Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of Proposed Rule Change To Amend ISE Rule 722 (Complex Orders) To Provide Its Members With a Choice in Executing Broker-Dealers for the Stock Leg(s) of Stock-Option Orders, 16106-16108 [2012-6497]
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16106
Federal Register / Vol. 77, No. 53 / Monday, March 19, 2012 / Notices
clearinghouse and clearing members
and improve margin efficiency (as
margin requirements will no longer
need to take into account the additional
risk from a T+3 as opposed to a T+1
settlement rule). ICE Clear Europe’s CDS
Risk Committee approved the proposed
rule changes.
The other proposed changes in the
ICE Clear Europe Rules reflect updates
to cross-references and defined terms
and similar drafting clarifications, and
do not affect the substance of the ICE
Clear Europe Rules or cleared products.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
ICE Clear Europe does not believe the
proposed rule and procedural changes
would have any impact, or impose any
burden, on competition.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments relating to the
proposed rule change have not been
solicited or received. ICE Clear Europe
will notify the Commission of any
written comments received by ICE Clear
Europe.
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 (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 the
proposed rule change or (B) institute
proceedings to determine whether the
proposed rule change should be
disapproved.
IV. Solicitation of Comments
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–ICEEU–2012–04. 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 Web site viewing and
printing in the Commission’s Public
Reference Section, 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 filings
will also be available for inspection and
copying at the principal office of ICE
Clear Europe and on ICE Clear Europe’s
Web site at https://www.theice.com/
publicdocs/regulatory_filings/
ICE_Clear_Europe_T+1_Settlement.pdf.
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–ICEEU–2012–04 and
should be submitted on or before April
9, 2012.
emcdonald on DSK29S0YB1PROD with NOTICES
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:
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.5
Kevin O’Neill,
Deputy Secretary.
Electronic Comments
BILLING CODE 8011–01–P
• 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–ICEEU–2012–04 on the
subject line.
VerDate Mar<15>2010
13:40 Mar 16, 2012
Jkt 226001
[FR Doc. 2012–6496 Filed 3–16–12; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66582; File No. SR–ISE–
2012–16]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing of Proposed Rule
Change To Amend ISE Rule 722
(Complex Orders) To Provide Its
Members With a Choice in Executing
Broker-Dealers for the Stock Leg(s) of
Stock-Option Orders
March 13, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on February
29, 2012, 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 selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to amend
Rule 722 (Complex Orders) to allow
Members to execute the stock legs of
stock-option orders through a brokerdealer of their choosing.
The text of the proposed rule change
is available on the Exchange’s Internet
Web site at 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 the
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.
1 15
5 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00113
Fmt 4703
2 17
Sfmt 4703
E:\FR\FM\19MRN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
19MRN1
emcdonald on DSK29S0YB1PROD with NOTICES
Federal Register / Vol. 77, No. 53 / Monday, March 19, 2012 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
Purpose—Under the ISE’s current
procedure for executing stock-options
orders, ISE Members may elect to have
the ISE electronically communicate the
stock leg(s) of a stock-option order to a
designated broker-dealer for execution.
To participate in the automated process,
the ISE Member must have entered into
a customer agreement with the
designated broker-dealer. The ISE
Member is responsible for fees and other
charges the designated broker-dealer
imposes from executing the trades, and
the ISE receives no fees related to the
stock portion of the stock-option trade.
The Exchange is now proposing to
amend its Rule 722 to expand the
service offered to ISE Members by
accommodating multiple potential
execution brokers. Under the proposal,
the Exchange will connect to multiple
broker-dealers for the execution of the
stock component of stock-option orders.
The Exchange will route orders to the
broker-dealers using routing logic that
takes into consideration objective
factors, such as execution cost, speed of
execution and fill rates, and ISE
Members will have the ability to
indicate preferred execution venues.
The Exchange will have no financial
arrangements with the executing brokerdealers with respect to routing the stock
leg(s) of stock-option orders.
As is currently required, after the
stock leg(s) of the orders are routed to
a broker-dealer for execution, that
broker-dealer will be responsible for
determining whether the order may be
executed in accordance with the
applicable rules, such as the Regulation
NMS trade-through rules. As with the
current procedure, the stock-option
order will not be executed on the ISE if
the broker-dealer cannot execute the
equity orders at the designated price.
ISE Members will continue to be
required to enter into an agreement with
the broker-dealer(s) to which their
orders can be routed, and the
Exchange’s routing logic will only route
orders to the broker-dealers with whom
they have agreements. In this respect,
ISE Members will continue to be
required to enter into an agreement with
the designated broker-dealer that the
Exchange currently routes the stockleg(s) to so that a [sic] there is at least
one common available broker-dealer
through which the matched stock-leg(s)
may be executed.3
3 In many cases, stock-option orders that are
matched on the ISE have two different Members on
the trade. The Exchange is not able to execute the
VerDate Mar<15>2010
13:40 Mar 16, 2012
Jkt 226001
The Exchange also proposes to
remove from its rules provisions related
to the non-automatic execution of stockoption orders. Members have found the
automatic execution of stock-option
orders to be preferable and no longer
enter stock-option orders for nonautomatic execution.
Basis—The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,4
in general, and with Section 6(b)(5) of
the Act,5 in particular, in that the
proposal is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling
processing information with respect to,
and facilitating transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system and, in general, to protect
investors and the public interest.
Specifically, providing the ISE Members
with multiple broker-dealers through
which they may choose to have the
stock leg(s) of their stock-option order
routed will enable Members to avail
themselves of pricing discounts. The
Exchange believes that this will
encourage members to route stockoption orders to the ISE, thus increasing
the liquidity for stock-option orders
executed on the ISE. Additionally, the
Exchange believes it is fair and
reasonable and not discriminatory to
remove from the rules the ability for
Members to execute stock-option orders
in a non-automated manner, as there is
no demand from Members for this
execution alternative.
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.
stock legs of such a transaction unless both
Members have an agreement with the broker-dealer
to which the stock legs are routed.
4 15 U.S.C. 78f.
5 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
16107
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve or disapprove
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 email to rule-comments@
sec.gov. Please include File Number SR–
ISE–2012–16 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–2012–16. 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 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
E:\FR\FM\19MRN1.SGM
19MRN1
16108
Federal Register / Vol. 77, No. 53 / Monday, March 19, 2012 / Notices
a.m. and 3 p.m. Copies of such filing
also will be available for inspection and
copying at the principal office of the
Exchange. All comments received will
be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–ISE–
2012–16 and should be submitted on or
before April 9, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–6497 Filed 3–16–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66583; File No. SR–Phlx–
2012–32]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Price Improvement XL (‘‘PIXLSM’’)
March 13, 2012.
emcdonald on DSK29S0YB1PROD with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 2 thereunder,
notice is hereby given that on March 9,
2012, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘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.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to amend
Rule 1080(n), Price Improvement XL
(‘‘PIXLSM’’), to correct Rule
1080(n)(i)(A)(2) pertaining to PIXL
Orders (described below) for the
account of a public customer with a size
of less than 50 contracts. The amended
rule would reflect the correct price at
which an Initiating Member (described
below) must guarantee the execution of
a PIXL Order (described below) that the
Initiating Member submits into a PIXL
Auction (described below).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
13:40 Mar 16, 2012
II. Self-Regulatory Organization’s
Statement of the Purpose of, and the
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to correct Exchange Rule
1080(n), which governs the Exchange’s
price improvement auction mechanism,
PIXL.3 In the PIXL mechanism, a
member (an ‘‘Initiating Member’’) must
guarantee the execution of (i.e., ‘‘stop’’)
an order it represents as agent (‘‘PIXL
Order’’) against principal interest or
against any other order it represents as
agent (an ‘‘Initiating Order’’) in the PIXL
Auction (‘‘Auction’’), in which other
participants may compete with the
Initiating Member’s order to execute
against the PIXL Order. The correction
concerns rule text respecting public
customer PIXL Orders for less than 50
contracts that are entered into the
Auction.
Exchange Rule 1080(n)(i) describes
the circumstances under which an
Initiating Member may initiate an
Auction. Rule 1080(n)(i)(A)(1) states
that if the PIXL Order is for the account
of a public customer and is for a size of
50 contracts or more, the Initiating
Member must stop the entire PIXL
Order at a price that is equal to or better
than the National Best Bid/Offer
(‘‘NBBO’’) on the opposite side of the
market from the PIXL Order, provided
that such price must be at least one
minimum price improvement increment
(as determined by the Exchange but not
3 For a complete description of PIXL, see
Securities Exchange Act Release No. 63027 (October
1, 2010), 75 FR 62160 (October 7, 2010) (SR–Phlx–
2010–108).
6 17
VerDate Mar<15>2010
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.nasdaqtrader.com/
micro.aspx?id=PHLXRulefilings, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
Jkt 226001
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
smaller than one cent) better than any
limit order on the limit order book on
the same side of the market as the PIXL
Order. The purpose of this provision is
to ensure that public customer PIXL
Orders for 50 contracts or more are
guaranteed at least the NBBO but do not
trade ahead of other limit orders already
on the Exchange’s limit order book at
the existing limit price.
Currently, Exchange Rule
1080(n)(i)(A)(2) states that if the PIXL
Order is for the account of a public
customer and is for a size of less than
50 contracts, the Initiating Member must
stop the entire PIXL Order at a price that
is the better of: (i) the PHLX Best Bid/
Offer (‘‘PBBO’’) price on the opposite
side of the market from the PIXL Order
improved by at least one minimum
price improvement increment, or (ii) the
PIXL Order’s limit price (if the order is
a limit order), provided in either case
that such price is better than the NBBO
(emphasis added), and at least one
minimum price improvement increment
better than any limit order on the book
on the same side of the market as the
PIXL Order.
In its filing to adopt the rules
governing PIXL, and in the Notice of
Filing of Proposed Rule Change
published in the Federal Register,4 the
Exchange described its intent
concerning the price at which an
Initiating Member must stop a PIXL
Order for the account of a public
customer for a size of less than 50
contracts:
‘‘[i]f the PIXL Order is for the account of
a public customer and is for a size of less
than 50 contracts, the Initiating Member must
stop the entire PIXL Order at a price that is
the better of: (i) The PBBO price on the
opposite side of the market from the PIXL
Order improved by at least one minimum
price improvement increment, or (ii) the
PIXL Order’s limit price (if the order is a
limit order), provided in either case that such
price is at or better than the NBBO.’’
(emphasis added).5
Despite this representation in the
Notice of Filing, current Rule
1080(n)(i)(A)(2) states, in relevant part,
‘‘[p]rovided in either case that such
price is better than the NBBO’’
(emphasis added). By way of the
omission of the words ‘‘at or’’ from Rule
1080(n)(i)(A)(2), the current rule does
not accurately describe the operation of
PIXL, and does not reflect Exchange’s
intent to permit Initiating Members to
4 See Securities Exchange Act Release No. 62678
(August 10, 2010), 75 FR 50021 (August 16, 2010)
(SR–Phlx–2010–108) (Notice of Filing of Proposed
Rule Change by NASDAQ OMX PHLX, Inc. Relating
to a Proposed Price Improvement System, Price
Improvement XL (PIXLSM)).
5 Id. at p. 50021.
E:\FR\FM\19MRN1.SGM
19MRN1
]]>Agencies
[Federal Register Volume 77, Number 53 (Monday, March 19, 2012)]
[Notices]
[Pages 16106-16108]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-6497]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66582; File No. SR-ISE-2012-16]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing of Proposed Rule Change To Amend ISE Rule 722
(Complex Orders) To Provide Its Members With a Choice in Executing
Broker-Dealers for the Stock Leg(s) of Stock-Option Orders
March 13, 2012.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on February 29, 2012, the International Securities Exchange, LLC
(the ``Exchange'' or the ``ISE'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I and II below, which items have been prepared by
the self-regulatory organization. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange proposes to amend Rule 722 (Complex Orders) to allow
Members to execute the stock legs of stock-option orders through a
broker-dealer of their choosing.
The text of the proposed rule change is available on the Exchange's
Internet Web site at 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 the
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.
[[Page 16107]]
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
Purpose--Under the ISE's current procedure for executing stock-
options orders, ISE Members may elect to have the ISE electronically
communicate the stock leg(s) of a stock-option order to a designated
broker-dealer for execution. To participate in the automated process,
the ISE Member must have entered into a customer agreement with the
designated broker-dealer. The ISE Member is responsible for fees and
other charges the designated broker-dealer imposes from executing the
trades, and the ISE receives no fees related to the stock portion of
the stock-option trade.
The Exchange is now proposing to amend its Rule 722 to expand the
service offered to ISE Members by accommodating multiple potential
execution brokers. Under the proposal, the Exchange will connect to
multiple broker-dealers for the execution of the stock component of
stock-option orders. The Exchange will route orders to the broker-
dealers using routing logic that takes into consideration objective
factors, such as execution cost, speed of execution and fill rates, and
ISE Members will have the ability to indicate preferred execution
venues. The Exchange will have no financial arrangements with the
executing broker-dealers with respect to routing the stock leg(s) of
stock-option orders.
As is currently required, after the stock leg(s) of the orders are
routed to a broker-dealer for execution, that broker-dealer will be
responsible for determining whether the order may be executed in
accordance with the applicable rules, such as the Regulation NMS trade-
through rules. As with the current procedure, the stock-option order
will not be executed on the ISE if the broker-dealer cannot execute the
equity orders at the designated price.
ISE Members will continue to be required to enter into an agreement
with the broker-dealer(s) to which their orders can be routed, and the
Exchange's routing logic will only route orders to the broker-dealers
with whom they have agreements. In this respect, ISE Members will
continue to be required to enter into an agreement with the designated
broker-dealer that the Exchange currently routes the stock-leg(s) to so
that a [sic] there is at least one common available broker-dealer
through which the matched stock-leg(s) may be executed.\3\
---------------------------------------------------------------------------
\3\ In many cases, stock-option orders that are matched on the
ISE have two different Members on the trade. The Exchange is not
able to execute the stock legs of such a transaction unless both
Members have an agreement with the broker-dealer to which the stock
legs are routed.
---------------------------------------------------------------------------
The Exchange also proposes to remove from its rules provisions
related to the non-automatic execution of stock-option orders. Members
have found the automatic execution of stock-option orders to be
preferable and no longer enter stock-option orders for non-automatic
execution.
Basis--The Exchange believes that the proposed rule change is
consistent with the provisions of Section 6 of the Act,\4\ in general,
and with Section 6(b)(5) of the Act,\5\ in particular, in that the
proposal is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system and, in general, to protect investors and the public interest.
Specifically, providing the ISE Members with multiple broker-dealers
through which they may choose to have the stock leg(s) of their stock-
option order routed will enable Members to avail themselves of pricing
discounts. The Exchange believes that this will encourage members to
route stock-option orders to the ISE, thus increasing the liquidity for
stock-option orders executed on the ISE. Additionally, the Exchange
believes it is fair and reasonable and not discriminatory to remove
from the rules the ability for Members to execute stock-option orders
in a non-automated manner, as there is no demand from Members for this
execution alternative.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the 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.
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-2012-16 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-2012-16. 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 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
[[Page 16108]]
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-ISE-2012-16 and should be
submitted on or before April 9, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-6497 Filed 3-16-12; 8:45 am]
BILLING CODE 8011-01-P
