Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Fees and Rebates for Adding and Removing Liquidity, 54682-54685 [2010-22290]
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54682
Federal Register / Vol. 75, No. 173 / Wednesday, September 8, 2010 / Notices
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62805; File No. SR–ISE–
2010–90]
Self-Regulatory Organizations;
International Securities Exchange,
All submissions should refer to File
LLC; Notice of Filing and Immediate
Number SR–NSCC–2010–08. This file
Effectiveness of a Proposed Rule
number should be included on the
subject line if e-mail is used. To help the Change Relating to Fees and Rebates
for Adding and Removing Liquidity
Commission process and review your
comments more efficiently, please use
August 31, 2010.
only one method. The Commission will
Pursuant to Section 19(b)(1) of the
post all comments on the Commission’s
Securities Exchange Act of 1934 (the
Internet Web site (https://www.sec.gov/
‘‘Act’’),1 and Rule 19b–4 thereunder,2
rules/sro.shtml). Copies of the
notice is hereby given that on August
submission, all subsequent
24, 2010, the International Securities
amendments, all written statements
Exchange, LLC (the ‘‘Exchange’’ or the
with respect to the proposed rule
‘‘ISE’’) filed with the Securities and
change that are filed with the
Exchange Commission the proposed
Commission, and all written
rule change, as described in Items I and
communications relating to the
II below, which items have been
proposed rule change between the
Commission and any person, other than prepared by the self-regulatory
organization. The Commission is
those that may be withheld from the
publishing this notice to solicit
public in accordance with the
comments on the proposed rule change
provisions of 5 U.S.C. 552, will be
from interested persons.
available for website viewing and
printing in the Commission’s Public
I. Self-Regulatory Organization’s
Reference Section, 100 F Street, NE.,
Statement of the Terms of Substance of
Washington, DC 20549, on official
the Proposed Rule Change
business days between the hours of 10
a.m. and 3 p.m. Copies of such filings
The ISE is proposing to amend its
also will be available for inspection and transaction fees and rebates for adding
copying at the principal office of NSCC
and removing liquidity. The text of the
and on NSCC’s Web site, https://
proposed rule change is available on the
www.dtcc.com. All comments received
Exchange’s Web site (https://
will be posted without change; the
www.ise.com), at the principal office of
Commission does not edit personal
the Exchange, at the Commission’s
identifying information from
Public Reference Room, and on the
submissions. You should submit only
Commission’s Web site at https://
information that you wish to make
www.sec.gov.
available publicly. All submissions
II. Self-Regulatory Organization’s
should refer to File Number SR–NSCC–
Statement of the Purpose of, and
2010–08 and should be submitted on or
Statutory Basis for, the Proposed Rule
before September 29, 2010.
Change
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–22349 Filed 9–7–10; 8:45 am]
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BILLING CODE 8010–01–P
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.
1 15
11 17
CFR 200.30–3(a)(12).
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2 17
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to increase
liquidity and attract order flow by
amending its transaction fees and
rebates for adding and removing
liquidity (‘‘maker/taker fees’’).3 The
Exchange’s maker/taker fees currently
apply to the following categories of
market participants: (i) Market Maker;
(ii) Market Maker Plus; 4 (iii) Non-ISE
Market Maker; 5 (iv) Firm Proprietary;
(v) Customer (Professional); 6 (vi)
Priority Customer,7 100 or more
3 These fees are similar to the ‘‘maker/taker’’ fees
currently assessed by NASDAQ OMX PHLX
(‘‘PHLX’’). PHLX currently charges a fee for
removing liquidity to the following class of market
participants: (i) Customer, (ii) Directed Participant,
(iii) Specialist, ROT, SQT and RSQT, (iv) Firm, (v)
Broker-Dealer, and (vi) Professional. PHLX also
provides a rebate for adding liquidity to the
following class of market participants: (i) Customer,
(ii) Directed Participant, (iii) Specialist, ROT, SQT
and RSQT, and (iv) Professional. PHLX also charges
a fee for adding liquidity to the following class of
market participants: (i) Firm, and (ii) Broker-Dealer.
See Securities Exchange Act Release Nos. 61684
(March 10, 2010), 75 FR 13189 (March 18, 2010);
61932 (April 16, 2010), 75 FR 21375 (April 23,
2010); 61961 (April 22, 2010), 75 FR 22881 (April
30, 2010); and 62472 (July 8, 2010), 75 FR 41250
(July 15, 2010).
4 A Market Maker Plus is a market maker who is
on the National Best Bid or National Best Offer 80%
of the time for series trading between $0.03 and
$5.00 (for options whose underlying stock’s
previous trading day’s last sale price was less than
or equal to $100) and between $0.10 and $5.00 (for
options whose underlying stock’s previous trading
day’s last sale price was greater than $100) in
premium in each of the front two expiration months
and 80% of the time for series trading between
$0.03 and $5.00 (for options whose underlying
stock’s previous trading day’s last sale price was
less than or equal to $100) and between $0.10 and
$5.00 (for options whose underlying stock’s
previous trading day’s last sale price was greater
than $100) in premium across all expiration months
in order to receive the rebate. The Exchange
determines whether a market maker qualifies as a
Market Maker Plus at the end of each month by
looking back at each market maker’s quoting
statistics during that month. If at the end of the
month, a market maker meets the Exchange’s stated
criteria, the Exchange rebates $0.10 per contract for
transactions executed by that market maker during
that month. The Exchange provides market makers
a report on a daily basis with quoting statistics so
that market makers can determine whether or not
they are meeting the Exchange’s stated criteria.
5 A Non-ISE Market Maker, or Far Away Market
Maker (‘‘FARMM’’), is a market maker as defined in
Section 3(a)(38) of the Securities Exchange Act of
1934, as amended (‘‘Exchange Act’’), registered in
the same options class on another options
exchange.
6 A Customer (Professional) is a person who is not
a broker/dealer and is not a Priority Customer.
7 A Priority Customer is defined in ISE Rule
100(a)(37A) as a person or entity that is not a
broker/dealer in securities, and does not place more
than 390 orders in listed options per day on average
during a calendar month for its own beneficial
account(s).
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Federal Register / Vol. 75, No. 173 / Wednesday, September 8, 2010 / Notices
contracts; and (vii) Priority Customer,
less than 100 contracts.8
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Current Transaction Charges for Adding
and Removing Liquidity
The Exchange currently assesses a per
contract transaction charge to market
participants that remove, or ‘‘take,’’
liquidity from the Exchange in the
following options classes: PowerShares
QQQ trust (‘‘QQQQ’’), Bank of America
Corporation (‘‘BAC’’), Citigroup, Inc.
(‘‘C’’), Standard and Poor’s Depositary
Receipts/SPDRs (‘‘SPY’’), iShares Russell
2000 (‘‘IWM’’), Financial Select Sector
SPDR (‘‘XLF’’), Apple, Inc. (‘‘AAPL’’),
General Electric Company (‘‘GE’’),
JPMorgan Chase & Co. (‘‘JPM’’), Intel
Corporation (‘‘INTC’’), Goldman Sachs
Group, Inc. (‘‘GS’’), Research in Motion
Limited (‘‘RIMM’’), AT&T, Inc. (‘‘T’’),
Verizon Communications, Inc. (‘‘VZ’’),
United States Natural Gas Fund
(‘‘UNG’’), Freeport-McMoRan Copper &
Gold, Inc. (‘‘FCX’’), Cisco Systems, Inc.
(‘‘CSCO’’), Diamonds Trust, Series 1
(‘‘DIA’’), Amazon.com, Inc. (‘‘AMZN’’),
United States Steel Corporation (‘‘X’’),
Alcoa Inc. (‘‘AA’’), American
International Group, Inc. (‘‘AIG’’),
American Express Company (‘‘AXP’’),
Best Buy Company (‘‘BBY’’), Caterpillar,
Inc. (‘‘CAT’’), Chesapeake Energy
Corporation (‘‘CHK’’), Dendreon
Corporation (‘‘DNDN’’), iShares MSCI
Emerging Markets Index Fund (‘‘EEM’’),
iShares MSCI EAFE Index Fund
(‘‘EFA’’), iShares MSCI Brazil Index
Fund (‘‘EWZ’’), Ford Motor Company
(‘‘F’’), Direxion Shares Financial Bull
(‘‘FAS’’), Direxion Shares Financial Bear
(‘‘FAZ’’), First Solar, Inc. (‘‘FSLR’’),
Market Vectors ETF Gold Miners
(‘‘GDX’’), SPDR Gold Trust (‘‘GLD’’),
iShares DJ US Real Estate Index Fund
(‘‘IYR’’), MGM Mirage (‘‘MGM’’), Morgan
Stanley (‘‘MS’’), Microsoft Corporation
(‘‘MSFT’’), Micron Technology, Inc.
(‘‘MU’’), Petroleo Brasileiro S.A. (‘‘PBR’’),
The Procter & Gamble Company (‘‘PG’’),
Potash Corporation of Saskatchewan
(‘‘POT’’), Transocean Ltd. (‘‘RIG’’),
ProShares UltraShort S&P 500 (‘‘SDS’’),
iShares Silver Trust (‘‘SLV’’), Energy
Select Sector SPDR Fund (‘‘XLE’’),
Exxon Mobil Corporation (‘‘XOM’’),
Barrick Gold Corporation (‘‘ABX’’),
Bristol-Myers Squibb Company
(‘‘BMY’’), BP p.l.c. (‘‘BP’’),
8 The Chicago Board Options Exchange (‘‘CBOE’’)
currently makes a similar distinction between large
size customer orders that are fee liable and small
size customer orders whose fees are waived. CBOE
currently waives fees for customer orders of 99
contracts or less in options on exchange-traded
funds (‘‘ETFs’’) and Holding Company Depositary
Receipts (‘‘HOLDRs’’) and charges a transaction fee
for customer orders that exceed 99 contracts. See
Securities Exchange Act Release No. 59892 (May 8,
2009), 74 FR 22790 (May 14, 2009).
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ConocoPhillips (‘‘COP’’), Dell Computer
Corporation (‘‘DELL’’), Dryships Inc.
(‘‘DRYS’’), iShares Trust FTSE/Xinhua
China 25 Index Fund (‘‘FXI’’),
Halliburton Company (‘‘HAL’’),
International Business Machines
Corporation (‘‘IBM’’), The Coca-Cola
Company (‘‘KO’’), Las Vegas Sands Corp.
(‘‘LVS’’), McDonald’s Corporation
(‘‘MCD’’), Altria Group Inc. (‘‘MO’’),
Monsanto Company (‘‘MON’’), Nokia Oyj
(‘‘NOK’’), Oracle Corporation (‘‘ORCL’’),
Pfizer Inc. (‘‘PFE’’), QUALCOMM Inc
(‘‘QCOM’’), Sprint Corporation (‘‘S’’),
Schlumberger Limited (‘‘SLB’’),
Semiconductor HOLDRs Trust (‘‘SMH’’),
SanDisk Corporation (‘‘SNDK’’),
Proshares Ultrashort Lehman (‘‘TBT’’),
United States Oil Fund (‘‘USO’’), Visa
Inc (‘‘V’’), Companhia Vale Do Rio Doce
(‘‘VALE’’), Weatherford International
Inc. (‘‘WFT’’), Industrial Select Sector
SPDR (‘‘XLI’’), SPDR S&P Retail ETF
(‘‘XRT’’), and Yahoo! Inc. (‘‘YHOO’’) (the
‘‘Select Symbols’’). The per contract
transaction charge depends on the
category of market participant
submitting an order or quote to the
Exchange that removes liquidity.9
Priority Customer Complex orders,
regardless of size, are not assessed a fee
for removing liquidity.
The Exchange also currently assesses
transaction charges for adding liquidity
in options on the Select Symbols.
Priority Customer orders, regardless of
size, and Market Maker Plus orders are
not assessed a fee for adding liquidity.
Current Rebates
In order to promote and encourage
liquidity in options classes that are
subject to maker/taker fees, the
Exchange currently offers a $0.10 per
contract rebate for Market Maker Plus
orders sent to the Exchange.10 Further,
in order to incentivize members to
direct retail orders to the Exchange,
Priority Customer Complex orders,
regardless of size, currently receive a
rebate of $0.20 per contract on all legs
when these orders trade with non9 Although these options classes will no longer be
subject to the tiered market maker transaction fees,
the volume from these options classes will continue
to be used in the calculation of the tiers so that this
new pricing does not affect a market maker’s fee in
all other names.
10 The concept of incenting market makers with
a rebate is not novel. In 2008, the CBOE established
a program for its Hybrid Agency Liaison whereby
it provides a $0.20 per contract rebate to its market
makers provided that at least 80% of the market
maker’s quotes in a class during a month are on one
side of the national best bid or offer. Market makers
not meeting CBOE’s criteria are not eligible to
receive a rebate. See Securities Exchange Act
Release No. 57231 (January 30, 2008), 73 FR 6752
(February 5, 2008). The CBOE has since lowered the
criteria from 80% to 60%. See Securities Exchange
Act Release No. 57470 (March 11, 2008), 73 FR
14514 (March 18, 2008).
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54683
customer orders in the Exchange’s
Complex Orderbook. Additionally, the
Exchange’s Facilitation Mechanism has
an auction which allows for
participation in a trade by members
other than the member who entered the
trade. To incentivize members, the
Exchange currently offers a rebate of
$0.15 per contract to contracts that do
not trade with the contra order in the
Facilitation Mechanism. This rebate is
also offered to contracts that do not
trade with the contra order in the Price
Improvement Mechanism.
Fee Changes
The Exchange proposes to remove the
following options class from the
Exchange’s maker/taker fee schedule:
DRYS.
The Exchange also proposes to add
the following options classes to the
Exchange’s maker/taker fee schedule:
Akamai Technologies (‘‘AKAM’’),
Advanced Micro Devices Inc. (‘‘AMD’’),
AMR Corporation (‘‘AMR’’), Anadarko
Petroleum Corporation (‘‘APC’’), The
Boeing Company (‘‘BA’’), Baidu Inc.
(‘‘BIDU’’), Broadcom Corporation
(‘‘BRCM’’), Goldcorp Inc. (‘‘GG’’),
Hewlett-Packard Company (‘‘HPQ’’), US
Airways Group Inc. (‘‘LCC’’), Motorola
Inc. (‘‘MOT’’), Newmont Mining
Corporation (‘‘NEM’’), NetFlix Inc.
(‘‘NFLX’’), NVIDIA Corporation
(‘‘NVDA’’), ProShares UltraShort QQQ
(‘‘QID’’), ProShares Ultra S&P 500
(‘‘SSO’’), Teva Pharmaceutical Industries
Ltd. (‘‘TEVA’’), iShares Lehman Brothers
20+ year Treasury Bond Index ETF
(‘‘TLT’’), Direxion Small Cap Bear 3X
(‘‘TZA’’), UAL Corp. (‘‘UAUA’’), Wells
Fargo & Company (‘‘WFC’’) and
Materials Select Sector SPDR (‘‘XLB’’)
(the ‘‘Additional Select Symbols’’).
Other Fees
• Fees for orders executed in the
Exchange’s Facilitation, Solicited Order,
Price Improvement and Block Order
Mechanisms are for contracts that are
part of the originating or contra order.
• Complex orders executed in the
Facilitation and Solicited Order
Mechanisms are charged fees only for
the leg of the trade consisting of the
most contracts.
• ISE Market Makers who remove
liquidity in the Select Symbols and the
Additional Select Symbols from the
Complex Order Book by trading with
orders that are preferenced to them are
charged $0.25 per contract.
• Payment for Order Flow fees will
not be collected on transactions in
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Federal Register / Vol. 75, No. 173 / Wednesday, September 8, 2010 / Notices
options overlying the Select Symbols
and the Additional Select Symbols.11
• The Cancellation Fee will continue
to apply to options overlying the Select
Symbols and the Additional Select
Symbols.12
• The Exchange has a $0.20 per
contract fee credit for members who,
pursuant to Supplementary Material .02
to Rule 803, execute a transaction in the
Exchange’s flash auction as a response
to orders from persons who are not
broker/dealers and who are not Priority
Customers.13 For options overlying the
Select Symbols and the Additional
Select Symbols, the Exchange provides
a $0.10 per contract fee credit for
members who execute a transaction in
the Exchange’s flash auction as a
response to orders from persons who are
not broker/dealers and who are not
Priority Customers.
• The Exchange has a $0.20 per
contract fee for market maker orders
sent to the Exchange by EAMs.14 Market
maker orders sent to the Exchange by
EAMs will be assessed a fee of $0.25 per
contract for removing liquidity in
options overlying the Select Symbols
and the Additional Select Symbols and
$0.10 per contract for adding liquidity
in options overlying the Select Symbols
and the Additional Select Symbols.
The Exchange has designated this
proposal to be operative on September
1, 2010.
2. Statutory Basis
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The basis under the Exchange Act for
this proposed rule change is the
requirement under Section 6(b)(4) that
an exchange have an equitable
allocation of reasonable dues, fees and
other charges among its members and
other persons using its facilities. The
impact of the proposal upon the net fees
paid by a particular market participant
11 ISE currently has a payment-for-order-flow
(‘‘PFOF’’) program that helps the Exchange’s market
makers establish PFOF arrangements with an
Electronic Access Member (‘‘EAM’’) in exchange for
that EAM preferencing some or all of its order flow
to that market maker. This program is funded
through a fee paid by Exchange market makers for
each customer contract they execute, and is
administered by both Primary Market Makers
(‘‘PMM’’) and Competitive Market Makers (‘‘CMM’’),
depending to whom the order is preferenced.
12 The Exchange assesses a Cancellation Fee of
$2.00 to EAMs that cancel at least 500 orders in a
month, for each order cancellation in excess of the
total number of orders such member executed that
month. All orders from the same clearing EAM
executed in the same underlying symbol at the
same price within a 300 second period are
aggregated and counted as one executed order for
purposes of this fee. This fee is charged only to
customer orders.
13 See Securities Exchange Act Release No. 61731
(March 18, 2010), 75 FR 14233 (March 24, 2010).
14 See Securities Exchange Act Release No. 60817
(October 13, 2009), 74 FR 54111 (October 21, 2009).
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will depend on a number of variables,
most important of which will be its
propensity to add or remove liquidity in
options overlying the Select Symbols
and the Additional Select Symbols. The
Exchange operates in a highly
competitive market in which market
participants can readily direct order
flow to another exchange if they deem
fee levels at a particular exchange to be
excessive. The Exchange believes that
the proposed fees it charges for options
overlying the Select Symbols and the
Additional Select Symbols remain
competitive with fees charged by other
exchanges and therefore continue to be
reasonable and equitably allocated to
those members that opt to direct orders
to the Exchange rather than to a
competing exchange. Additionally, the
Exchange believes that the addition and
removal of option classes that are
subject to the Exchange’s maker/taker
fees is both equitable and reasonable
because those fees apply to all
categories of participants in the same
manner. The Exchange’s maker/taker
fees, which are currently applicable to
each market participant, will continue
to apply to the Select Symbols and the
Additional Select Symbols.
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
The foregoing rule change has become
effective pursuant to Section 19(b)(3) of
the Act 15 and Rule 19b–4(f)(2) 16
thereunder. At any time within 60 days
of the filing of such proposed rule
change, the Commission summarily may
temporarily suspend 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.
15 15
16 17
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U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
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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 rulecomments@sec.gov. Please include File
Number SR–ISE–2010–90 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–ISE–2010–90. 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 Web site viewing and
printing 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
publicly available. All submissions
should refer to File Number SR–ISE–
2010–90 and should be submitted on or
before September 29, 2010.
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Federal Register / Vol. 75, No. 173 / Wednesday, September 8, 2010 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–22290 Filed 9–7–10; 8:45 am]
BILLING CODE 8010–01–P
[Release No. 34–62817; File No. SR–ISE–
2010–92]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Amend the Exchange’s
MRVP
September 1, 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 August
26, 2010, the International Securities
Exchange, LLC (‘‘ISE’’ or the ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. 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 ISE
Rule 1614 (Imposition of Fines for
Minor Rule Violations) to incorporate a
violation of ISE Rule 415 (Reports
Related to Position Limits) into the
Minor Rule Violation Plan. 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
jlentini on DSKJ8SOYB1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
SECURITIES AND EXCHANGE
COMMISSION
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
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
The purpose of the proposed rule
change is to amend ISE Rule 1614 to
incorporate violations for failing to
accurately report position and account
information in accordance with ISE
Rule 415 into the Minor Rule Violation
Plan. The Exchange believes most of
these violations are inadvertent and
technical in nature. Processing routine
violations under the Minor Rule
Violation Plan would decrease the
administrative burden of regulatory and
enforcement staff as well as that of the
Business Conduct Committee. In
addition, staff would be able to more
expeditiously process routine violations
under the Minor Rule Violation Plan.
ISE is proposing to assess a $500 fine
for a first offense, a $1,000 fine for a
second offense and a $2,500 fine for a
third offense. Any subsequent offenses
would be assessed a $5,000 fine. The
number of offenses will be calculated on
a rolling twenty-four month period. ISE
believes that establishing a rolling
twenty-four month period for
cumulative violations will serve as an
effective deterrent to future violative
conduct. As with other violations
covered under the Exchange’s Minor
Rule Violation Plan, any egregious
activity may be referred to the
Exchange’s Business Conduct
Committee.
Among other things, ISE Rule 415
requires each member to report to the
Exchange the account and position
information of any customer who, acting
alone, or in concert with others, on the
previous business day maintained
aggregate long or short positions on the
same side of the market of 200 or more
contracts of any single class of option
contracts dealt in on the Exchange.
Members report this information on the
Large Option Position Report. ISE, as a
member of the Intermarket Surveillance
Group (the ‘‘ISG’’), as well as certain
other self-regulatory organizations
(‘‘SROs’’) executed and filed on October
29, 2007 with the Commission, a final
version of the Agreement pursuant to
Section 17(d) of the Act (the
‘‘Agreement’’) 3 and as amended on April
17 17
1 15
VerDate Mar<15>2010
16:41 Sep 07, 2010
3 See Securities and Exchange Act Release No.
34–56941 (December 11, 2007).
Jkt 220001
PO 00000
Frm 00100
Fmt 4703
Sfmt 4703
54685
11, 2008 4 and October 9, 2008.5 The
participants to the Agreement
incorporated the surveillance and
sanctions of large options position
reporting violations into the Agreement
as of November 1, 2008. As such, the
SROs have agreed that their respective
rules concerning the reporting of large
options positions are common rules. As
a result, this amendment to the Minor
Rule Violation Plan will further result in
the consistency of the sanctions among
the SROs who are signatories to the
Agreement with respect to regulatory
actions arising from large option
position reporting surveillance.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 6 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 7 in particular, because it is
designed to prevent fraudulent and
manipulative acts and practices, and to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest,
allowing the Exchange to have
consistency between its Minor Rule
Violation Plan and the Minor Rule
Violation Plan of other SROs.
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
4 See Securities and Exchange Act Release No.
34–57649 (April 11, 2008).
5 See Securities and Exchange Act Release No.
34–58765 (October 9, 2008).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
E:\FR\FM\08SEN1.SGM
08SEN1
]]>Agencies
[Federal Register Volume 75, Number 173 (Wednesday, September 8, 2010)]
[Notices]
[Pages 54682-54685]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-22290]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62805; File No. SR-ISE-2010-90]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change Relating to Fees and Rebates for Adding and Removing Liquidity
August 31, 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 August 24, 2010, 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 ISE is proposing to amend its transaction fees and rebates for
adding and removing liquidity. 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, at the Commission's Public Reference
Room, and on the Commission's Web site at https://www.sec.gov.
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
The Exchange proposes to increase liquidity and attract order flow
by amending its transaction fees and rebates for adding and removing
liquidity (``maker/taker fees'').\3\ The Exchange's maker/taker fees
currently apply to the following categories of market participants: (i)
Market Maker; (ii) Market Maker Plus; \4\ (iii) Non-ISE Market Maker;
\5\ (iv) Firm Proprietary; (v) Customer (Professional); \6\ (vi)
Priority Customer,\7\ 100 or more
[[Page 54683]]
contracts; and (vii) Priority Customer, less than 100 contracts.\8\
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\3\ These fees are similar to the ``maker/taker'' fees currently
assessed by NASDAQ OMX PHLX (``PHLX''). PHLX currently charges a fee
for removing liquidity to the following class of market
participants: (i) Customer, (ii) Directed Participant, (iii)
Specialist, ROT, SQT and RSQT, (iv) Firm, (v) Broker-Dealer, and
(vi) Professional. PHLX also provides a rebate for adding liquidity
to the following class of market participants: (i) Customer, (ii)
Directed Participant, (iii) Specialist, ROT, SQT and RSQT, and (iv)
Professional. PHLX also charges a fee for adding liquidity to the
following class of market participants: (i) Firm, and (ii) Broker-
Dealer. See Securities Exchange Act Release Nos. 61684 (March 10,
2010), 75 FR 13189 (March 18, 2010); 61932 (April 16, 2010), 75 FR
21375 (April 23, 2010); 61961 (April 22, 2010), 75 FR 22881 (April
30, 2010); and 62472 (July 8, 2010), 75 FR 41250 (July 15, 2010).
\4\ A Market Maker Plus is a market maker who is on the National
Best Bid or National Best Offer 80% of the time for series trading
between $0.03 and $5.00 (for options whose underlying stock's
previous trading day's last sale price was less than or equal to
$100) and between $0.10 and $5.00 (for options whose underlying
stock's previous trading day's last sale price was greater than
$100) in premium in each of the front two expiration months and 80%
of the time for series trading between $0.03 and $5.00 (for options
whose underlying stock's previous trading day's last sale price was
less than or equal to $100) and between $0.10 and $5.00 (for options
whose underlying stock's previous trading day's last sale price was
greater than $100) in premium across all expiration months in order
to receive the rebate. The Exchange determines whether a market
maker qualifies as a Market Maker Plus at the end of each month by
looking back at each market maker's quoting statistics during that
month. If at the end of the month, a market maker meets the
Exchange's stated criteria, the Exchange rebates $0.10 per contract
for transactions executed by that market maker during that month.
The Exchange provides market makers a report on a daily basis with
quoting statistics so that market makers can determine whether or
not they are meeting the Exchange's stated criteria.
\5\ A Non-ISE Market Maker, or Far Away Market Maker
(``FARMM''), is a market maker as defined in Section 3(a)(38) of the
Securities Exchange Act of 1934, as amended (``Exchange Act''),
registered in the same options class on another options exchange.
\6\ A Customer (Professional) is a person who is not a broker/
dealer and is not a Priority Customer.
\7\ A Priority Customer is defined in ISE Rule 100(a)(37A) as a
person or entity that is not a broker/dealer in securities, and does
not place more than 390 orders in listed options per day on average
during a calendar month for its own beneficial account(s).
\8\ The Chicago Board Options Exchange (``CBOE'') currently
makes a similar distinction between large size customer orders that
are fee liable and small size customer orders whose fees are waived.
CBOE currently waives fees for customer orders of 99 contracts or
less in options on exchange-traded funds (``ETFs'') and Holding
Company Depositary Receipts (``HOLDRs'') and charges a transaction
fee for customer orders that exceed 99 contracts. See Securities
Exchange Act Release No. 59892 (May 8, 2009), 74 FR 22790 (May 14,
2009).
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Current Transaction Charges for Adding and Removing Liquidity
The Exchange currently assesses a per contract transaction charge
to market participants that remove, or ``take,'' liquidity from the
Exchange in the following options classes: PowerShares QQQ trust
(``QQQQ''), Bank of America Corporation (``BAC''), Citigroup, Inc.
(``C''), Standard and Poor's Depositary Receipts/SPDRs (``SPY''),
iShares Russell 2000 (``IWM''), Financial Select Sector SPDR (``XLF''),
Apple, Inc. (``AAPL''), General Electric Company (``GE''), JPMorgan
Chase & Co. (``JPM''), Intel Corporation (``INTC''), Goldman Sachs
Group, Inc. (``GS''), Research in Motion Limited (``RIMM''), AT&T, Inc.
(``T''), Verizon Communications, Inc. (``VZ''), United States Natural
Gas Fund (``UNG''), Freeport-McMoRan Copper & Gold, Inc. (``FCX''),
Cisco Systems, Inc. (``CSCO''), Diamonds Trust, Series 1 (``DIA''),
Amazon.com, Inc. (``AMZN''), United States Steel Corporation (``X''),
Alcoa Inc. (``AA''), American International Group, Inc. (``AIG''),
American Express Company (``AXP''), Best Buy Company (``BBY''),
Caterpillar, Inc. (``CAT''), Chesapeake Energy Corporation (``CHK''),
Dendreon Corporation (``DNDN''), iShares MSCI Emerging Markets Index
Fund (``EEM''), iShares MSCI EAFE Index Fund (``EFA''), iShares MSCI
Brazil Index Fund (``EWZ''), Ford Motor Company (``F''), Direxion
Shares Financial Bull (``FAS''), Direxion Shares Financial Bear
(``FAZ''), First Solar, Inc. (``FSLR''), Market Vectors ETF Gold Miners
(``GDX''), SPDR Gold Trust (``GLD''), iShares DJ US Real Estate Index
Fund (``IYR''), MGM Mirage (``MGM''), Morgan Stanley (``MS''),
Microsoft Corporation (``MSFT''), Micron Technology, Inc. (``MU''),
Petroleo Brasileiro S.A. (``PBR''), The Procter & Gamble Company
(``PG''), Potash Corporation of Saskatchewan (``POT''), Transocean Ltd.
(``RIG''), ProShares UltraShort S&P 500 (``SDS''), iShares Silver Trust
(``SLV''), Energy Select Sector SPDR Fund (``XLE''), Exxon Mobil
Corporation (``XOM''), Barrick Gold Corporation (``ABX''), Bristol-
Myers Squibb Company (``BMY''), BP p.l.c. (``BP''), ConocoPhillips
(``COP''), Dell Computer Corporation (``DELL''), Dryships Inc.
(``DRYS''), iShares Trust FTSE/Xinhua China 25 Index Fund (``FXI''),
Halliburton Company (``HAL''), International Business Machines
Corporation (``IBM''), The Coca-Cola Company (``KO''), Las Vegas Sands
Corp. (``LVS''), McDonald's Corporation (``MCD''), Altria Group Inc.
(``MO''), Monsanto Company (``MON''), Nokia Oyj (``NOK''), Oracle
Corporation (``ORCL''), Pfizer Inc. (``PFE''), QUALCOMM Inc (``QCOM''),
Sprint Corporation (``S''), Schlumberger Limited (``SLB''),
Semiconductor HOLDRs Trust (``SMH''), SanDisk Corporation (``SNDK''),
Proshares Ultrashort Lehman (``TBT''), United States Oil Fund
(``USO''), Visa Inc (``V''), Companhia Vale Do Rio Doce (``VALE''),
Weatherford International Inc. (``WFT''), Industrial Select Sector SPDR
(``XLI''), SPDR S&P Retail ETF (``XRT''), and Yahoo! Inc. (``YHOO'')
(the ``Select Symbols''). The per contract transaction charge depends
on the category of market participant submitting an order or quote to
the Exchange that removes liquidity.\9\ Priority Customer Complex
orders, regardless of size, are not assessed a fee for removing
liquidity.
---------------------------------------------------------------------------
\9\ Although these options classes will no longer be subject to
the tiered market maker transaction fees, the volume from these
options classes will continue to be used in the calculation of the
tiers so that this new pricing does not affect a market maker's fee
in all other names.
---------------------------------------------------------------------------
The Exchange also currently assesses transaction charges for adding
liquidity in options on the Select Symbols. Priority Customer orders,
regardless of size, and Market Maker Plus orders are not assessed a fee
for adding liquidity.
Current Rebates
In order to promote and encourage liquidity in options classes that
are subject to maker/taker fees, the Exchange currently offers a $0.10
per contract rebate for Market Maker Plus orders sent to the
Exchange.\10\ Further, in order to incentivize members to direct retail
orders to the Exchange, Priority Customer Complex orders, regardless of
size, currently receive a rebate of $0.20 per contract on all legs when
these orders trade with non-customer orders in the Exchange's Complex
Orderbook. Additionally, the Exchange's Facilitation Mechanism has an
auction which allows for participation in a trade by members other than
the member who entered the trade. To incentivize members, the Exchange
currently offers a rebate of $0.15 per contract to contracts that do
not trade with the contra order in the Facilitation Mechanism. This
rebate is also offered to contracts that do not trade with the contra
order in the Price Improvement Mechanism.
---------------------------------------------------------------------------
\10\ The concept of incenting market makers with a rebate is not
novel. In 2008, the CBOE established a program for its Hybrid Agency
Liaison whereby it provides a $0.20 per contract rebate to its
market makers provided that at least 80% of the market maker's
quotes in a class during a month are on one side of the national
best bid or offer. Market makers not meeting CBOE's criteria are not
eligible to receive a rebate. See Securities Exchange Act Release
No. 57231 (January 30, 2008), 73 FR 6752 (February 5, 2008). The
CBOE has since lowered the criteria from 80% to 60%. See Securities
Exchange Act Release No. 57470 (March 11, 2008), 73 FR 14514 (March
18, 2008).
---------------------------------------------------------------------------
Fee Changes
The Exchange proposes to remove the following options class from
the Exchange's maker/taker fee schedule: DRYS.
The Exchange also proposes to add the following options classes to
the Exchange's maker/taker fee schedule: Akamai Technologies
(``AKAM''), Advanced Micro Devices Inc. (``AMD''), AMR Corporation
(``AMR''), Anadarko Petroleum Corporation (``APC''), The Boeing Company
(``BA''), Baidu Inc. (``BIDU''), Broadcom Corporation (``BRCM''),
Goldcorp Inc. (``GG''), Hewlett-Packard Company (``HPQ''), US Airways
Group Inc. (``LCC''), Motorola Inc. (``MOT''), Newmont Mining
Corporation (``NEM''), NetFlix Inc. (``NFLX''), NVIDIA Corporation
(``NVDA''), ProShares UltraShort QQQ (``QID''), ProShares Ultra S&P 500
(``SSO''), Teva Pharmaceutical Industries Ltd. (``TEVA''), iShares
Lehman Brothers 20+ year Treasury Bond Index ETF (``TLT''), Direxion
Small Cap Bear 3X (``TZA''), UAL Corp. (``UAUA''), Wells Fargo &
Company (``WFC'') and Materials Select Sector SPDR (``XLB'') (the
``Additional Select Symbols'').
Other Fees
Fees for orders executed in the Exchange's Facilitation,
Solicited Order, Price Improvement and Block Order Mechanisms are for
contracts that are part of the originating or contra order.
Complex orders executed in the Facilitation and Solicited
Order Mechanisms are charged fees only for the leg of the trade
consisting of the most contracts.
ISE Market Makers who remove liquidity in the Select
Symbols and the Additional Select Symbols from the Complex Order Book
by trading with orders that are preferenced to them are charged $0.25
per contract.
Payment for Order Flow fees will not be collected on
transactions in
[[Page 54684]]
options overlying the Select Symbols and the Additional Select
Symbols.\11\
---------------------------------------------------------------------------
\11\ ISE currently has a payment-for-order-flow (``PFOF'')
program that helps the Exchange's market makers establish PFOF
arrangements with an Electronic Access Member (``EAM'') in exchange
for that EAM preferencing some or all of its order flow to that
market maker. This program is funded through a fee paid by Exchange
market makers for each customer contract they execute, and is
administered by both Primary Market Makers (``PMM'') and Competitive
Market Makers (``CMM''), depending to whom the order is preferenced.
---------------------------------------------------------------------------
The Cancellation Fee will continue to apply to options
overlying the Select Symbols and the Additional Select Symbols.\12\
---------------------------------------------------------------------------
\12\ The Exchange assesses a Cancellation Fee of $2.00 to EAMs
that cancel at least 500 orders in a month, for each order
cancellation in excess of the total number of orders such member
executed that month. All orders from the same clearing EAM executed
in the same underlying symbol at the same price within a 300 second
period are aggregated and counted as one executed order for purposes
of this fee. This fee is charged only to customer orders.
---------------------------------------------------------------------------
The Exchange has a $0.20 per contract fee credit for
members who, pursuant to Supplementary Material .02 to Rule 803,
execute a transaction in the Exchange's flash auction as a response to
orders from persons who are not broker/dealers and who are not Priority
Customers.\13\ For options overlying the Select Symbols and the
Additional Select Symbols, the Exchange provides a $0.10 per contract
fee credit for members who execute a transaction in the Exchange's
flash auction as a response to orders from persons who are not broker/
dealers and who are not Priority Customers.
---------------------------------------------------------------------------
\13\ See Securities Exchange Act Release No. 61731 (March 18,
2010), 75 FR 14233 (March 24, 2010).
---------------------------------------------------------------------------
The Exchange has a $0.20 per contract fee for market maker
orders sent to the Exchange by EAMs.\14\ Market maker orders sent to
the Exchange by EAMs will be assessed a fee of $0.25 per contract for
removing liquidity in options overlying the Select Symbols and the
Additional Select Symbols and $0.10 per contract for adding liquidity
in options overlying the Select Symbols and the Additional Select
Symbols.
---------------------------------------------------------------------------
\14\ See Securities Exchange Act Release No. 60817 (October 13,
2009), 74 FR 54111 (October 21, 2009).
---------------------------------------------------------------------------
The Exchange has designated this proposal to be operative on
September 1, 2010.
2. Statutory Basis
The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(4) that an exchange have an
equitable allocation of reasonable dues, fees and other charges among
its members and other persons using its facilities. The impact of the
proposal upon the net fees paid by a particular market participant will
depend on a number of variables, most important of which will be its
propensity to add or remove liquidity in options overlying the Select
Symbols and the Additional Select Symbols. The Exchange operates in a
highly competitive market in which market participants can readily
direct order flow to another exchange if they deem fee levels at a
particular exchange to be excessive. The Exchange believes that the
proposed fees it charges for options overlying the Select Symbols and
the Additional Select Symbols remain competitive with fees charged by
other exchanges and therefore continue to be reasonable and equitably
allocated to those members that opt to direct orders to the Exchange
rather than to a competing exchange. Additionally, the Exchange
believes that the addition and removal of option classes that are
subject to the Exchange's maker/taker fees is both equitable and
reasonable because those fees apply to all categories of participants
in the same manner. The Exchange's maker/taker fees, which are
currently applicable to each market participant, will continue to apply
to the Select Symbols and the Additional Select Symbols.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3) of the Act \15\ and Rule 19b-4(f)(2) \16\ thereunder. At any
time within 60 days of the filing of such proposed rule change, the
Commission summarily may temporarily suspend 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.
---------------------------------------------------------------------------
\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-2010-90 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-ISE-2010-90. 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 Web site viewing and
printing 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 publicly available. All
submissions should refer to File Number SR-ISE-2010-90 and should be
submitted on or before September 29, 2010.
[[Page 54685]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
Florence E. Harmon,
Deputy Secretary.
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\17\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2010-22290 Filed 9-7-10; 8:45 am]
BILLING CODE 8010-01-P
