Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Market Maker Trading Licenses for Foreign Currency Options, 4891-4893 [2010-1853]

Download as PDF Federal Register / Vol. 75, No. 19 / Friday, January 29, 2010 / Notices and its regulatory responsibilities with respect to BIDS.’’ 17 Because these same limitations and conditions will continue to be applicable during the extension of the pilot period, other than the ending date of the pilot period and the recently approved small increase in the ceiling on the Exchange’s equity interest in BIDS, the Exchange believes that the exception from NYSE Rule 2B described above will continue to be consistent with the Act during that extension. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will 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 No written comments were solicited or received with respect to the proposed rule change. jlentini on DSKJ8SOYB1PROD with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposal has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b–4(f)(6) thereunder because it 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 from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest.18 The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, because the proposal would preserve the benefits of the Exchange’s pilot program without interruption as the Exchange and the Commission monitor and assess whether any adverse consequences have resulted from the exceptions to NYSE Rule 2B and if the exceptions continue to be appropriate. 17 Id. at 5019. addition, Rule 19b–4(f)(6) requires the Exchange to give 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. 18 In VerDate Nov<24>2008 16:49 Jan 28, 2010 Jkt 220001 4891 Therefore, the Commission hereby grants the Exchange’s request and designates the proposal as operative upon filing.19 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. Copies of the filing will also 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–NYSE–2010–04 and should be submitted on or before February 19, 2010. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Florence E. Harmon, Deputy Secretary. 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–NYSE–2010–04 on the subject line. SECURITIES AND EXCHANGE COMMISSION 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–NYSE–2010–04. 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, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. 19 For purposes only of waiving the 30-day operative delay of this proposal, 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 00123 Fmt 4703 Sfmt 4703 [FR Doc. 2010–1850 Filed 1–28–10; 8:45 am] BILLING CODE 8011–01–P [Release No. 34–61411; File No. SR–ISE– 2010–05] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Market Maker Trading Licenses for Foreign Currency Options January 22, 2010. 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 January 14, 2010, 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 its Rule 2213 regarding market maker trading licenses for the Exchange’s foreign currency options. The text of the 20 17 CFR 200.30–3(a)(12). 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). 1 15 E:\FR\FM\29JAN1.SGM 29JAN1 4892 Federal Register / Vol. 75, No. 19 / Friday, January 29, 2010 / Notices Exchange sells up to 10 FXCMM trading licenses per currency pair. The minimum price for a FXCMM trading license is currently $500. The Exchange now proposes to eliminate the minimum bid requirement II. Self-Regulatory Organization’s Statement of the Purpose of, and for both FXPMM and FXCMM trading Statutory Basis for, the Proposed Rule licenses. ISE believes doing so will Change promote competition among market makers by allowing smaller firms to In its filing with the Commission, the compete without the additional burden self-regulatory organization included of a minimum fee. Further, some statements concerning the purpose of, currency pairs are more popular than and basis for, the proposed rule change and discussed any comments it received others so a minimum bid requirement on the proposed rule change. The text for some of the lesser popular currency of these statements may be examined at pairs invites less interest from potential the places specified in Item IV below. market makers. While the minimum bid The self-regulatory organization has amounts do not amount to a large prepared summaries, set forth in capital outlay, firms that are sections A, B and C below, of the most contemplating entry into the FX options significant aspects of such statements. business will be further incentivized to do so because their start-up costs will be A. Self-Regulatory Organization’s reduced. FXPMMs will still be required Statement of the Purpose of, and to submit a monetary bid and market Statutory Basis for, the Proposed Rule quality commitments and FXCMMs will Change still be required to submit only a 1. Purpose monetary bid, to compete for a trading ISE proposes to amend its rules license to serve as a market maker in FX regarding Foreign Currency Options Options listed by the Exchange in the (‘‘FX Options’’) 5 traded on the Exchange. future. Specifically, ISE proposes to amend its 2. Statutory Basis Rule 2213 regarding market maker trading licenses for the Exchange’s FX The Exchange believes the proposed Options. rule change is consistent with the Under the Exchange’s current rules, FX Primary Market Makers (‘‘FXPMMs’’) Securities Exchange Act of 1934 (the ‘‘Act’’) and the rules and regulations are required to purchase, through a under the Act applicable to a national sealed bid auction, a trading license in securities exchange and, in particular, order to serve as a market maker in a the requirements of Section 6(b) of the particular foreign currency pair. Act.7 Specifically, the Exchange FXPMMs must also provide market quality commitments regarding (i) the believes the proposed rule change is average quotation size it will consistent with Section 6(b)(5) of the disseminate in the foreign currency Act’s 8 requirements that the rules of a option, and (ii) the maximum quotation national securities exchange be spread it will disseminate in such designed to promote just and equitable product at least ninety percent of the principles of trade, to prevent time. At the end of each auction, the fraudulent and manipulative acts and, Exchange determines the winning in general, to protect investors and the bidder for an FXPMM trading license public interest. In particular, the based on bid amount and market quality proposed rule change will allow smaller commitment. There is only one FXPMM firms to compete for a trading license per currency pair. The minimum price without the additional burden of a for a FXPMM trading license is minimum fee. currently $5,000. The Exchange also sells FX B. Self-Regulatory Organization’s Competitive Marker Maker (‘‘FXCMM’’) Statement on Burden on Competition trading licenses. Pursuant to Exchange The proposed rule change does not rules, FXCMM trading licenses are sold impose any burden on competition that pursuant to a ‘‘Dutch’’ auction.6 FXCMMs are not required to submit any is not necessary or appropriate in market quality commitments. The furtherance of the purposes of the Act. jlentini on DSKJ8SOYB1PROD with NOTICES 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. 5 ISE began trading FX options on April 17, 2007 pursuant to Commission approval. See Securities Exchange Act Release No. 55575 (April 3, 2007), 72 FR 17963 (April 10, 2007) (SR–ISE–2006–59). 6 See ISE Rule 2213(g). VerDate Nov<24>2008 16:49 Jan 28, 2010 Jkt 220001 7 15 8 15 PO 00000 U.S.C. 78f(b). U.S.C. 78f(b)(5). Frm 00124 Fmt 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 significantly affect the protection of investors or the public interest, does not impose any significant burden on competition, and, by its terms, does not become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) 9 of the Act and Rule 19b– 4(f)(6) 10 thereunder. The Exchange provided the Commission with 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 the proposed rule change. 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–2010–05 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth Murphy, Secretary, Securities and Exchange Commission, 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 10 17 Sfmt 4703 E:\FR\FM\29JAN1.SGM 29JAN1 Federal Register / Vol. 75, No. 19 / Friday, January 29, 2010 / Notices 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–ISE–2010–05. 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 Section, 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 will also 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–2010–05 and should be submitted on or before February 19, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–1853 Filed 1–28–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61397; File No. SR–Phlx– 2010–07] jlentini on DSKJ8SOYB1PROD with NOTICES Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NASDAQ OMX PHLX, Inc. Deleting Obsolete Provisions Relating to the Opening January 22, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 11 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. notice is hereby given that on January 14, 2010, NASDAQ OMX PHLX, Inc. (‘‘Phlx’’ or the ‘‘Exchange’’) 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. Phlx has designated the proposed rule change as constituting a rule change under Rule 19b–4(f)(6) under the Act,3 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 The Exchange proposes to amend Rule 1017, Openings in Options, to delete the portions of the rule that pertain to the Phlx XL trading system, which has since been replaced by the Phlx XL II trading system. Accordingly, all of the commentary (.01 through .03) as well as paragraphs (a)–(g) will be deleted, with the exception of the last sentence of paragraph (a) defining a Phlx XL II participant and subparagraph (iii) of paragraph (c), which will continue to state that to be considered in the determination of the opening price and to participate in the opening trade, orders represented by Floor Brokers must be entered onto the book electronically. Paragraphs (h) and (i) are proposed to be amended by deleting references to the old trading system, Phlx XL. The Exchange also proposes to delete Options Floor Procedure Advice (‘‘Advice’’) A–12, Opening Rotations, and Advice A–14, Equity Option And Index Option Opening Parameters, which are also outdated. The text of the proposed rule change is available on the Exchange’s Web site at https://www.nasdaqtrader.com/ micro.aspx?id=PHLXRulefilings, 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 1 15 VerDate Nov<24>2008 16:49 Jan 28, 2010 3 17 Jkt 220001 PO 00000 CFR 240.19b–4(f)(6). Frm 00125 Fmt 4703 Sfmt 4703 4893 Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to update various rules pertaining to the opening by deleting outdated language. In July 2009, the Exchange fully rolled out its new options trading system, Phlx XL II.4 Accordingly, many portions of Rule 1017, which pertained to the old trading system, Phlx XL, no longer apply. A few of the provisions applied to both Phlx XL and Phlx XL II; those are being amended to delete reference to Phlx XL, such that they remain applicable to Phlx XL II. Similarly, the Exchange is proposing to delete two Options Floor Procedure Advices (‘‘Advices’’). Historically, Advices replicated the provisions of the Exchange’s rules that were most pertinent for the trading floor community to keep handy, in lieu of the large, unwieldy rulebook; the Exchange adopted, for many years, both rules and advices that contained nearly identical language where the rule/advice was the subject of a fine schedule under the Exchange’s minor rule plan in order for the trading floor to have easy access to these provisions (which the Exchange printed and distributed) and in order for those persons who administered fines to have easy access to consult the applicable fine schedules.5 The first Advice proposed to be deleted is Advice A–12, which pertains principally to Phlx XL and is therefore obsolete; the portions that refer to Phlx XL II merely cross-reference Rule 1017 and state that the opening is conducted automatically. Accordingly, Advice A– 12, which is merely descriptive, is no longer needed because there is no behavior to which to apply the fine schedule.6 Similarly, Advice A–14 is also proposed to be deleted, because it is merely explanatory and cannot be violated; it was updated to reflect Phlx XL II processes, but should instead have been deleted. Specifically, it describes 4 Securities Exchange Act Release No. 59995 (May 28, 2009), 74 FR 26750 (June 3, 2009) (SR–Phlx– 2009–32). 5 At the time, such fines were administered by ‘‘Floor Officials,’’ who have since been replaced by ‘‘Options Exchange Officials.’’ 6 Advices are administered as part of the Exchange’s minor rule plan; the Exchange proposes to remove Advices A–12 and A–14 from the minor rule plan. E:\FR\FM\29JAN1.SGM 29JAN1

Agencies

[Federal Register Volume 75, Number 19 (Friday, January 29, 2010)]
[Notices]
[Pages 4891-4893]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-1853]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61411; File No. SR-ISE-2010-05]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Regarding Market Maker Trading Licenses for Foreign Currency 
Options

January 22, 2010.
    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 January 14, 2010, 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 its Rule 2213 regarding market maker 
trading licenses for the Exchange's foreign currency options. The text 
of the

[[Page 4892]]

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 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
    ISE proposes to amend its rules regarding Foreign Currency Options 
(``FX Options'') \5\ traded on the Exchange. Specifically, ISE proposes 
to amend its Rule 2213 regarding market maker trading licenses for the 
Exchange's FX Options.
---------------------------------------------------------------------------

    \5\ ISE began trading FX options on April 17, 2007 pursuant to 
Commission approval. See Securities Exchange Act Release No. 55575 
(April 3, 2007), 72 FR 17963 (April 10, 2007) (SR-ISE-2006-59).
---------------------------------------------------------------------------

    Under the Exchange's current rules, FX Primary Market Makers 
(``FXPMMs'') are required to purchase, through a sealed bid auction, a 
trading license in order to serve as a market maker in a particular 
foreign currency pair. FXPMMs must also provide market quality 
commitments regarding (i) the average quotation size it will 
disseminate in the foreign currency option, and (ii) the maximum 
quotation spread it will disseminate in such product at least ninety 
percent of the time. At the end of each auction, the Exchange 
determines the winning bidder for an FXPMM trading license based on bid 
amount and market quality commitment. There is only one FXPMM per 
currency pair. The minimum price for a FXPMM trading license is 
currently $5,000.
    The Exchange also sells FX Competitive Marker Maker (``FXCMM'') 
trading licenses. Pursuant to Exchange rules, FXCMM trading licenses 
are sold pursuant to a ``Dutch'' auction.\6\ FXCMMs are not required to 
submit any market quality commitments. The Exchange sells up to 10 
FXCMM trading licenses per currency pair. The minimum price for a FXCMM 
trading license is currently $500.
---------------------------------------------------------------------------

    \6\ See ISE Rule 2213(g).
---------------------------------------------------------------------------

    The Exchange now proposes to eliminate the minimum bid requirement 
for both FXPMM and FXCMM trading licenses. ISE believes doing so will 
promote competition among market makers by allowing smaller firms to 
compete without the additional burden of a minimum fee. Further, some 
currency pairs are more popular than others so a minimum bid 
requirement for some of the lesser popular currency pairs invites less 
interest from potential market makers. While the minimum bid amounts do 
not amount to a large capital outlay, firms that are contemplating 
entry into the FX options business will be further incentivized to do 
so because their start-up costs will be reduced. FXPMMs will still be 
required to submit a monetary bid and market quality commitments and 
FXCMMs will still be required to submit only a monetary bid, to compete 
for a trading license to serve as a market maker in FX Options listed 
by the Exchange in the future.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Securities Exchange Act of 1934 (the ``Act'') and the rules and 
regulations under the Act applicable to a national securities exchange 
and, in particular, the requirements of Section 6(b) of the Act.\7\ 
Specifically, the Exchange believes the proposed rule change is 
consistent with Section 6(b)(5) of the Act's \8\ requirements that the 
rules of a national securities exchange be designed to promote just and 
equitable principles of trade, to prevent fraudulent and manipulative 
acts and, in general, to protect investors and the public interest. In 
particular, the proposed rule change will allow smaller firms to 
compete for a trading license without the additional burden of a 
minimum fee.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(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 significantly 
affect the protection of investors or the public interest, does not 
impose any significant burden on competition, and, by its terms, does 
not become operative for 30 days from the date on which it was filed, 
or such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) \9\ of the Act and Rule 19b-
4(f)(6) \10\ thereunder. The Exchange provided the Commission with 
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 the proposed rule 
change.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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-2010-05 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth Murphy, 
Secretary, Securities and Exchange Commission,

[[Page 4893]]

100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-ISE-2010-05. 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 Section, 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 will also 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-2010-05 and should be 
submitted on or before February 19, 2010.
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-1853 Filed 1-28-10; 8:45 am]
BILLING CODE 8011-01-P
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