Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Competitive Market Maker Trading Rights, 64417-64419 [2011-26853]

Download as PDF Federal Register / Vol. 76, No. 201 / Tuesday, October 18, 2011 / Notices 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 Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 5 and Rule 19b– 4(f)(6) thereunder.6 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. 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 DSK4VPTVN1PROD with NOTICES 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–BX–2011–069 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–BX–2011–069. 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 website (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 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 BX. 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–BX–2011–069 and should be submitted on or before November 8, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–26854 Filed 10–17–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65534; File No. SR–ISE– 2011–58] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Competitive Market Maker Trading Rights October 12, 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 October 3, 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 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 5 15 U.S.C. 78s(b)(3)(A). 6 17 CFR 240.19b–4(f)(6). VerDate Mar<15>2010 16:46 Oct 17, 2011 1 15 Jkt 226001 PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 64417 have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to refine how it assigns point values to options classes for purposes of Competitive Market Maker trading rights. The text of the proposed rule change is as follows, with deletions marked in [brackets] and additions in italics: Rule 802. Appointment of Market Makers (a) No change. (b) No change. (c) Appointments to Competitive Market Makers. Competitive market makers may request appointments to options classes traded on the Exchange, subject to the trading licensing requirements of Rule 2013 with respect to index options and Rule 2213 with respect to foreign currency options. (1) On a quarterly basis, the Exchange shall assign points to each options class equal to its percentage of overall industry volume (not including exclusively traded index options), rounded down to the nearest [tenth] one hundredth of a percentage with a maximum of 15 points. New listings [with no industry volume in the previous quarter] will be assigned a point value of zero for the remainder of the quarter in which it was listed. (2) No change. (3) No change. (d) The Exchange may suspend or terminate any appointment of a market maker under this Rule and may make additional appointments whenever, in the Exchange’s judgment, the interests of a fair and orderly market are best served by such action. In the case of an Index-Based Product, during the term of that appointment, the Exchange may also base a decision to suspend or terminate a Primary Market Maker’s appointment on the failure of the Primary Market Maker to meet the terms of its commitments under paragraph (b)(1) above. (e) Market Maker Performance. In making appointments to market makers, the Exchange may evaluate the performance of market makers relating to, among other things, quality of markets, competition among market makers, observance of ethical standards, and administrative factors. The Exchange may consider any relevant information, including but not limited to the results of a market maker evaluation questionnaire, trading data, a market maker’s regulatory history and such other factors and data as may be pertinent in the circumstances. Moreover, failure by a market maker to meet minimum performance standards may result in, among other things: (1) suspension, termination or restriction of an appointment to one or more of the options classes appointed to the market maker [within the market maker’s appointed Group]; (2) restriction of appointments to E:\FR\FM\18OCN1.SGM 18OCN1 64418 Federal Register / Vol. 76, No. 201 / Tuesday, October 18, 2011 / Notices additional options classes [in the market maker’s appointed Group]; or (3) suspension, termination, or restriction of the market makers registration. Supplementary Material to Rule 802 .01–.02 No change. * * * * * 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 Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B and C below, of the most significant aspects of such statements. mstockstill on DSK4VPTVN1PROD with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange recently changed the structure of Competitive Market Maker (‘‘CMM’’) appointments to give market makers flexibility to choose the options classes to which they are appointed.3 Under this structure, the Exchange assigns points to each options class equal to its percentage of overall industry volume (not including exclusively-traded index options), rounded down to the nearest tenth of a percentage. A CMM is then permitted to seek appointments to options classes that total twenty points for the first CMM trading right owned or leased by a member, and ten points for each subsequent CMM trading right owned or leased by the same member.4 The Exchange proposes to make three refinements to the point values assigned to certain options classes. First, to prevent any one symbol from having a disproportionate weight with respect to CMM trading rights, the Exchange seeks to cap the total number of points an options class is assigned to 15 (equivalent to 15 percent of industry volume). Second, since point values are refreshed on a quarterly basis, we seek to clarify that any new ISE listings 3 See Securities Exchange Act Release No. 65100 (Aug. 11, 2011), 76 FR 51075 (Aug. 17, 2011) (order approving SR–ISE–2011–33). 4 CMMs can select the options classes to which they seek appointment, but the Exchange retains the authority to make such appointments and to remove appointments from CMMs based on their performance. See ISE Rule 802. VerDate Mar<15>2010 16:46 Oct 17, 2011 Jkt 226001 during a quarter will have a point value of zero until a point value is determined at the end of the quarter. Finally, when assigning point values, the Exchange proposes to round down to the nearest hundredth of a percentage, rather than a tenth of a percentage, to more precisely reflect an options class’ percentage of industry volume. Finally, the Exchange proposes to make four changes to Rule 802. First, the Exchange proposes to add the words ‘whenever, in the’ to Rule 802(d). Second, the Exchange proposes to add the words ‘appointed to the market maker’ to Rule 802(e)(1). Third, the Exchange proposes to delete the words ‘within the market maker’s appointed Group’ from Rule 802(e)(1). Fourth, the Exchange proposes to delete the words ‘in the market maker’s appointed Group’ from Rule 802(e)(2). The Exchange inadvertently failed to make these rule text changes when it recently amended Rule 802.5 2. Basis The basis under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) for this proposed rule change is the requirement under Section 6(b)(5) that an exchange have rules that are designed to promote just and equitable principles of trade, and 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 proposal will provide clarity to members regarding how points are assigned to options classes for purposes of CMM trading rights, and assure that the process is administered in an efficient manner. 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. 5 See PO 00000 supra note 3. Frm 00121 Fmt 4703 Sfmt 4703 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change: (1) Does not significantly affect the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) by its terms does not become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) 6 of the Act and Rule 19b–4(f)(6) thereunder.7 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. 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an E-mail to rulecomments@sec.gov. Please include File No. SR–ISE–2011–58 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–2011–58. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your 6 15 U.S.C. 78s(b)(3)(A). In addition, Rule 19b– 4(f)(6) requires the Exchange to give the Commission written notice of the Exchange’s intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. 7 17 CFR 240.19b–4(f)(6). E:\FR\FM\18OCN1.SGM 18OCN1 Federal Register / Vol. 76, No. 201 / Tuesday, October 18, 2011 / Notices comments more efficiently, please use only one method. The Commission will post all comments on the Commissions 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 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–2011–58 and should be submitted by November 8, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–26853 Filed 10–17–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65358; File No. SR–FINRA– 2011–045] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Revise the Series 7 Examination Program September 20, 2011. SMALL BUSINESS ADMINISTRATION [Disaster Declaration #12774 and #12775] NORTH CAROLINA Disaster Number NC–00036 U.S. Small Business Administration. ACTION: Amendment 6. AGENCY: This is an amendment of the Presidential declaration of a major disaster for the State of NORTH CAROLINA (FEMA–4019–DR), dated 08/31/2011. Incident: Hurricane Irene. Incident Period: 08/25/2011 through 09/01/2011. Effective Date: 10/07/2011. Physical Loan Application Deadline Date: 10/31/2011. EIDL Loan Application Deadline Date: 05/31/2012. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the Presidential disaster declaration for the State of NORTH CAROLINA, dated 08/31/2011 is hereby amended to include the following areas as adversely affected by the disaster: Primary Counties (Physical Damage and Economic Injury Loans): Bladen, Columbus, Sampson. Contiguous Counties (Economic Injury Loans Only): North Carolina: Cumberland, Robeson. South Carolina: Dillon. All other information in the original declaration remains unchanged. SUMMARY: (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) James E. Rivera, Associate Administrator for Disaster Assistance. mstockstill on DSK4VPTVN1PROD with NOTICES Correction [FR Doc. 2011–26830 Filed 10–17–11; 8:45 am] In notice document 2011–24710 appearing on pages 59751–59754 in the issue of September 27, 2011, make the following correction: On page 59751, in the third column, the Release No. in the heading is corrected to read as set forth above. BILLING CODE 8025–01–P [FR Doc. C1–2011–24710 Filed 10–17–11; 8:45 am] AGENCY: BILLING CODE 1505–01–D 8 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 16:46 Oct 17, 2011 Jkt 226001 64419 This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the Commonwealth of Pennsylvania (FEMA–4030–DR), dated 10/07/2011. Incident: Tropical Storm Lee. Incident Period: 09/03/2011 and continuing. Effective Date: 10/07/2011. Physical Loan Application Deadline Date: 12/06/2011. Economic injury (EIDL) Loan Application Deadline Date: 07/09/2012. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing And Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on 10/07/2011, Private Non-Profit organizations that provide essential services of governmental nature may file disaster loan applications at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Counties: Berks, Bradford, Columbia, Dauphin, Juniata, Lancaster, Lebanon, Luzerne, Lycoming, Montour, Schuylkill, Snyder, Sullivan, Susquehanna, Wyoming. SUMMARY: The Interest Rates are: Percent For Physical Damage: Non-Profit Organizations With Credit Available Elsewhere ... Non-Profit Organizations Without Credit Available Elsewhere ..................................... For Economic Injury: Non-Profit Organizations Without Credit Available Elsewhere ..................................... 3.250 3.000 3.000 SMALL BUSINESS ADMINISTRATION The number assigned to this disaster for physical damage is 128798 and for economic injury is 128808. [Disaster Declaration #12879 and #12880] (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) Pennsylvania Disaster #PA–00045 U.S. Small Business Administration. ACTION: Notice. PO 00000 Frm 00122 Fmt 4703 Sfmt 9990 James E. Rivera, Associate Administrator for Disaster Assistance. [FR Doc. 2011–26834 Filed 10–17–11; 8:45 am] BILLING CODE 8025–01–P E:\FR\FM\18OCN1.SGM 18OCN1

Agencies

[Federal Register Volume 76, Number 201 (Tuesday, October 18, 2011)]
[Notices]
[Pages 64417-64419]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-26853]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65534; File No. SR-ISE-2011-58]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Relating to Competitive Market Maker Trading Rights

October 12, 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 October 3, 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 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 Exchange proposes to refine how it assigns point values to 
options classes for purposes of Competitive Market Maker trading 
rights. The text of the proposed rule change is as follows, with 
deletions marked in [brackets] and additions in italics:

 Rule 802. Appointment of Market Makers

    (a) No change.
    (b) No change.
    (c) Appointments to Competitive Market Makers. Competitive 
market makers may request appointments to options classes traded on 
the Exchange, subject to the trading licensing requirements of Rule 
2013 with respect to index options and Rule 2213 with respect to 
foreign currency options.
    (1) On a quarterly basis, the Exchange shall assign points to 
each options class equal to its percentage of overall industry 
volume (not including exclusively traded index options), rounded 
down to the nearest [tenth] one hundredth of a percentage with a 
maximum of 15 points. New listings [with no industry volume in the 
previous quarter] will be assigned a point value of zero for the 
remainder of the quarter in which it was listed.
    (2) No change.
    (3) No change.
    (d) The Exchange may suspend or terminate any appointment of a 
market maker under this Rule and may make additional appointments 
whenever, in the Exchange's judgment, the interests of a fair and 
orderly market are best served by such action. In the case of an 
Index-Based Product, during the term of that appointment, the 
Exchange may also base a decision to suspend or terminate a Primary 
Market Maker's appointment on the failure of the Primary Market 
Maker to meet the terms of its commitments under paragraph (b)(1) 
above.
    (e) Market Maker Performance. In making appointments to market 
makers, the Exchange may evaluate the performance of market makers 
relating to, among other things, quality of markets, competition 
among market makers, observance of ethical standards, and 
administrative factors. The Exchange may consider any relevant 
information, including but not limited to the results of a market 
maker evaluation questionnaire, trading data, a market maker's 
regulatory history and such other factors and data as may be 
pertinent in the circumstances. Moreover, failure by a market maker 
to meet minimum performance standards may result in, among other 
things: (1) suspension, termination or restriction of an appointment 
to one or more of the options classes appointed to the market maker 
[within the market maker's appointed Group]; (2) restriction of 
appointments to

[[Page 64418]]

additional options classes [in the market maker's appointed Group]; 
or (3) suspension, termination, or restriction of the market makers 
registration.

Supplementary Material to Rule 802

    .01-.02 No change.
* * * * *

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

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

1. Purpose
    The Exchange recently changed the structure of Competitive Market 
Maker (``CMM'') appointments to give market makers flexibility to 
choose the options classes to which they are appointed.\3\ Under this 
structure, the Exchange assigns points to each options class equal to 
its percentage of overall industry volume (not including exclusively-
traded index options), rounded down to the nearest tenth of a 
percentage. A CMM is then permitted to seek appointments to options 
classes that total twenty points for the first CMM trading right owned 
or leased by a member, and ten points for each subsequent CMM trading 
right owned or leased by the same member.\4\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 65100 (Aug. 11, 
2011), 76 FR 51075 (Aug. 17, 2011) (order approving SR-ISE-2011-33).
    \4\ CMMs can select the options classes to which they seek 
appointment, but the Exchange retains the authority to make such 
appointments and to remove appointments from CMMs based on their 
performance. See ISE Rule 802.
---------------------------------------------------------------------------

    The Exchange proposes to make three refinements to the point values 
assigned to certain options classes. First, to prevent any one symbol 
from having a disproportionate weight with respect to CMM trading 
rights, the Exchange seeks to cap the total number of points an options 
class is assigned to 15 (equivalent to 15 percent of industry volume). 
Second, since point values are refreshed on a quarterly basis, we seek 
to clarify that any new ISE listings during a quarter will have a point 
value of zero until a point value is determined at the end of the 
quarter. Finally, when assigning point values, the Exchange proposes to 
round down to the nearest hundredth of a percentage, rather than a 
tenth of a percentage, to more precisely reflect an options class' 
percentage of industry volume.
    Finally, the Exchange proposes to make four changes to Rule 802. 
First, the Exchange proposes to add the words `whenever, in the' to 
Rule 802(d). Second, the Exchange proposes to add the words `appointed 
to the market maker' to Rule 802(e)(1). Third, the Exchange proposes to 
delete the words `within the market maker's appointed Group' from Rule 
802(e)(1). Fourth, the Exchange proposes to delete the words `in the 
market maker's appointed Group' from Rule 802(e)(2). The Exchange 
inadvertently failed to make these rule text changes when it recently 
amended Rule 802.\5\
---------------------------------------------------------------------------

    \5\ See supra note 3.
---------------------------------------------------------------------------

2. Basis
    The basis under the Securities Exchange Act of 1934 (``Exchange 
Act'') for this proposed rule change is the requirement under Section 
6(b)(5) that an exchange have rules that are designed to promote just 
and equitable principles of trade, and 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 proposal will provide clarity to members regarding 
how points are assigned to options classes for purposes of CMM trading 
rights, and assure that the process is administered in an efficient 
manner.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any unsolicited written comments from members or other interested 
parties.

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

    Because the foregoing proposed rule change: (1) Does not 
significantly affect the protection of investors or the public 
interest; (2) does not impose any significant burden on competition; 
and (3) by its terms does not become operative for 30 days after the 
date of this filing, or such shorter time as the Commission may 
designate if consistent with the protection of investors and the public 
interest, the proposed rule change has become effective pursuant to 
Section 19(b)(3)(A) \6\ of the Act and Rule 19b-4(f)(6) thereunder.\7\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A). In addition, Rule 19b-4(f)(6) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change at least five 
business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission. The 
Exchange has satisfied this requirement.
    \7\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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.

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 (http://www.sec.gov/rules/sro.shtml); or
     Send an E-mail to rule-comments@sec.gov. Please include 
File No. SR-ISE-2011-58 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-2011-58. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your

[[Page 64419]]

comments more efficiently, please use only one method. The Commission 
will post all comments on the Commissions 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 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-2011-58 and should be submitted by November 8, 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. 2011-26853 Filed 10-17-11; 8:45 am]
BILLING CODE 8011-01-P