Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to API Fees, 77881-77883 [2011-32001]
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Federal Register / Vol. 76, No. 240 / Wednesday, December 14, 2011 / Notices
Section 6(b)(5) of the Act 11 in particular
in that it should promote just and
equitable principles of trade, serve to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and
protect investors and the public interest.
The Exchange believes that the
proposed rule change will facilitate the
orderly execution of complex orders in
our Hybrid 3.0 electronic trading
environment.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition 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 neither solicited nor
received comments on the proposal.
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
up to 90 days of such date (i) as the
Commission may designate if it finds
such longer period to be appropriate
and publishes its reasons for so finding
or (ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve or disapprove
such proposed rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
mstockstill on DSK4VPTVN1PROD with NOTICES
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 email to rulecomments@sec.gov. Please include File
Number SR–CBOE–2011–114 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
11 15
U.S.C. 78f(b)(5).
VerDate Mar<15>2010
15:14 Dec 13, 2011
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–CBOE–2011–114. This file
number should be included on the
subject line if email 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 inspection and copying 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 CBOE. 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–CBOE–2011–114 and
should be submitted on or before
January 4, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–32034 Filed 12–13–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65916; File No. SR–ISE–
2011–80]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to API Fees
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that, on
November 25, 2011, the International
Securities Exchange, LLC (the
‘‘Exchange’’ or the ‘‘ISE’’) filed with the
Securities and Exchange Commission
(the ‘‘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 amend its
Schedule of Fees regarding the
Exchange’s API or login fees. 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
The ISE is proposing to amend its
Schedule of Fees regarding the
Exchange’s API or login fees. ISE
currently charges its Members a fee for
each login that a Member utilizes for
quoting or order entry, with a lesser
charge for logins used for the limited
purpose of ‘‘listening’’ to broadcast
messages.3 The Exchange currently has
the following categories of authorized
logins: (1) Quoting, order entry and
listening (allowing the user to enter
quotes, orders, and perform all other
miscellaneous functions, such as setting
parameters and pulling quotes); (2)
December 8, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
12 17
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77881
PO 00000
CFR 200.30–3(a)(12).
Frm 00116
Fmt 4703
Sfmt 4703
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Exchange Act Release No. 53522 (March 20,
2006), 71 FR 14975 (March 24, 2006) (SR–ISE–
2006–09).
2 17
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mstockstill on DSK4VPTVN1PROD with NOTICES
77882
Federal Register / Vol. 76, No. 240 / Wednesday, December 14, 2011 / Notices
order entry and listening (allowing the
user to enter orders and perform all
other miscellaneous functions, such as
setting parameters and pulling quotes
(but not quoting)); and (3) listening
(allowing the user only to query the
system and to respond to broadcast
messages).4 The Exchange notes that
quoting, order entry and listening are
functionalities available only to
Exchange Market Makers, i.e., Primary
Market Makers and Competitive Market
Makers, while order entry and listening
are functionalities available only to nonMarket Makers, i.e., Electronic Access
Members.
ISE Market Makers currently receive
an allocation of 1.8 million quotes per
day per user.5 If a Market Maker submits
more quotes than those allocated, i.e.,
1.8 million quotes per day per user as
measured on average in a single month,
the Market Maker is charged for
additional users depending upon the
number of quotes submitted. Each
month, the total number of quotes
submitted by a Market Maker is divided
by the number of trading days, resulting
in the average quotes per day. This
number is then divided by 1.8 million
and rounded up to the nearest whole
number, resulting in an implied number
of users based on quotes. Market Makers
are charged on a monthly basis for the
greater of (a) the greatest number of
users that logged into the system, or (b)
the number of implied users based on
quotes.
ISE currently charges Market Makers
$1,200 per month for each quoting
session for up to 1.8 million quotes per
day, on average for a month. Market
Makers are charged an additional user
fee of $950 for each incremental usage
of up to 1.8 million quotes per day per
user. The Exchange now proposes to
standardize this fee by charging a flat
fee of $1,000 for each login session.
Each login session will continue to
permit a Market Maker to enter up to 1.8
million quotes per day. Market Makers
who exceed their monthly quoting
allowance will also be charged $1,000
per month for each subsequent usage of
1.8 million quotes per day in a month.
Earlier this year, the Exchange
launched an enhanced trading system
called Optimise. Under its old trading
system, prior to Optimise, the Exchange
had an additional category of login
known as a ‘‘High Throughput User.’’ 6
A High Throughput User was a Market
4 Id.
5 See Exchange Act Release No. 64269 (April 8,
2011), 76 FR 20752 (April 13, 2011) (SR–ISE–2011–
21).
6 See Securities Exchange Act Release No. 55941
(June 21, 2007), 72 FR 35535 (June 28, 2007) (SR–
ISE–2007–36).
VerDate Mar<15>2010
15:14 Dec 13, 2011
Jkt 226001
Maker who was allocated up to 3.6
million quotes per day in a month.7 A
High Throughput User was able to enter
quotes, orders, and perform all other
miscellaneous functions, such as setting
parameters and pulling quotes.8 High
Throughput Users were charged a fee of
$2,400 per month and an additional
user fee of $1,900 for each incremental
usage of up to 3.6 million quotes per
day per user. Now that ISE has fully
migrated to Optimise, the Exchange no
longer has a need for the ‘‘High
Throughput User’’ and proposes to
remove it from its Schedule of Fees.
Additionally, now that the Exchange
has transitioned to Optimise, Members
no longer have a need to use their quote
allocation across two trading platforms.
As such, the Exchange proposes to
delete text from its Schedule of Fees
that permitted Members to use their
quote allocation to access either the old
trading system or Optimise.
The Exchange has designated this
proposal to be operative on December 1,
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 9 in general, and furthers the
objectives of Section 6(b)(4) of the Act 10
in particular, in that it is an equitable
allocation of reasonable dues, fees and
other charges among Exchange members
and other persons using its facilities.
The Exchange believes that the proposal
does not constitute an inequitable
allocation of fees, as all similarly
situated Members will be subject to the
same fee structure, and access to the
Exchange’s market is offered on fair and
non-discriminatory terms. In other
words, the proposed rule change will
treat similarly situated Members in the
same manner by assessing the same fees
to all Members based on their quoting
needs. The Exchange further believes
that its proposal is both equitable and
reasonable as it will standardize the fees
charged by the Exchange. With this
proposed rule change, all Members will
be assessed the same access fee.
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.
7 See
supra note 5.
8 Id.
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
10 15
PO 00000
Frm 00117
Fmt 4703
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.11 At any time
within 60 days of the filing of such
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act. If the Commission
takes such action, the Commission shall
institute proceedings to determine
whether the proposed rule should be
approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the 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 email to rulecomments@sec.gov. Please include File
Number SR–ISE–2011–80 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–2011–80. This file
number should be included on the
subject line if email 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
11 15
Sfmt 4703
E:\FR\FM\14DEN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
14DEN1
Federal Register / Vol. 76, No. 240 / Wednesday, December 14, 2011 / Notices
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–ISE–
2011–80 and should be submitted on or
before January 4, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–32001 Filed 12–13–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65913; File No. SR–
NASDAQ–2011–163]
Self-Regulatory Organizations;
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change Relating to
the Options Regulatory Fee
mstockstill on DSK4VPTVN1PROD with NOTICES
December 8, 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 November
28, 2011, The NASDAQ Stock Market
LLC (‘‘NASDAQ’’ or ‘‘Exchange’’) 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 the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
12 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
15:14 Dec 13, 2011
Jkt 226001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to institute a
new transaction-based ‘‘Options
Regulatory Fee’’ and eliminate
registered representative fees for
NASDAQ members using the NASDAQ
Options Market (‘‘NOM’’), NASDAQ’s
facility for executing and routing
standardized equity and index options.
While fee changes pursuant to this
proposal are effective upon filing, the
Exchange has designated these changes
to be operative on January 3, 2012.
The text of the proposed rule change
is set forth below. Proposed new text is
italicized and deleted text is in brackets.
*
*
*
*
*
*
*
*
7059. NASDAQ Options Regulatory Fee
NOM Participants will be assessed an
Options Regulatory Fee of $0.0015 per
contract. *
* Effective January 2, 2012, the Options
Regulatory Fee will be assessed by NOM to
PO 00000
Frm 00118
Fmt 4703
Sfmt 4703
each NOM Participant for all options
transactions executed or cleared by NOM
Participant that are cleared by The Options
Clearing Corporation (OCC) in the customer
range regardless of the exchange on which
the transaction occurs. The Options
Regulatory Fee is collected indirectly from
NOM Participants through their clearing
firms by OCC on behalf of NOM. NOM
Participants who do not transact an equities
business on the NASDAQ Stock Market LLC
in a calendar year will receive a refund of the
fees specified in Rule 7003(b) upon written
notification to the Exchange along with
documentation evidencing that no equities
business was conducted on the NASDAQ
Stock Market for that calendar year. The
Exchange will accept refund requests up
until sixty (60) days after the end of the
calendar year.
*
*
7003. Registration and Processing Fees
(a) The following fees will be collected and
retained by FINRA via the Web CRD
registration system for the registration of
associated persons of Nasdaq members that
are not also FINRA members:
(1) $85 for each initial Form U4 filed for
the registration of a representative or
principal;
(2) $95 for the additional processing of
each initial or amended Form U4 or Form U5
that includes the initial reporting,
amendment, or certification of one or more
disclosure events or proceedings;
(3) $30 annually for each of the member’s
registered representatives and principals for
system processing;
(4) $13 for processing and posting to the
CRD system each set of fingerprints
submitted by the member, plus a passthrough of any other charge imposed by the
United States Department of Justice for
processing each set of fingerprints;
(5) $13 for processing and posting to the
CRD system each set of fingerprint results
and identifying information that has been
processed through a self-regulatory
organization other than NASD; and
(6) a $75 session fee for each individual
who is required to complete the Regulatory
Element of the Continuing Education
Requirements pursuant to Nasdaq Rule 1120.
(b) The following fees will be collected via
the Web CRD registration system for the
registration of associated persons of Nasdaq
members:*
(1) $55 for each initial Form U4 filed for
the registration of a representative or
principal.
(2) $55 for each registration U4 transfer or
re-licensing of a representative or principal.
* NOM Participants that do not transact an
equities business on the NASDAQ Stock
Market LLC are not subject to the fees in Rule
7003(b).
*
77883
*
*
*
*
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
www.nasdaq.cchwallstreet.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
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
Exchange 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 amend Rule
7003 entitled ‘‘Registration and
Processing Fees’’ to eliminate its
registered representative fees for NOM
Participants and also create a new Rule
7059 entitled ‘‘NASDAQ Options
Regulatory Fee’’ to institute a new
transaction-based Options Regulatory
Fee.
Each Options Participant that registers
an options principal and/or
representative who is conducting
business on NOM is assessed a
registered representative fee (‘‘RR Fee’’)
based on the action associated with the
registration. There are annual fees as
well as initial, transfer and termination
fees. RR Fees as well as other regulatory
fees collected by the Exchange were
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]]>Agencies
[Federal Register Volume 76, Number 240 (Wednesday, December 14, 2011)]
[Notices]
[Pages 77881-77883]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-32001]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65916; File No. SR-ISE-2011-80]
Self-Regulatory Organizations; International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to API Fees
December 8, 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 November 25, 2011, the International Securities Exchange, LLC
(the ``Exchange'' or the ``ISE'') filed with the Securities and
Exchange Commission (the ``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 amend its Schedule of Fees regarding the
Exchange's API or login fees. 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
The ISE is proposing to amend its Schedule of Fees regarding the
Exchange's API or login fees. ISE currently charges its Members a fee
for each login that a Member utilizes for quoting or order entry, with
a lesser charge for logins used for the limited purpose of
``listening'' to broadcast messages.\3\ The Exchange currently has the
following categories of authorized logins: (1) Quoting, order entry and
listening (allowing the user to enter quotes, orders, and perform all
other miscellaneous functions, such as setting parameters and pulling
quotes); (2)
[[Page 77882]]
order entry and listening (allowing the user to enter orders and
perform all other miscellaneous functions, such as setting parameters
and pulling quotes (but not quoting)); and (3) listening (allowing the
user only to query the system and to respond to broadcast messages).\4\
The Exchange notes that quoting, order entry and listening are
functionalities available only to Exchange Market Makers, i.e., Primary
Market Makers and Competitive Market Makers, while order entry and
listening are functionalities available only to non-Market Makers,
i.e., Electronic Access Members.
---------------------------------------------------------------------------
\3\ See Exchange Act Release No. 53522 (March 20, 2006), 71 FR
14975 (March 24, 2006) (SR-ISE-2006-09).
\4\ Id.
---------------------------------------------------------------------------
ISE Market Makers currently receive an allocation of 1.8 million
quotes per day per user.\5\ If a Market Maker submits more quotes than
those allocated, i.e., 1.8 million quotes per day per user as measured
on average in a single month, the Market Maker is charged for
additional users depending upon the number of quotes submitted. Each
month, the total number of quotes submitted by a Market Maker is
divided by the number of trading days, resulting in the average quotes
per day. This number is then divided by 1.8 million and rounded up to
the nearest whole number, resulting in an implied number of users based
on quotes. Market Makers are charged on a monthly basis for the greater
of (a) the greatest number of users that logged into the system, or (b)
the number of implied users based on quotes.
---------------------------------------------------------------------------
\5\ See Exchange Act Release No. 64269 (April 8, 2011), 76 FR
20752 (April 13, 2011) (SR-ISE-2011-21).
---------------------------------------------------------------------------
ISE currently charges Market Makers $1,200 per month for each
quoting session for up to 1.8 million quotes per day, on average for a
month. Market Makers are charged an additional user fee of $950 for
each incremental usage of up to 1.8 million quotes per day per user.
The Exchange now proposes to standardize this fee by charging a flat
fee of $1,000 for each login session. Each login session will continue
to permit a Market Maker to enter up to 1.8 million quotes per day.
Market Makers who exceed their monthly quoting allowance will also be
charged $1,000 per month for each subsequent usage of 1.8 million
quotes per day in a month.
Earlier this year, the Exchange launched an enhanced trading system
called Optimise. Under its old trading system, prior to Optimise, the
Exchange had an additional category of login known as a ``High
Throughput User.'' \6\ A High Throughput User was a Market Maker who
was allocated up to 3.6 million quotes per day in a month.\7\ A High
Throughput User was able to enter quotes, orders, and perform all other
miscellaneous functions, such as setting parameters and pulling
quotes.\8\ High Throughput Users were charged a fee of $2,400 per month
and an additional user fee of $1,900 for each incremental usage of up
to 3.6 million quotes per day per user. Now that ISE has fully migrated
to Optimise, the Exchange no longer has a need for the ``High
Throughput User'' and proposes to remove it from its Schedule of Fees.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 55941 (June 21,
2007), 72 FR 35535 (June 28, 2007) (SR-ISE-2007-36).
\7\ See supra note 5.
\8\ Id.
---------------------------------------------------------------------------
Additionally, now that the Exchange has transitioned to Optimise,
Members no longer have a need to use their quote allocation across two
trading platforms. As such, the Exchange proposes to delete text from
its Schedule of Fees that permitted Members to use their quote
allocation to access either the old trading system or Optimise.
The Exchange has designated this proposal to be operative on
December 1, 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 \9\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \10\ in
particular, in that it is an equitable allocation of reasonable dues,
fees and other charges among Exchange members and other persons using
its facilities. The Exchange believes that the proposal does not
constitute an inequitable allocation of fees, as all similarly situated
Members will be subject to the same fee structure, and access to the
Exchange's market is offered on fair and non-discriminatory terms. In
other words, the proposed rule change will treat similarly situated
Members in the same manner by assessing the same fees to all Members
based on their quoting needs. The Exchange further believes that its
proposal is both equitable and reasonable as it will standardize the
fees charged by the Exchange. With this proposed rule change, all
Members will be assessed the same access fee.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\11\ At any time within 60 days of the
filing of such proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
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\11\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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 email to rule-comments@sec.gov. Please include
File Number SR-ISE-2011-80 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-2011-80. This file
number should be included on the subject line if email 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
[[Page 77883]]
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-ISE-2011-80 and should be submitted on
or before January 4, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-32001 Filed 12-13-11; 8:45 am]
BILLING CODE 8011-01-P
