Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Access Fees for Foreign Currency Options, 13252-13253 [2011-5444]

Download as PDF 13252 Federal Register / Vol. 76, No. 47 / Thursday, March 10, 2011 / Notices listed company (in the case of a merger between a listed company and an unlisted company), but will not be eligible to participate in the allocation process if the post-merger company requests that the matter be referred for allocation through the allocation process pursuant to NYSE Rule 103B, Section III. In the event that such a situation were to arise, the Exchange would inform the listed company of such DMM unit’s ineligibility under Exchange Rule 103B, Section II(D) or (E). 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) 5 of the Securities Exchange Act of 1934 (the ‘‘Act’’),6 in general, and furthers the objectives of Section 6(b)(5) of the Act,7 in particular in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, 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. The Exchange believes that the proposed amendments are consistent with Section 6(b)(5) of the Act in that their sole purpose is to provide more control over the DMM allocation process to companies involved in mergers, all DMMs are subject to the same Exchange rules and oversight when conducting their DMM activities, and the proposed amendments are consistent with Section 806.01 of the Listed Company Manual as previously approved by the Commission. 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. jdjones on DSK8KYBLC1PROD with NOTICES 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. 5 15 U.S.C. 78f(b). U.S.C. 78a. 7 15 U.S.C. 78f(b)(5). 6 15 VerDate Mar<15>2010 14:43 Mar 09, 2011 Jkt 223001 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NYSE– 2011–09 and should be submitted on or before March 31, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–5516 Filed 3–9–11; 8:45 am] 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2011–09 on the subject line. BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64038; File No. SR–ISE– 2011–12] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Access Fees for Foreign Currency Options March 4, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 • Send paper comments in triplicate notice is hereby given that on February to Elizabeth M. Murphy, Secretary, 23, 2011, the International Securities Securities and Exchange Commission, Exchange, LLC (the ‘‘Exchange’’ or the 100 F Street, NE., Washington, DC ‘‘ISE’’) filed with the Securities and 20549–1090. Exchange Commission (‘‘Commission’’) All submissions should refer to File the proposed rule change, as described Number SR–NYSE–2011–09. This file in Items I and II below, which items number should be included on the have been prepared by the selfsubject line if e-mail is used. To help the regulatory organization. The Commission process and review your Commission is publishing this notice to comments more efficiently, please use solicit comments on the proposed rule only one method. The Commission will change from interested persons. post all comments on the Commission’s I. Self-Regulatory Organization’s Internet Web site (http://www.sec.gov/ Statement of the Terms of Substance of rules/sro.shtml). Copies of the the Proposed Rule Change submission, all subsequent amendments, all written statements The ISE is proposing to terminate an with respect to the proposed rule access fee charged to foreign currency change that are filed with the (‘‘FX’’) options market makers. The text Commission, and all written of the proposed rule change is available communications relating to the on the Exchange’s website (http:// proposed rule change between the www.ise.com), at the principal office of Commission and any person, other than the Exchange, on the Commission’s those that may be withheld from the website at http://www.sec.gov, and at public in accordance with the the Commission’s Public Reference provisions of 5 U.S.C. 552, will be Room. available for website viewing and printing in the Commission’s Public 8 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). Reference Room, 100 F Street, NE., 2 17 CFR 240.19b–4. Washington, DC 20549, on official Paper Comments PO 00000 Frm 00129 Fmt 4703 Sfmt 4703 E:\FR\FM\10MRN1.SGM 10MRN1 Federal Register / Vol. 76, No. 47 / Thursday, March 10, 2011 / Notices 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 jdjones on DSK8KYBLC1PROD with NOTICES 1. Purpose The purpose of this proposed rule change is to terminate an access fee charged by the Exchange to foreign currency (‘‘FX’’) options market makers. ISE currently charges FX options market makers an access fee of $500 per month. This fee was adopted by the Exchange on April 17, 2007 when ISE began trading FX options and was waived for six months in order to promote trading in what was then a new asset class at the Exchange.3 The six month waiver terminated on October 17, 2007.4 This fee has been charged by Exchange since that time and applies to both FX Primary Market Makers and FX Competitive Market Makers. In light of current market conditions and to lend continued support to these products, ISE proposes to eliminate the FX options access fee. ISE believes eliminating this fee will make FX options more competitive with World Currency Options, offered by NASDAQ OMX PHLX, Inc., [sic] which does not charge an access fee to its market makers. ISE further believes this fee change will potentially lead to greater interest by members to make markets in these products. At a minimum, the Exchange expects this proposed fee change will strengthen our current market makers’ competitive position in these products. The Exchange has designated this proposal to be operative on March 1, 2011. 3 See Securities Exchange Act Release No. 55704 (May 3, 2007), 72 FR 26663 (May 10, 2007) (SR– ISE–2007–25). 4 See Securities Exchange Act Release No. 56699 (October 24, 2007), 72 FR 61697 (October 31, 2007) (SR–ISE–2007–100). VerDate Mar<15>2010 14:43 Mar 09, 2011 Jkt 223001 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,5 in general, and furthers the objectives of Section 6(b)(4),6 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its members and other persons using its facilities. The Exchange believes that eliminating the access fee will strengthen the competitive position of current FX options market makers. The Exchange also believes that the proposed rule change will generate interest by members to become market makers in FX options on the Exchange. 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)(A)(ii) of the Act.7 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. 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 proposal is consistent with the Act. Comments may be submitted by any of the following methods: U.S.C. 78f(b). U.S.C. 78f(b)(4). 7 15 U.S.C. 78s(b)(3)(A)(ii). Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–ISE–2011–12 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File No. SR–ISE–2011–12. 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 (http://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 website 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 am and 3 pm. Copies of such filing also will be available for inspection and copying at the principal office of ISE. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No. SR–ISE–2011–12 and should be submitted on or before March 31, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–5444 Filed 3–9–11; 8:45 am] BILLING CODE 8011–01–P 5 15 6 15 PO 00000 Frm 00130 Fmt 4703 Sfmt 9990 13253 8 17 E:\FR\FM\10MRN1.SGM CFR 200.30–3(a)(12). 10MRN1

Agencies

[Federal Register Volume 76, Number 47 (Thursday, March 10, 2011)]
[Notices]
[Pages 13252-13253]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-5444]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64038; File No. SR-ISE-2011-12]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Relating to Access Fees for Foreign Currency Options

March 4, 2011.
    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 February 23, 2011, 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 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The ISE is proposing to terminate an access fee charged to foreign 
currency (``FX'') options market makers. The text of the proposed rule 
change is available on the Exchange's website (http://www.ise.com), at 
the principal office of the Exchange, on the Commission's website at 
http://www.sec.gov, and at the Commission's Public Reference Room.

[[Page 13253]]

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 purpose of this proposed rule change is to terminate an access 
fee charged by the Exchange to foreign currency (``FX'') options market 
makers. ISE currently charges FX options market makers an access fee of 
$500 per month. This fee was adopted by the Exchange on April 17, 2007 
when ISE began trading FX options and was waived for six months in 
order to promote trading in what was then a new asset class at the 
Exchange.\3\ The six month waiver terminated on October 17, 2007.\4\ 
This fee has been charged by Exchange since that time and applies to 
both FX Primary Market Makers and FX Competitive Market Makers. In 
light of current market conditions and to lend continued support to 
these products, ISE proposes to eliminate the FX options access fee. 
ISE believes eliminating this fee will make FX options more competitive 
with World Currency Options, offered by NASDAQ OMX PHLX, Inc., [sic] 
which does not charge an access fee to its market makers. ISE further 
believes this fee change will potentially lead to greater interest by 
members to make markets in these products. At a minimum, the Exchange 
expects this proposed fee change will strengthen our current market 
makers' competitive position in these products.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 55704 (May 3, 2007), 
72 FR 26663 (May 10, 2007) (SR-ISE-2007-25).
    \4\ See Securities Exchange Act Release No. 56699 (October 24, 
2007), 72 FR 61697 (October 31, 2007) (SR-ISE-2007-100).
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    The Exchange has designated this proposal to be operative on March 
1, 2011.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\5\ in general, and 
furthers the objectives of Section 6(b)(4),\6\ in particular, in that 
it is designed to provide for the equitable allocation of reasonable 
dues, fees and other charges among its members and other persons using 
its facilities. The Exchange believes that eliminating the access fee 
will strengthen the competitive position of current FX options market 
makers. The Exchange also believes that the proposed rule change will 
generate interest by members to become market makers in FX options on 
the Exchange.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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)(A)(ii) of the Act.\7\ 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. If the Commission takes such action, the Commission shall 
institute proceedings to determine whether the proposed rule should be 
approved or disapproved.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposal is 
consistent with the Act. Comments may be submitted by any of the 
following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File No. SR-ISE-2011-12 on the subject line.

Paper Comments

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

All submissions should refer to File No. SR-ISE-2011-12. 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 (http://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 website 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 
am and 3 pm. Copies of such filing also will be available for 
inspection and copying at the principal office of ISE. All comments 
received will be posted without change; the Commission does not edit 
personal identifying information from submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File No. SR-ISE-2011-12 and should be 
submitted on or before March 31, 2011.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-5444 Filed 3-9-11; 8:45 am]
BILLING CODE 8011-01-P