marketable all-or-none limit
order shall be deemed ‘‘exposed’’ for the
purposes of paragraphs (d) and (e) one
second following a broadcast notifying
[members] market participants that such an
order to buy or sell a specified number of
contracts at a specified price has been
received in the options series. This provision
shall be in effect on a pilot basis expiring
[November 9, 2009] December 31, 2009.
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
E:\FR\FM\24NON1.SGM
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Federal Register / Vol. 74, No. 225 / Tuesday, November 24, 2009 / Notices
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
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
(a) Purpose—Pursuant to ISE Rule
717(d) and (e), Electronic Access
Members must expose agency orders on
the Exchange for at least one second
before entering a contra-side proprietary
order or a contra-side order that was
solicited from a broker-dealer, or utilize
one of the Exchange’s execution
mechanisms that have one second
exposure periods built into the
functionality.3
The Exchange operates an integrated
system that consolidates all market
maker quotes and orders, and
automatically disseminates the best bid
and offer. If a limit order is designated
as all-or-none (‘‘AON’’), the contingency
that the order must be executed in full
makes it ineligible for display in the
best bid or offer. Nevertheless, such
orders are maintained in the system and
remain available for execution after all
other trading interest at the same price
has been exhausted.4 Upon the receipt
of a non-marketable all-or-none limit
order, the system automatically will
send a broadcast message to all market
participants notifying them that an allor-none order to buy or to sell a
specified number of contracts at a
specified price has been placed on the
book.
On July 9, 2009, the Exchange
adopted a proposed rule change on a
three-month pilot basis to specify that a
non-marketable all-or-none limit order
is deemed ‘‘exposed’’ for the purposes
of Rule 717(d) and (e) one second
following a broadcast notifying
members that such an order to buy or
sell a specified number of contracts at
a specified price has been received in
the options series. The Exchange
subsequently extended the pilot, which
is set to expire on November 9, 2009.5
The Exchange now proposes to extend
the pilot through the end of the year,
until December 31, 2009. During the
extension, the broadcast message will be
3 See ISE Rule 716(d) (Facilitation Mechanism),
Rule 716(e) (Solicited Order Mechanism) and Rule
723 (Price Improvement Mechanism for Crossing
Transactions).
4 Supplementary Material .02 to ISE Rule 713.
5 See Securities Exchange Act Release No. 60866
(October 22, 2009), 74 FR 55879 (October 29, 2009).
VerDate Nov<24>2008
15:15 Nov 23, 2009
Jkt 220001
made available to any market
participant, not just members.6 Thus, all
of the terms of the order will be
disclosed to all market participants.
(b) Basis—The basis under the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) for this proposed rule
change is the requirement under Section
6(b)(5) that an exchange have rules that
are designed to promote just and
equitable principles of trade, and 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. In particular, under the
proposed rule change all-or-none orders
will continue to be exposed to all
market participants so that there is a
greater opportunity for them to interact
with such orders.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i)
Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) does not 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, the proposed rule change has
become effective pursuant to Section
19(b)(3)(A) of the Act 7 and Rule 19b–
4(f)(6) thereunder.8
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative prior to 30 days after
6 The AON broadcast message is available
through the Exchange’s application programming
interface (‘‘API’’). Any member or non-member
connecting to the API can receive the AON
broadcast message. The Exchange is not proposing
to adopt a fee associated with receiving this
message, and any future fee would be filed with the
Commission.
7 15 U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(6).
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
the date of filing.9 However, Rule 19b–
4(f)(6)(iii) 10 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. ISE
has requested that the Commission
waive the 30-day operative delay. The
Commission notes that waiver of the
operative delay will permit the pilot to
continue until December 31, 2009
without further delay, and will provide
all market participants, instead of only
ISE members, with the opportunity to
receive ISE’s broadcast message with
information about the terms of new
AON orders. The Commission also notes
that no comments were received to date
on the existing pilot. For these reasons,
the Commission believes that waiving
the 30-day operative delay is consistent
with the protection of investors and the
public interest, and designates the
proposed rule change to be operative
upon filing with the Commission.11
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:
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
No. SR–ISE–2009–96 on the subject
line.
Paper Comments
Send paper comments in triplicate to
Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
9 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written
notice of its intent to file the proposed rule change,
along with a brief description and text of the
proposed rule change, at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange satisfied this
requirement.
10 Id.
11 For the 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).
E:\FR\FM\24NON1.SGM
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Federal Register / Vol. 74, No. 225 / Tuesday, November 24, 2009 / Notices
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File No.
SR–ISE–2009–96. This file number
should be included on the subject line
if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of ISE. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File No.
SR–ISE–2009–96 and should be
submitted on or before December 15,
2009.
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 4,
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, II, and III below, which Items
have been prepared by the Exchange.
On November 13, 2009, the Exchange
filed Amendment No. 1 to the proposal,
which replaced the original filing in its
entirety. The Commission is publishing
this notice to solicit comments on the
proposed rule change, as amended, 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 6.13A, Simple Auction Liaison
(SAL), to revise the Designated Primary
Market-Maker (‘‘DPM’’)/Lead MarketMaker (‘‘LMM’’) participation
entitlement formula that is applicable to
SAL executions in Hybrid 3.0 classes.
The text of the proposed rule change is
available on the Exchange’s Web site
(https://www.cboe.org/Legal), at the
Office of the Secretary, CBOE and at the
Commission.
BILLING CODE 8011–01–P
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.
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–28098 Filed 11–23–09; 8:45 am]
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
[Release No. 34–61024; File No. SR–CBOE–
2009–025]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of
Proposed Rule Change, as Modified by
Amendment No. 1, Related to the
Simple Auction Liaison (SAL)
November 18, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
1. Purpose
The purpose of Amendment No. 1,
which replaces the original filing in its
entirety, is to modify the proposed rule
change so that the revised DPM/LMM
participation entitlement formula
applicable to SAL executions in selected
Hybrid 3.0 classes will operate on a 1year pilot basis.
SAL is a feature within CBOE’s
Hybrid System that auctions marketable
orders for price improvement over the
1 15
12 17
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
15:15 Nov 23, 2009
2 17
Jkt 220001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00079
Fmt 4703
Sfmt 4703
61395
national best bid or offer (‘‘NBBO’’). For
Hybrid 3.0 Classes, the Exchange
determines, on a class-by-class basis,
which electronic matching algorithm
from Rule 6.45B, Priority and Allocation
of Trades in Index Options and Options
on ETFs on the CBOE Hybrid System,
shall apply to SAL executions (e.g., prorata, price-time, UMA priority with
public customer, participation
entitlement and/or market turner
priority overlays). Additionally, the
Exchange may establish, on a class-byclass basis, a DPM/LMM participation
entitlement that is applicable only to
SAL executions. Pursuant to Rules
8.15B and 8.87, the participation
entitlement generally is 50% when there
is one other Market-Maker also quoting
at the best bid/offer on the Exchange,
40% when there are two Market-Makers
also quoting at the best bid/offer on the
Exchange, and 30% when there are
three or more Market-Makers also
quoting at the best bid/offer on the
Exchange. In addition, the participation
entitlement must be in compliance with
Rule 6.45B(a)(i)(2). In relevant part, Rule
6.45B(a)(i)(2) provides that the DPM or
LMM may not be allocated a total
quantity greater than the quantity that it
is quoting (including orders not part of
quotes) at that price. In addition, if prorata priority is in effect and the DPM or
LMM’s allocation of an order pursuant
to its participation entitlement is greater
than its percentage share of quotes/
orders at the best price at the time that
the participation entitlement is granted
(the ‘‘pro-rata share’’), the DPM or LMM
shall not receive any further allocation
of that order. The rule also provides that
the participation entitlement shall not
be in effect unless public customer
priority is in effect in a priority
sequence ahead of the participation
entitlement and then the participation
entitlement shall only apply to any
remaining balance.3 In addition,
responses to SAL auctions are capped to
the size of the Agency Order for
allocation purposes pursuant to Rule
6.13A.
Thus, for example, assume an
incoming agency order to buy 250
contracts is received and at the
conclusion of the SAL auction the LMM
is offered at the best price for 200
contracts, 1 customer is offered at the
best price for 50 contracts and 4 other
Maker-Makers are offered at the best
price for 140 contracts each. In this
3 Rule 6.45B(a)(i)(2) also provides that, to be
entitled to their participation entitlement, the DPM/
LMM’s order and/or quote must be at the best price
on the Exchange. For purposes of SAL executions,
the Exchange interprets this to mean that the DPM/
LMM must be at the best price at both the start and
the conclusion of the SAL auction.
E:\FR\FM\24NON1.SGM
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]]>Agencies
[Federal Register Volume 74, Number 225 (Tuesday, November 24, 2009)]
[Notices]
[Pages 61393-61395]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-28098]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61016; File No. SR-ISE-2009-96]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Extend the Pilot Program To Expose All-Or-None Orders Until
December 31, 2009
November 17, 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 November 13, 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.
---------------------------------------------------------------------------
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 implement a
broadcast message that will inform market participants when a non-
marketable all-or-none limit order is placed on the limit order book.
The text of the proposed rule change is as follows, with deletions in
[brackets] and additions italicized:
Rule 717. Limitations on Orders
* * * * *
Supplementary Material to Rule 717
.01-.03 No Change.
.04 A non-marketable all-or-none limit order shall be deemed
``exposed'' for the purposes of paragraphs (d) and (e) one second
following a broadcast notifying [members] market participants that
such an order to buy or sell a specified number of contracts at a
specified price has been received in the options series. This
provision shall be in effect on a pilot basis expiring [November 9,
2009] December 31, 2009.
* * * * *
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
[[Page 61394]]
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
(a) Purpose--Pursuant to ISE Rule 717(d) and (e), Electronic Access
Members must expose agency orders on the Exchange for at least one
second before entering a contra-side proprietary order or a contra-side
order that was solicited from a broker-dealer, or utilize one of the
Exchange's execution mechanisms that have one second exposure periods
built into the functionality.\3\
---------------------------------------------------------------------------
\3\ See ISE Rule 716(d) (Facilitation Mechanism), Rule 716(e)
(Solicited Order Mechanism) and Rule 723 (Price Improvement
Mechanism for Crossing Transactions).
---------------------------------------------------------------------------
The Exchange operates an integrated system that consolidates all
market maker quotes and orders, and automatically disseminates the best
bid and offer. If a limit order is designated as all-or-none (``AON''),
the contingency that the order must be executed in full makes it
ineligible for display in the best bid or offer. Nevertheless, such
orders are maintained in the system and remain available for execution
after all other trading interest at the same price has been
exhausted.\4\ Upon the receipt of a non-marketable all-or-none limit
order, the system automatically will send a broadcast message to all
market participants notifying them that an all-or-none order to buy or
to sell a specified number of contracts at a specified price has been
placed on the book.
---------------------------------------------------------------------------
\4\ Supplementary Material .02 to ISE Rule 713.
---------------------------------------------------------------------------
On July 9, 2009, the Exchange adopted a proposed rule change on a
three-month pilot basis to specify that a non-marketable all-or-none
limit order is deemed ``exposed'' for the purposes of Rule 717(d) and
(e) one second following a broadcast notifying members that such an
order to buy or sell a specified number of contracts at a specified
price has been received in the options series. The Exchange
subsequently extended the pilot, which is set to expire on November 9,
2009.\5\ The Exchange now proposes to extend the pilot through the end
of the year, until December 31, 2009. During the extension, the
broadcast message will be made available to any market participant, not
just members.\6\ Thus, all of the terms of the order will be disclosed
to all market participants.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 60866 (October 22,
2009), 74 FR 55879 (October 29, 2009).
\6\ The AON broadcast message is available through the
Exchange's application programming interface (``API''). Any member
or non-member connecting to the API can receive the AON broadcast
message. The Exchange is not proposing to adopt a fee associated
with receiving this message, and any future fee would be filed with
the Commission.
---------------------------------------------------------------------------
(b) Basis--The basis under the Securities Exchange Act of 1934
(``Exchange Act'') for this proposed rule change is the requirement
under Section 6(b)(5) that an exchange have rules that are designed to
promote just and equitable principles of trade, and 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. In particular, under the proposed rule change all-or-
none orders will continue to be exposed to all market participants so
that there is a greater opportunity for them to interact with such
orders.
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i) Does not significantly affect
the protection of investors or the public interest; (ii) does not
impose any significant burden on competition; and (iii) does not 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, the proposed rule change has
become effective pursuant to Section 19(b)(3)(A) of the Act \7\ and
Rule 19b-4(f)(6) thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative prior to 30 days after the date of filing.\9\
However, Rule 19b-4(f)(6)(iii) \10\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. ISE has requested that the
Commission waive the 30-day operative delay. The Commission notes that
waiver of the operative delay will permit the pilot to continue until
December 31, 2009 without further delay, and will provide all market
participants, instead of only ISE members, with the opportunity to
receive ISE's broadcast message with information about the terms of new
AON orders. The Commission also notes that no comments were received to
date on the existing pilot. For these reasons, the Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest, and designates the
proposed rule change to be operative upon filing with the
Commission.\11\
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\9\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization submit to
the Commission written notice of its intent to file the proposed
rule change, along with a brief description and text of the proposed
rule change, at least five business days prior to the date of filing
of the proposed rule change, or such shorter time as designated by
the Commission. The Exchange satisfied this requirement.
\10\ Id.
\11\ For the purposes only of waiving the 30-day operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate 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:
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 No.
SR-ISE-2009-96 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission,
[[Page 61395]]
100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File No. SR-ISE-2009-96. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of ISE. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File No. SR-ISE-2009-96 and should be
submitted on or before December 15, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-28098 Filed 11-23-09; 8:45 am]
BILLING CODE 8011-01-P
