Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by International Securities Exchange, Inc., Relating to Rule 717, 48187-48189 [2011-19982]
Download as PDF
<![CDATA[
Federal Register / Vol. 76, No. 152 / Monday, August 8, 2011 / Notices
of the purposes of the Act, as amended.
Because the market for order execution
and routing is extremely competitive,
members may readily opt to disfavor
NASDAQ’s execution services if they
believe that alternatives offer them
better value. For this reason and the
reasons discussed in connection with
the statutory basis for the proposed rule
change, NASDAQ does not believe that
the proposed changes will impair the
ability of members or competing order
execution venues to maintain their
competitive standing in the financial
markets.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.5 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:
Electronic Comments
mstockstill on DSK4VPTVN1PROD with NOTICES
• 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–NASDAQ–2011–103 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2011–103. 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 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–
NASDAQ–2011–103 and should be
submitted on or before August 29, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–19981 Filed 8–5–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65011; File No. SR–ISE–
2011–42]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change by
International Securities Exchange, Inc.,
Relating to Rule 717
August 2, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 25,
2011, the International Securities
Exchange, Inc. (‘‘ISE’’ or the
6 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
5 15
U.S.C. 78s(b)(3)(a)(ii).
VerDate Mar<15>2010
18:57 Aug 05, 2011
Jkt 223001
PO 00000
Frm 00071
Fmt 4703
Sfmt 4703
48187
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘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 ISE is proposing to specify in its
rules an existing policy related to the
application of Rule 717(d) and (e). The
text of the proposed rule change is as
follows (additions are in italics):
Rule 717. Limitation on Orders
(a) through (g) no change.
Supplementary Material to Rule 717
.01 through .05 no change.
.06 The exposure requirement of
paragraph (d) and (e) of Rule 717
applies to the entry of orders with
knowledge that there is a pre-existing
unexecuted agency, proprietary, or
solicited order on the Exchange.
Members may demonstrate that orders
were entered without knowledge by
providing evidence that effective
information barriers between the
persons, business units and/or systems
entering the orders onto the Exchange
were in existence at the time the orders
were entered. Such information barriers
must be fully documented and provided
to the Exchange upon request.
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
Rule 717(d) and (e) requires members
to expose orders entered on the limit
order book for at least one second before
executing them as principal or against
orders that were solicited from other
broker-dealers. This requirement gives
E:\FR\FM\08AUN1.SGM
08AUN1
48188
Federal Register / Vol. 76, No. 152 / Monday, August 8, 2011 / Notices
other market participants an
opportunity to participate in the
execution of orders before the entering
member executes them. The Exchange
recognizes, however, that because the
Exchange does not identify the member
that entered an order on the limit order
book, orders from the same firm may
inadvertently execute against each other
as a result of being entered by disparate
persons and/or systems at the same
member firm. Therefore, when enforcing
Rule 717(d) and (e), the Exchange has
never considered the inadvertent
interaction of orders from the same firm
within one second to be a violation of
the exposure requirement.
When investigating potential
violations of Rule 717(d) and (e), the
Exchange takes into consideration
whether orders that executed against
each other within one second on the
limit order book were entered by
persons, business units and/or systems
at the same firm that did not have
knowledge of the order on the limit
order book.3 Commonly, member firms
are able to demonstrate that orders were
entered by individuals or systems that
did not have the ability to know of the
pre-existing order on the limit order
book due to information barriers in
place at the time the orders were
entered.
The Exchange proposes to codify this
longstanding policy in Supplementary
Material .06 to Rule 717. The proposed
rule text specifies that members can
demonstrate that orders were entered
without knowledge of a pre-existing
order on the book represented by the
same firm by providing evidence that
effective information barriers between
the persons, business units and/or
systems entering the orders onto the
Exchange were in existence at the time
the orders were entered. The rule
requires that such information barriers
be fully documented and provided to
the Exchange upon request.4
mstockstill on DSK4VPTVN1PROD with NOTICES
2. Statutory Basis
The basis under the Securities
Exchange Act of 1934 (the ‘‘Act’’) for
this proposed rule change is the
requirement under Section 6(b),5 in
3 The Exchange conducts routine surveillance to
identify instances when an order on the limit order
book is executed against an order entered by the
same firm within one second.
4 The Exchange reviews information barrier
documentation to evaluate whether a member has
implemented processes that are reasonably
designed to prevent the flow of pre-trade order
information given the particular structure of the
member firm. Additionally, information barriers are
reviewed as part of the Exchange’s examination
program, which is administered by the Financial
Industry Regulatory Authority (‘‘FINRA’’) pursuant
to a regulatory services agreement.
5 15 U.S.C. 78f(b).
VerDate Mar<15>2010
18:57 Aug 05, 2011
Jkt 223001
general, and Section 6(b)(5) 6 in
particular, that an exchange have rules
that are designed to prevent fraudulent
and manipulative acts and practices, to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism for a free and
open market and a national market
system, and, in general, to protect
investors and the public interest. In
particular, the Exchange believes that
codifying the Exchange’s policy that
appropriate information barriers can be
used to demonstrate that the execution
of two orders within one second was
inadvertent because the orders were
entered without knowledge of each
other, will clarify the intent and
application of Rule 717(d) and (e) for
ISE members.
The Exchange believes that proposed
rule change also is consistent with
Section 6(b)(7) of the Act,7 which
requires the rules of an exchange to
provide a fair procedure for the
disciplining of members and persons
associated with members. In particular,
by specifying that the information
barriers must be fully documented,
members will be better prepared to
properly respond to requests for
information by the Exchange in the
course of a regulatory investigation.
Moreover, while members are generally
required to provide information to the
Exchange as requested, specifying that
members must provide written
documentation regarding information
barriers within the context of this rule
will assure that all members adhere to
the same standard for demonstrating
compliance with the rule.
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
Within 45 days of the date of
publication of this notice in the Federal
6 15
7 15
PO 00000
U.S.C. 78f(b)(5).
U.S.C. 78f(b)(7).
Frm 00072
Fmt 4703
Sfmt 4703
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 Exchange consents,
the Commission shall: (a) By order
approve or disapprove such proposed
rule change, or (b) institute proceedings
to determine whether the proposed rule
change should be 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:
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–2011–42 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–ISE–2011–42. 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
E:\FR\FM\08AUN1.SGM
08AUN1
Federal Register / Vol. 76, No. 152 / Monday, August 8, 2011 / Notices
submissions. You should submit only
information that you wish to make
publicly available. All submissions
should refer to File Number SR–ISE–
2011–42 and should be submitted on or
before August 29, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–19982 Filed 8–5–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[Release No. 34–65014; File No. SR–
NASDAQ–2011–101]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Fees Assessed Under Rule 7015(h)
August 2, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 26,
2011, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by NASDAQ. 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 the Substance
of the Proposed Rule Change
NASDAQ is proposing to amend the
fees assessed under Rule 7015(h).
NASDAQ will implement the amended
fees effective August 1, 2011.
The text of the proposed rule change
is below. Proposed new language is in
italics; proposed deletions are in
brackets.
*
*
*
*
*
mstockstill on DSK4VPTVN1PROD with NOTICES
7015. Access Services
The following charges are assessed by
Nasdaq for connectivity to systems
operated by NASDAQ, including the
Nasdaq Market Center, the FINRA/
NASDAQ Trade Reporting Facility, and
FINRA’s OTCBB Service. The following
fees are not applicable to the NASDAQ
Options Market LLC. For related options
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
18:57 Aug 05, 2011
Jkt 223001
fees for Access Services refer to Rule
7053.
(a)–(g) No change.
(h) VTE Terminal Fees
• Each ID is subject to a minimum
commission fee of $125[100] per month
unless it executes a minimum of
100,000 shares.
• Each ID receiving market data is
subject to pass-through fees for use of
these services. Pricing for these services
is determined by the exchanges and/or
market center.
• Each ID that is given web access is
subject to a $125[100] monthly fee.
*
*
*
*
*
In its filing with the Commission,
NASDAQ 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.
NASDAQ 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
NASDAQ is proposing to increase the
fees assessed members under Rule
7015(h) for use of VTE terminals. A VTE
terminal is a basic front-end user
interface used by NASDAQ members to
connect to, and enter orders in, The
Nasdaq Market Center. Members using
VTE terminals pay the exchanges
directly for data feeds and services
provided by NASDAQ and other
exchanges or market centers through
VTE at the SEC-approved rate that they
would pay to receive the data feeds
through other means. These data feeds
provide information that is necessary for
users to enter orders through VTE. The
two fees assessed under Rule 7015(h)
relate to optional web access and
commissions.
Rule 7015(h) currently assesses
monthly a minimum commission fee of
$100 fee per ID, and a web access fee of
$100 per ID. NASDAQ last raised fees
assessed under Rule 7015(h) in 2007
when it raised the fee for access to the
terminal via the web from $50 monthly
to $100 monthly, and raised the
minimum commission fee for users
executing orders totaling less than
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
48189
100,000 shares per month from $50
monthly to $100 monthly.3 In light of
increasing costs, NASDAQ is proposing
to increase the fee for access to the
terminal via the web from $100 monthly
to $125 monthly, and increase the
minimum commission fee for users
executing orders totaling less than
100,000 shares per month from $100
monthly to $125 monthly.
NASDAQ notes that web connectivity
is one option available to NASDAQ
users for accessing the VTE terminal.
Another option is access through
extranet connectivity, where a user
contracts directly with a third-party
extranet provider and pays fees to that
provider. With respect to minimum
commission fees, members that execute
total orders above the 100,000 share
threshold will continue to not be
assessed a commission fee.
Based on NASDAQ’s operation of the
VTE since it was acquired from INET,
NASDAQ believes that the pricing
changes are warranted in order to
appropriately balance the demand for
the product with increasing platform,
overhead and technology infrastructure
costs.
2. Statutory Basis
NASDAQ believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,4 in
general, and with Section 6(b)(4) of the
Act,5 in particular, in that it provides for
the equitable allocation of reasonable
dues, fees and other charges among
members and issuers and other persons
using any facility or system which
NASDAQ operates or controls. All
similarly situated members are subject
to the same fee structure, and access to
this NASDAQ service is offered on fair
and non-discriminatory terms. As noted,
NASDAQ has not increased the fees
assessed under Rule 7015(h) since 2007
despite incurring increased costs. Use of
VTE terminals is voluntary and
members can avail themselves of
numerous other means of accessing The
Nasdaq Market Center. NASDAQ further
notes that it operates in a highly
competitive market in which market
participants can readily favor competing
venues if they deem fee levels at a
particular venue to be excessive.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NASDAQ does not believe that the
proposed rule change will result in any
burden on competition that is not
3 Securities Exchange Act Release No. 56390
(September 12, 2007), 72 FR 53614 (September 19,
2007) (SR–NASDAQ–2007–075).
4 15 U.S.C. 78f.
5 15 U.S.C. 78f(b)(4).
E:\FR\FM\08AUN1.SGM
08AUN1
]]>Agencies
[Federal Register Volume 76, Number 152 (Monday, August 8, 2011)]
[Notices]
[Pages 48187-48189]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-19982]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65011; File No. SR-ISE-2011-42]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by International Securities Exchange, Inc., Relating to Rule 717
August 2, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on July 25, 2011, the International Securities Exchange, Inc. (``ISE''
or the ``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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.
---------------------------------------------------------------------------
\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 specify in its rules an existing policy
related to the application of Rule 717(d) and (e). The text of the
proposed rule change is as follows (additions are in italics):
Rule 717. Limitation on Orders
(a) through (g) no change.
Supplementary Material to Rule 717
.01 through .05 no change.
.06 The exposure requirement of paragraph (d) and (e) of Rule 717
applies to the entry of orders with knowledge that there is a pre-
existing unexecuted agency, proprietary, or solicited order on the
Exchange. Members may demonstrate that orders were entered without
knowledge by providing evidence that effective information barriers
between the persons, business units and/or systems entering the orders
onto the Exchange were in existence at the time the orders were
entered. Such information barriers must be fully documented and
provided to the Exchange upon request.
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
Rule 717(d) and (e) requires members to expose orders entered on
the limit order book for at least one second before executing them as
principal or against orders that were solicited from other broker-
dealers. This requirement gives
[[Page 48188]]
other market participants an opportunity to participate in the
execution of orders before the entering member executes them. The
Exchange recognizes, however, that because the Exchange does not
identify the member that entered an order on the limit order book,
orders from the same firm may inadvertently execute against each other
as a result of being entered by disparate persons and/or systems at the
same member firm. Therefore, when enforcing Rule 717(d) and (e), the
Exchange has never considered the inadvertent interaction of orders
from the same firm within one second to be a violation of the exposure
requirement.
When investigating potential violations of Rule 717(d) and (e), the
Exchange takes into consideration whether orders that executed against
each other within one second on the limit order book were entered by
persons, business units and/or systems at the same firm that did not
have knowledge of the order on the limit order book.\3\ Commonly,
member firms are able to demonstrate that orders were entered by
individuals or systems that did not have the ability to know of the
pre-existing order on the limit order book due to information barriers
in place at the time the orders were entered.
---------------------------------------------------------------------------
\3\ The Exchange conducts routine surveillance to identify
instances when an order on the limit order book is executed against
an order entered by the same firm within one second.
---------------------------------------------------------------------------
The Exchange proposes to codify this longstanding policy in
Supplementary Material .06 to Rule 717. The proposed rule text
specifies that members can demonstrate that orders were entered without
knowledge of a pre-existing order on the book represented by the same
firm by providing evidence that effective information barriers between
the persons, business units and/or systems entering the orders onto the
Exchange were in existence at the time the orders were entered. The
rule requires that such information barriers be fully documented and
provided to the Exchange upon request.\4\
---------------------------------------------------------------------------
\4\ The Exchange reviews information barrier documentation to
evaluate whether a member has implemented processes that are
reasonably designed to prevent the flow of pre-trade order
information given the particular structure of the member firm.
Additionally, information barriers are reviewed as part of the
Exchange's examination program, which is administered by the
Financial Industry Regulatory Authority (``FINRA'') pursuant to a
regulatory services agreement.
---------------------------------------------------------------------------
2. Statutory Basis
The basis under the Securities Exchange Act of 1934 (the ``Act'')
for this proposed rule change is the requirement under Section 6(b),\5\
in general, and Section 6(b)(5) \6\ in particular, that an exchange
have rules that are designed to prevent fraudulent and manipulative
acts and practices, to promote just and equitable principles of trade,
to remove impediments to and perfect the mechanism for a free and open
market and a national market system, and, in general, to protect
investors and the public interest. In particular, the Exchange believes
that codifying the Exchange's policy that appropriate information
barriers can be used to demonstrate that the execution of two orders
within one second was inadvertent because the orders were entered
without knowledge of each other, will clarify the intent and
application of Rule 717(d) and (e) for ISE members.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that proposed rule change also is consistent
with Section 6(b)(7) of the Act,\7\ which requires the rules of an
exchange to provide a fair procedure for the disciplining of members
and persons associated with members. In particular, by specifying that
the information barriers must be fully documented, members will be
better prepared to properly respond to requests for information by the
Exchange in the course of a regulatory investigation. Moreover, while
members are generally required to provide information to the Exchange
as requested, specifying that members must provide written
documentation regarding information barriers within the context of this
rule will assure that all members adhere to the same standard for
demonstrating compliance with the rule.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b)(7).
---------------------------------------------------------------------------
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
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 Exchange consents, the Commission shall: (a) By order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be 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:
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-2011-42 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-ISE-2011-42. 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
[[Page 48189]]
submissions. You should submit only information that you wish to make
publicly available. All submissions should refer to File Number SR-ISE-
2011-42 and should be submitted on or before August 29, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-19982 Filed 8-5-11; 8:45 am]
BILLING CODE 8011-01-P
