Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Extension of a Pilot Program for Directed Orders, 73144-73145 [2010-29894]

Download as PDF 73144 Federal Register / Vol. 75, No. 228 / Monday, November 29, 2010 / Notices court clearly demonstrates that availability of depth data attracts order flow. Competition among platforms has driven PHLX continually to improve its platform data offerings and to cater to customers’ data needs. For example, PHLX offers front end applications such as its Top of PHLX Options (‘‘TOPO’’) and TOPO Plus Orders data products to help customers utilize data. For the foregoing reasons, PHLX 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 purpose 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 either solicited or 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)(ii) of the Act.18 At any time within 60 days of the filing of the 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. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: mstockstill on DSKH9S0YB1PROD with NOTICES Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Phlx–2010–154 on the subject line. 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–Phlx–2010–154. 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, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–Phlx–2010–154 and should be submitted on or before December 20, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.19 Elizabeth M. Murphy, Secretary. [FR Doc. 2010–29892 Filed 11–26–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63357; File No. SR–ISE– 2010–110] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Extension of a Pilot Program for Directed Orders November 22, 2010. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, U.S.C. 78s(b)(3)(A)(ii). VerDate Mar<15>2010 17:57 Nov 26, 2010 1 15 Jkt 223001 PO 00000 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). Frm 00118 Fmt 4703 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The ISE is proposing to extend the pilot period for the system change that identifies to a Directed Market Maker (‘‘DMM’’) the identity of the firm entering a Directed Order until May 31, 2011. 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 On January 5, 2006, the ISE initiated a system change to identify to a DMM the identity of the firm entering a Directed Order. The ISE filed this system change on a pilot basis under Section 19(b)(3)(A) of the Exchange Act of 1934 (the ‘‘Exchange Act’’) and Rule 19b–4(f)(5) thereunder 3 so that it would be effective while the Commission considered a separate proposed rule change filed under Section 19(b)(2) of the Exchange Act to amend the ISE’s rules to reflect the system change on a permanent basis (the ‘‘Permanent Rule Change’’).4 The current pilot expires on 2 17 Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’),1 and Rule 19b–4 19 17 18 15 thereunder,2 notice is hereby given that on November 16, 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 selfregulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. Sfmt 4703 CFR 240.19b–4. Securities Exchange Act Release No. 53104 (Jan. 11, 2006), 71 FR 2142 (Jan. 19, 2006) (Notice of Filing and Immediate Effectiveness of SR–ISE– 2006–02). 4 See Securities Exchange Act Release No. 53103 (Jan. 11, 2006), 71 FR 3144 (Jan. 19, 2006) (Notice of Filing of SR–ISE–2006–01). 3 See E:\FR\FM\29NON1.SGM 29NON1 Federal Register / Vol. 75, No. 228 / Monday, November 29, 2010 / Notices November 30, 2010,5 but the Commission has not yet taken action with respect to the Permanent Rule Change. Accordingly, the Exchange proposes to extend the pilot for an additional six months, until May 31, 2011, so that the system change will remain in effect while the Commission continues to evaluate the Permanent Rule Change.6 2. Basis The basis under the Exchange Act for this proposed rule change is found in Section 6(b)(5), in that the proposed rule change is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. Extension of the pilot program will allow the Exchange to continue operating under the pilot while the Commission considers the Permanent Rule Change. 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 Exchange 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 written comments from members or other interested parties. mstockstill on DSKH9S0YB1PROD with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Exchange Act 7 and Rule 19b– 4(f)(5) 8 thereunder. At any time within 60 days of the filing of the 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 5 See Securities Exchange Act Release No. 60956 (November 6, 2009), 74 FR 58674 (November 13, 2009) (Notice of Filing and Immediate Effectiveness of SR–ISE–2009–93). 6 The ISE anticipated that extension of the pilot might be necessary and included this in the filing for the initial pilot. See supra note 3, at footnote 5. 7 15 U.S.C. 78s(b)(3)(A). 8 17 CFR 240.19b–4(f)(5). VerDate Mar<15>2010 17:57 Nov 26, 2010 Jkt 223001 73145 the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule change should be approved or disapproved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Elizabeth M. Murphy, Secretary. 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 Exchange Act. Comments may be submitted by any of the following methods: BILLING CODE 8011–01–P 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–2010–110 in the subject line. Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change Relating to the Listing and Trading of the Jefferies S&P 500® VIX Short-Term Futures ETF [FR Doc. 2010–29894 Filed 11–26–10; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63349; File No. SR– NYSEArca–2010–103] November 19, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Paper Comments notice is hereby given that, on • Send paper comments in triplicate November 9, 2010, NYSE Arca, Inc. to Elizabeth M. Murphy, Secretary, (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with Securities and Exchange Commission, the Securities and Exchange 100 F Street, NE., Washington, DC Commission (‘‘Commission’’) the 20549–1090. proposed rule change as described in All submissions should refer to File Items I and II below, which Items have Number SR–ISE–2010–110. This file been prepared by the Exchange. The number should be included on the Commission is publishing this notice to subject line if e-mail is used. To help the solicit comments on the proposed rule Commission process and review your change from interested persons. comments more efficiently, please use only one method. The Commission will I. Self-Regulatory Organization’s Statement of the Terms of Substance of post all comments on the Commissions the Proposed Rule Change Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the The Exchange proposes to list and submission, all subsequent trade shares of the Jefferies S&P 500® amendments, all written statements VIX Short-Term Futures ETF under with respect to the proposed rule NYSE Arca Equities Rule 8.200. The text change that are filed with the of the proposed rule change is available Commission, and all written at the Exchange, the Commission’s communications relating to the Public Reference Room, and https:// proposed rule change between the www.nyse.com. Commission and any person, other than II. Self-Regulatory Organization’s those that may be withheld from the Statement of the Purpose of, and public in accordance with the Statutory Basis for, the Proposed Rule provisions of 5 U.S.C. 552, will be Change available for Web site viewing and printing in the Commission’s Public In its filing with the Commission, the Reference Room, 100 F Street, NE., self-regulatory organization included Washington, DC 20549, on official statements concerning the purpose of, business days between the hours of and basis for, the proposed rule change 10 a.m. and 3 p.m. Copies of such filing and discussed any comments it received also will be available for inspection and on the proposed rule change. The text copying at the principal office of the of those statements may be examined at ISE. All comments received will be the places specified in Item IV below. posted without change; the Commission The Exchange has prepared summaries, does not edit personal identifying set forth in sections A, B, and C below, information from submissions. You of the most significant parts of such should submit only information that statements. you wish to make available publicly. All submissions should refer to File 9 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). Number SR–ISE–2010–110 and should 2 17 CFR 240.19b–4. be submitted by December 20, 2010. PO 00000 Frm 00119 Fmt 4703 Sfmt 4703 E:\FR\FM\29NON1.SGM 29NON1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 75, Number 228 (Monday, November 29, 2010)]
[Notices]
[Pages 73144-73145]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-29894]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63357; File No. SR-ISE-2010-110]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Relating to the Extension of a Pilot Program for Directed Orders

November 22, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is 
hereby given that on November 16, 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 extend the pilot period for the system 
change that identifies to a Directed Market Maker (``DMM'') the 
identity of the firm entering a Directed Order until May 31, 2011.

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
    On January 5, 2006, the ISE initiated a system change to identify 
to a DMM the identity of the firm entering a Directed Order. The ISE 
filed this system change on a pilot basis under Section 19(b)(3)(A) of 
the Exchange Act of 1934 (the ``Exchange Act'') and Rule 19b-4(f)(5) 
thereunder \3\ so that it would be effective while the Commission 
considered a separate proposed rule change filed under Section 19(b)(2) 
of the Exchange Act to amend the ISE's rules to reflect the system 
change on a permanent basis (the ``Permanent Rule Change'').\4\ The 
current pilot expires on

[[Page 73145]]

November 30, 2010,\5\ but the Commission has not yet taken action with 
respect to the Permanent Rule Change. Accordingly, the Exchange 
proposes to extend the pilot for an additional six months, until May 
31, 2011, so that the system change will remain in effect while the 
Commission continues to evaluate the Permanent Rule Change.\6\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 53104 (Jan. 11, 
2006), 71 FR 2142 (Jan. 19, 2006) (Notice of Filing and Immediate 
Effectiveness of SR-ISE-2006-02).
    \4\ See Securities Exchange Act Release No. 53103 (Jan. 11, 
2006), 71 FR 3144 (Jan. 19, 2006) (Notice of Filing of SR-ISE-2006-
01).
    \5\ See Securities Exchange Act Release No. 60956 (November 6, 
2009), 74 FR 58674 (November 13, 2009) (Notice of Filing and 
Immediate Effectiveness of SR-ISE-2009-93).
    \6\ The ISE anticipated that extension of the pilot might be 
necessary and included this in the filing for the initial pilot. See 
supra note 3, at footnote 5.
---------------------------------------------------------------------------

2. Basis
    The basis under the Exchange Act for this proposed rule change is 
found in Section 6(b)(5), in that the proposed rule change is designed 
to promote just and equitable principles of trade, remove impediments 
to and perfect the mechanisms of a free and open market and a national 
market system and, in general, to protect investors and the public 
interest. Extension of the pilot program will allow the Exchange to 
continue operating under the pilot while the Commission considers the 
Permanent Rule Change.

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 Exchange 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 written comments from members or other interested parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The proposed rule change has become effective pursuant to Section 
19(b)(3)(A) of the Exchange Act \7\ and Rule 19b-4(f)(5) \8\ 
thereunder. At any time within 60 days of the filing of the 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. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(5).
---------------------------------------------------------------------------

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 Exchange 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-2010-110 in the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-ISE-2010-110. 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 Commissions 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 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 Number SR-ISE-2010-110 and should be submitted by 
December 20, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-29894 Filed 11-26-10; 8:45 am]
BILLING CODE 8011-01-P

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