Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Professional Customer Fees, 63693-63695 [2011-26436]

Download as PDF Federal Register / Vol. 76, No. 198 / Thursday, October 13, 2011 / Notices ‘‘Report’’). The Report will cover the period from July 2, 2010, the date the Exchange first began to list and trade short term options, through August 31, 2011. The Report will describe the Exchange’s experience with the STOS Program in respect of the option classes included by the Exchange in the STOS Program. The Report will be submitted to the Commission on a confidential basis under separate cover. 2. Statutory Basis sroberts on DSK5SPTVN1PROD with NOTICES The Exchange believes that its proposal is consistent with Section 6(b) of the Securities Exchange Act of 1934 8 (the ‘‘Act’’) in general, and furthers the objectives of Section 6(b)(5) of the Act 9 in particular, in that it is designed 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. The Exchange believes that expanding the current short term options program will result in a continuing benefit to investors by giving them more flexibility to closely tailor their investment decisions and hedging decisions in greater number of securities. The Exchange believes that expanding the current program would provide the investing public and other market participants increased opportunities because an expanded program would provide market participants additional opportunities to hedge their investment thus allowing these investors to better manage their risk exposure. While the expansion of the STOS Program will generate additional quote traffic, the Exchange does not believe that this increased traffic will become unmanageable since the proposal remains limited to a fixed number of classes. Further, the Exchange does not believe that the proposed rule change will result in a material proliferation of additional series because it is limited to a fixed number of series per class and the Exchange does not believe that the additional price points will result in fractured liquidity. Moreover, the Exchange believes the proposed rule change would benefit investors by giving them more flexibility to closely tailor their investment decisions in a greater number of securities. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change does not impose any burden on competition that 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(5). VerDate Mar<15>2010 16:50 Oct 12, 2011 Jkt 226001 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–2011–60 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–2011–60. 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 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 63693 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– 2011–60 and should be submitted on or before November 3, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–26438 Filed 10–12–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65499; File No. SR–ISE– 2011–64] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Professional Customer Fees October 6, 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 September 26, 2011, 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. 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\13OCN1.SGM 13OCN1 63694 Federal Register / Vol. 76, No. 198 / Thursday, October 13, 2011 / Notices I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The ISE proposes to amend its Schedule of Fees relating to certain professional customer orders executed on the Exchange. 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 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 sroberts on DSK5SPTVN1PROD with NOTICES ISE proposes to increase the execution fee for ‘‘professional customers,’’ who execute orders as a result of taking liquidity from ISE’s order book in certain option classes, from $0.18 per contract to $0.20 per contract. This proposed fee change is applicable to option classes that are not subject to the Exchange’s modified maker/taker pricing structure (‘‘Non-Select Symbols’’). In addition to the NonSelect Symbols, this proposed fee change shall also apply to non-complex orders in option classes that are in the Penny Pilot program.3 ISE rules distinguish between Priority Customer Orders 4 and Professional 3 The Exchange recently extended its maker/taker pricing structure to all complex orders in option classes that are in the Penny Pilot program. See Exchange Act Release No. 65021 (August 3, 2011), 76 FR 48933 (August 9, 2011) (SR–ISE–2011–45). The Penny Pilot program, which commenced on January 26, 2007, permits ISE and all of the other options exchanges to quote certain option classes in pennies. See Exchange Act Release No. 55161 (January 24, 2007), 72 FR 4754 (February 1, 2007) (SR–ISE–2006–62). The current pilot is scheduled to expire on December 31, 2011. See Exchange Act Release No. 63437 (December 6, 2010), 75 FR 77032 (December 10, 2010) (SR–ISE–2010–116). 4 A Priority Customer is defined in ISE Rule 100(a)(37A) as a person or entity that is not a broker or dealer in securities, and does not place more than 390 orders in listed options per day on average VerDate Mar<15>2010 16:50 Oct 12, 2011 Jkt 226001 Orders.5 For purpose of this discussion, ‘‘professional customers’’ are nonbroker/dealer participants who enter at least 390 orders per day on average during a calendar month for their own beneficial account(s). The Exchange notes that the level of trading activity by professional customers more resembles that of broker/dealers, i.e., proprietary traders, than it does of a retail, or ‘‘Priority’’ customer. As a result, professional customers are on parity with broker/dealers and generally pay the same transaction fees as broker/ dealers. For example, for years broker/ dealer orders have been charged an execution fee of $0.20 per contract in the Non-Select Symbols. And recently, the Exchange began charging professional customers who execute orders as a result of posting liquidity to ISE’s order book in the Non-Select Symbols $0.20 per contract.6 With this proposed fee change, the Exchange seeks to standardize the fee charged to professional customers for trading on the Exchange in the NonSelect Symbols as all professional customers will now pay $0.20 per contract, regardless of whether they are posting liquidity or taking liquidity in the Non-Select Symbols and for noncomplex orders in option classes that are in the Penny Pilot program. The Exchange believes that the proposed fees for professional customers will allow the Exchange to remain competitive with other options exchanges who apply fees to professional customers. Further, in addition to standardizing theses [sic] fees, the Exchange believes the proposed fee change will make the Exchange’s transaction fees simpler and more concise to Exchange Members. The Exchange has designated this proposal to be operative on October 3, 2011. 2. Statutory Basis The Exchange believes that its proposal to amend its Schedule of Fees is consistent with Section 6(b) of the Act 7 in general, and furthers the objectives of Section 6(b)(4) of the Act 8 in particular, in that it is an equitable allocation of reasonable dues, fees and other charges among Exchange members. The Exchange believes that the proposed fee changes will generally during a calendar month for its own beneficial account(s). 5 A Professional Order is defined in ISE Rule 100(a)(37C) as an order that is for the account of a person or entity that is not a Priority Customer. 6 See Securities Exchange Act Release No. 61434 (January 27, 2010), 75 FR 5826 (February 4, 2010). 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(4). PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 allow the Exchange to better compete for professional customer order flow and thus enhance competition. Specifically, the Exchange believes that its proposal to assess a $0.20 per contract fee for professional customers who take liquidity from the Exchange’s order book in the Non-Select Symbols and for non-complex orders in option classes that are in the Penny Pilot program is equitable and reasonable as it will standardize fees charged by the Exchange for all professional customers that engage in a similar activity. The Exchange further believes it is reasonable, equitable and not unfairly discriminatory to charge professional customers the same level of fees that the Exchange charges broker/dealers as both groups of market participants essentially engage in similar trading activity. 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 9 and Rule 19b–4(f)(2) 10 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. 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: 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). 10 17 E:\FR\FM\13OCN1.SGM 13OCN1 Federal Register / Vol. 76, No. 198 / Thursday, October 13, 2011 / 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–ISE–2011–64 on the subject line. Paper Comments sroberts on DSK5SPTVN1PROD with NOTICES • 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. 34–65496; File No. SR–BYX– 2011–027] Self-Regulatory Organizations; BATS Y–Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Revenue Sharing Program With Correlix and a Free Trial Period for New Users of the Correlix Service October 6, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’ or the ‘‘Exchange Act’’),1 and All submissions should refer to File Rule 19b–4 thereunder,2 notice is Number SR–ISE–2011–64. This file hereby given that on September 30, number should be included on the 2011, BATS Y–Exchange, Inc. (the subject line if e-mail is used. To help the ‘‘Exchange’’ or ‘‘BYX’’) filed with the Commission process and review your Securities and Exchange Commission comments more efficiently, please use (‘‘Commission’’) the proposed rule only one method. The Commission will change as described in Items I, II and III post all comments on the Commission’s below, which Items have been prepared Internet Web site (https://www.sec.gov/ by the Exchange. The Commission is rules/sro.shtml). Copies of the publishing this notice to solicit submission, all subsequent comments on the proposed rule change amendments, all written statements from interested persons. with respect to the proposed rule I. Self-Regulatory Organization’s change that are filed with the Statement of the Terms of Substance of Commission, and all written the Proposed Rule Change communications relating to the proposed rule change between the The Exchange is proposing to Commission and any person, other than establish a revenue sharing program those that may be withheld from the with Correlix, Inc. (‘‘Correlix’’) and a public in accordance with the free trial period for new subscribers to provisions of 5 U.S.C. 552, will be the Correlix service. available for Web site viewing and The text of the proposed rule change printing in the Commission’s Public is available at the Exchange’s Web site Reference Room, 100 F Street, NE., at https://www.batstrading.com, at the Washington, DC 20549, on official principal office of the Exchange, and at business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also the Commission’s Public Reference Room. will be available for inspection and copying at the principal office of the II. Self-Regulatory Organization’s ISE. All comments received will be Statement of the Purpose of, and posted without change; the Commission Statutory Basis for, the Proposed Rule does not edit personal identifying Change information from submissions. You should submit only information that In its filing with the Commission, the you wish to make available publicly. All Exchange included statements submissions should refer to File concerning the purpose of and basis for Number SR–ISE–2011–64 and should be the proposed rule change and discussed submitted on or before November 3, any comments it received on the 2011. proposed rule change. The text of these statements may be examined at the For the Commission, by the Division of places specified in Item IV below. The Trading and Markets, pursuant to delegated Exchange has prepared summaries, set authority.11 forth in Sections A, B, and C below, of Elizabeth M. Murphy, the most significant parts of such Secretary. statements. [FR Doc. 2011–26436 Filed 10–12–11; 8:45 am] BILLING CODE 8011–01–P 1 15 11 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 16:50 Oct 12, 2011 2 17 Jkt 226001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00096 Fmt 4703 Sfmt 4703 63695 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to establish a revenue sharing program with Correlix. The Exchange has entered into an agreement with Correlix to provide to Users 3 of the Exchange real-time analytical tools to measure the latency of orders to and from the Exchange’s system as well as the latency of market data updates transmitted from the Exchange systems to the User. Under the agreement, the Exchange will receive 30% of the total monthly subscription fees received by Correlix from parties who have contracted directly with Correlix to use their RaceTeam latency measurement service for the Exchange. The Exchange will not bill or contract with any Correlix RaceTeam customer directly. Pricing for the Correlix RaceTeam product for Users of the Exchange will be based on the number of ports requested by the User for monitoring by Correlix; each ‘‘port’’ is a FIX or binary order entry (‘‘BOE’’) protocol connection to the Exchange. The fee for Users of the Exchange will be an initial $1,500 monthly fee for the first 25 ports requested by the User for latency monitoring, and an additional $1,000 per month for each additional 25 ports (or portion thereof). Under the program, the Correlix data collector 4 will see an individualized unique identifier that will allow Correlix RaceTeam to determine round trip order time,5 from the time the order reaches the Exchange, through the Exchange matching engine, and back out of the Exchange. The RaceTeam product offering does not measure latency outside of the Exchange. The unique identifier serves as a technological information barrier so that the Correlix data collector will only be able to view data for Correlix RaceTeam subscribers related to latency. The Correlix data collector will not see subscriber’s individual order detail such as security, price or size. Individual RaceTeam subscribers’ logins will restrict access to only their own latency data. The Correlix data collector will see 3 A ‘‘User’’ is defined in BYX Rule 1.5(cc) as any member or sponsored participant of the Exchange who is authorized to obtain access to the System. 4 The Correlix data collector is a Correlix process that receives information from the Exchange that is subsequently taken into Correlix’s systems for latency monitoring purposes. 5 The product measures latency of orders whether the orders are rejected, executed, or partially executed. E:\FR\FM\13OCN1.SGM 13OCN1

Agencies

[Federal Register Volume 76, Number 198 (Thursday, October 13, 2011)]
[Notices]
[Pages 63693-63695]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-26436]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65499; File No. SR-ISE-2011-64]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Relating to Professional Customer Fees

October 6, 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 September 26, 2011, 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.

---------------------------------------------------------------------------

[[Page 63694]]

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The ISE proposes to amend its Schedule of Fees relating to certain 
professional customer orders executed on the Exchange. 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

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of these statements may be examined at 
the places specified in Item IV below. The self-regulatory organization 
has prepared summaries, set forth in sections A, B and C below, of the 
most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    ISE proposes to increase the execution fee for ``professional 
customers,'' who execute orders as a result of taking liquidity from 
ISE's order book in certain option classes, from $0.18 per contract to 
$0.20 per contract. This proposed fee change is applicable to option 
classes that are not subject to the Exchange's modified maker/taker 
pricing structure (``Non-Select Symbols''). In addition to the Non-
Select Symbols, this proposed fee change shall also apply to non-
complex orders in option classes that are in the Penny Pilot 
program.\3\
---------------------------------------------------------------------------

    \3\ The Exchange recently extended its maker/taker pricing 
structure to all complex orders in option classes that are in the 
Penny Pilot program. See Exchange Act Release No. 65021 (August 3, 
2011), 76 FR 48933 (August 9, 2011) (SR-ISE-2011-45). The Penny 
Pilot program, which commenced on January 26, 2007, permits ISE and 
all of the other options exchanges to quote certain option classes 
in pennies. See Exchange Act Release No. 55161 (January 24, 2007), 
72 FR 4754 (February 1, 2007) (SR-ISE-2006-62). The current pilot is 
scheduled to expire on December 31, 2011. See Exchange Act Release 
No. 63437 (December 6, 2010), 75 FR 77032 (December 10, 2010) (SR-
ISE-2010-116).
---------------------------------------------------------------------------

    ISE rules distinguish between Priority Customer Orders \4\ and 
Professional Orders.\5\ For purpose of this discussion, ``professional 
customers'' are non-broker/dealer participants who enter at least 390 
orders per day on average during a calendar month for their own 
beneficial account(s). The Exchange notes that the level of trading 
activity by professional customers more resembles that of broker/
dealers, i.e., proprietary traders, than it does of a retail, or 
``Priority'' customer. As a result, professional customers are on 
parity with broker/dealers and generally pay the same transaction fees 
as broker/dealers. For example, for years broker/dealer orders have 
been charged an execution fee of $0.20 per contract in the Non-Select 
Symbols. And recently, the Exchange began charging professional 
customers who execute orders as a result of posting liquidity to ISE's 
order book in the Non-Select Symbols $0.20 per contract.\6\
---------------------------------------------------------------------------

    \4\ A Priority Customer is defined in ISE Rule 100(a)(37A) as a 
person or entity that is not a broker or 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).
    \5\ A Professional Order is defined in ISE Rule 100(a)(37C) as 
an order that is for the account of a person or entity that is not a 
Priority Customer.
    \6\ See Securities Exchange Act Release No. 61434 (January 27, 
2010), 75 FR 5826 (February 4, 2010).
---------------------------------------------------------------------------

    With this proposed fee change, the Exchange seeks to standardize 
the fee charged to professional customers for trading on the Exchange 
in the Non-Select Symbols as all professional customers will now pay 
$0.20 per contract, regardless of whether they are posting liquidity or 
taking liquidity in the Non-Select Symbols and for non-complex orders 
in option classes that are in the Penny Pilot program. The Exchange 
believes that the proposed fees for professional customers will allow 
the Exchange to remain competitive with other options exchanges who 
apply fees to professional customers. Further, in addition to 
standardizing theses [sic] fees, the Exchange believes the proposed fee 
change will make the Exchange's transaction fees simpler and more 
concise to Exchange Members.
    The Exchange has designated this proposal to be operative on 
October 3, 2011.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Schedule of 
Fees is consistent with Section 6(b) of the Act \7\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act \8\ in 
particular, in that it is an equitable allocation of reasonable dues, 
fees and other charges among Exchange members. The Exchange believes 
that the proposed fee changes will generally allow the Exchange to 
better compete for professional customer order flow and thus enhance 
competition. Specifically, the Exchange believes that its proposal to 
assess a $0.20 per contract fee for professional customers who take 
liquidity from the Exchange's order book in the Non-Select Symbols and 
for non-complex orders in option classes that are in the Penny Pilot 
program is equitable and reasonable as it will standardize fees charged 
by the Exchange for all professional customers that engage in a similar 
activity. The Exchange further believes it is reasonable, equitable and 
not unfairly discriminatory to charge professional customers the same 
level of fees that the Exchange charges broker/dealers as both groups 
of market participants essentially engage in similar trading activity.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 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) of the Act \9\ and Rule 19b-4(f)(2) \10\ 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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 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:

[[Page 63695]]

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-2011-64 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-2011-64. 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 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-2011-64 and should be 
submitted on or before November 3, 2011.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

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

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-26436 Filed 10-12-11; 8:45 am]
BILLING CODE 8011-01-P
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