Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees, 69905-69908 [2012-28260]
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Federal Register / Vol. 77, No. 225 / Wednesday, November 21, 2012 / Notices
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 20549–1090, on official
business days between the hours of
10:00 a.m. and 3:00 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–CBOE–
2012–107, and should be submitted on
or before December 12, 2012.
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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’Neill,
Deputy Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2012–28261 Filed 11–20–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68240; File No. SR–ISE–
2012–88]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Amend the Schedule of
Fees
November 15, 2012.
srobinson on DSK4SPTVN1PROD with
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
6, 2012, the International Securities
Exchange, LLC (the ‘‘ISE’’ or the
‘‘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 self-regulatory 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 Substance of
the Proposed Rule Change
The ISE is proposing to amend its
Schedule of Fees. The text of the
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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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.
1. Purpose
The Exchange currently assesses per
contract transaction fees and provides
rebates to market participants that add
or remove liquidity from the Exchange
(‘‘maker/taker fees and rebates’’) in 93
options classes (the ‘‘Select Symbols’’).3
The Exchange’s maker/taker fees and
rebates are applicable to regular and
complex orders executed in the Select
Symbols. The Exchange also currently
assesses maker/taker fees and rebates for
complex orders in symbols that are in
the Penny Pilot program but are not a
Select Symbol (‘‘Non-Select Penny Pilot
Symbols’’) 4 and in all symbols that are
not in the Penny Pilot Program (‘‘NonPenny Pilot Symbols’’).5 The Exchange
also currently assesses maker/taker fees
and rebates for certain regular orders in
62 option classes (‘‘Special Non-Select
Penny Pilot Symbols’’).6
3 Options classes subject to maker/taker fees and
rebates are identified by their ticker symbol on the
Exchange’s Schedule of Fees.
4 See Exchange Act Release Nos. 65724
(November 10, 2011), 76 FR 71413 (November 17,
2011) (SR–ISE–2011–72); 66597 (March 14, 2012),
77 FR 16295 (March 20, 2012) (SR–ISE–2012–17);
66961 (May 10, 2012), 77 FR 28914 (May 16, 2012)
(SR–ISE–2012–38); and 67628 (August 9, 2012), 77
FR 49049 (August 15, 2012) (SR–ISE–2012–71).
5 See Exchange Act Release Nos. 66084 (January
3, 2012), 77 FR 1103 (January 9, 2012) (SR–ISE–
2011–84); 66392 (February 14, 2012), 77 FR 10016
(February 21, 2012) (SR–ISE–2012–06); 66962 (May
10, 2012), 77 FR 28917 (May 16, 2012) (SR–ISE–
2012–35); 67400 (July 11, 2012), 77 FR 42036 (July
17, 2012) (SR–ISE- 2012–63) and 67628 (August 9,
2012), 77 FR 49049 (August 15, 2012) (SR–ISE–
2012–71).
6 The Special Non-Select Penny Pilot Symbols are
identified by their ticker symbol on the Exchange’s
Schedule of Fees. See Exchange Act Release Nos.
PO 00000
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The Exchange currently applies maker
and taker fees and rebates to regular
orders in the Special Non-Select Penny
Pilot Symbols. Specifically, the
Exchange applies the following maker
fees and rebates for orders that trade
against Priority and Non-Priority
Customer orders:
• For Market Maker,7 Firm
Proprietary/Broker-Dealer and
Professional Customer 8 orders, a maker
fee of $0.35 per contract;
• For Non-ISE Market Maker 9 orders,
a maker fee of $0.40 per contract;
• For Priority Customer 10 orders, a
maker rebate of $0.25 per contract.
Additionally, the Exchange applies
the following taker fees and rebates for
orders that trade against Non-Priority
Customer orders:
• For Market Maker orders, a taker fee
of $0.20 per contract;
• For Non-ISE Market Maker orders, a
taker fee of $0.35 per contract;
• For Firm Proprietary/Broker-Dealer
and Professional Customer orders, a
taker fee of $0.25 per contract;
• For Priority Customer orders, a
taker rebate of $0.32 per contract.
The Exchange also currently applies
the following taker fees for orders that
trade against Priority Customer orders:
• For Market Maker orders, a taker fee
of $0.32 per contract;
• For Non-ISE Market Maker orders, a
taker fee of $0.40 per contract;
• For Firm Proprietary/Broker-Dealer
and Professional Customer orders, a
taker fee of $0.35 per contract;
• For Priority Customer orders, a
taker fee of $0.00 per contract.
Additionally, the Exchange provides
Market Makers with a two-cent discount
when trading against Priority Customer
orders that are preferenced to them.
This discount is applicable when
Market Makers add or remove liquidity
in the Special Non- Select Penny Pilot
Symbols. The Exchange also currently
charges a fee of $0.20 per contract to all
market participants [sic] for Crossing
Orders in the Special Non-Select Penny
67201 (June 14, 2012), 77 FR 37082 (June 20, 2012)
(SR–ISE–2012–49) and 67627 (August 9, 2012), 77
FR 49046 (August 15, 2012) (SR–ISE–2012–70).
7 The term ‘‘Market Makers’’ refers to
‘‘Competitive Market Makers’’ and ‘‘Primary Market
Makers’’ collectively. See ISE Rule 100(a)(25).
8 A Professional Customer is a person who is not
a broker/dealer and is not a Priority Customer.
9 A Non-ISE Market Maker, or Far Away Market
Maker (‘‘FARMM’’), is a market maker as defined
in Section 3(a)(38) of the Securities Exchange Act
of 1934 registered in the same options class on
another options exchange.
10 A Priority Customer is defined in ISE Rule
100(a)(37A) as a person or entity that is not a
broker/dealer in securities, and does not place more
than 390 orders in listed options per day on average
during a calendar month for its own beneficial
account(s).
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Federal Register / Vol. 77, No. 225 / Wednesday, November 21, 2012 / Notices
Pilot Symbols, and a fee of $0.40 per
contract to all market participants for
Responses to Crossing Orders in the
Special Non-Select Penny Pilot
Symbols. Finally, the Exchange also
currently provides a rebate of $0.25 per
contract for contracts that are submitted
to the Price Improvement Mechanism
that do not trade with their contra order,
and a rebate of $0.15 per contract for
contracts that are submitted to the
Facilitation and Solicited Order
Mechanisms that do not trade with their
contra order except when those
contracts trade against pre-existing
orders and quotes on the Exchange’s
orderbooks.
The purpose of this proposed rule
change is to remove the Special NonSelect Penny Pilot Symbols category
from the Schedule of Fees in its entirety
and to move the Special Non-Select
Penny Pilot Symbols into the Select
Symbols category, such that the fees
applicable to the Select Symbols will
now be applied to the 62 options classes
that had been categorized as Special
Non-Select Penny Pilot Symbols. The
Exchange is proposing this change in
order to attract additional order flow to
the Exchange.
Specifically, the Exchange proposes to
remove the following sixty-five (65)
symbols from the list of Special NonSelect Penny Pilot Symbols and add
sixty-two (62) of them to the list of
Select Symbols: 11 ACI, AGNC, AMLN,
AMZN, ANR, APA, ARNA, ATPG, AUY,
BAX, BTU, CLF, COP, CRM, CVX, DAL,
DD, DE, DIS, DOW, EBAY, FDX, GLW,
GM, GMCR, GS, HD, HGSI, JCP, JOY,
KBH, KGC, LULU, MA, MBI, MCP,
MDT, MMR, MOS, MRK, NKE, PEP,
QQQ, S, SD, SDS, SHLD, SINA, SIRI,
SLW, SSO, TZA, UNP, UPS, USB, UTX,
VLO, WAG, WDC, WLT, WYNN, XHB,
XLK, XLU and ZNGA.12 Additionally,
the Exchange is proposing to delete all
references to Special Non-Select Penny
Pilot Symbols and its accompanying
notes as this category will no longer
exist.
With this proposed rule change, the
62 symbols noted above will now be
subject to the fees and rebates for Select
Symbols. The Exchange currently
charges the following maker fees and
rebates for Select Symbols: for Market
Maker, Non-ISE Market Maker, Firm
Proprietary/Broker-Dealer and
Professional Customer orders, $0.10 per
contract; for Priority Customer orders,
$0.00 per contract and for Market Maker
Plus orders, a rebate of $0.10 per
11 Due to corporate actions, AMLN, ATPG and
HGSI are no longer traded and thus are being
removed from the Schedule of Fees.
12 [sic]
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contract. The Exchange also currently
charges the following taker fees for
Select Symbols: For Market Maker and
Market Maker Plus 13 orders, $0.32 per
contract; for Non-ISE Market Maker
orders, $0.36 per contract; for Firm
Proprietary/Broker-Dealer and
Professional Customer orders, $0.33 per
contract; and for Priority Customer
orders, $0.25 per contract.
The Exchange currently charges
Market Maker, Non-ISE Market Maker,
Firm Proprietary/Broker-Dealer and
Professional Customers a fee of $0.20
per contract ($0.00 per contract for
Priority Customers) for Crossing Orders
in the Select Symbols, and a fee of $0.40
per contract to all market participants
for Responses to Crossing Orders in the
Select Symbols. Finally, the Exchange
also currently provides a rebate of $0.25
per contract for contracts that are
submitted to the Price Improvement
Mechanism that do not trade with their
contra order, and a rebate of $0.15 per
contract for contracts that are submitted
to the Facilitation and Solicited Order
Mechanisms that do not trade with their
contra order except when those
contracts trade against pre-existing
orders and quotes on the Exchange’s
orderbooks.
With this proposed rule change, nonPriority Customer market participants
will generally pay lower taker fees as
the taker fees charged for Special NonSelect Penny Pilot Symbols were
marginally higher that the taker fees
charged by the Exchange for Select
Symbols. Specifically, the taker fee for
Select Symbols is lower in most cases
than the taker fee the Exchange charged
market participants when trading
against Priority Customers in the
Special Non-Select Penny Pilot
Symbols. The Exchange notes, however,
that the taker fees for Select Symbols are
13 In order to promote and encourage liquidity in
the Select Symbols, the Exchange currently offers
a $0.10 per contract rebate to Market Makers if the
quotes they sent to the Exchange qualify the Market
Maker to become a Market Maker Plus. A Market
Maker Plus is a Market Maker who is on the
National Best Bid or National Best Offer 80% of the
time for series trading between $0.03 and $5.00 (for
options whose underlying stock’s previous trading
day’s last sale price was less than or equal to $100)
and between $0.10 and $5.00 (for options whose
underlying stock’s previous trading day’s last sale
price was greater than $100) in premium in each of
the front two expiration months and 80% of the
time for series trading between $0.03 and $5.00 (for
options whose underlying stock’s previous trading
day’s last sale price was less than or equal to $100)
and between $0.10 and $5.00 (for options whose
underlying stock’s previous trading day’s last sale
price was greater than $100) in premium for all
expiration months in that symbol during the current
trading month. A Market Maker’s single best and
single worst overall quoting days each month, on
a per symbol basis, is excluded in calculating
whether a Market Maker qualifies for this rebate, if
doing so will qualify a Market Maker for the rebate.
PO 00000
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nominally higher than the taker fees
charged by the Exchange to market
participants when trading against NonPriority Customers. Further, with this
proposed rule change, the taker fee
charged to Priority Customer orders will
also increase as the taker fee for Priority
Customer orders in the Select Symbols
is $0.25 per contract while Priority
Customer orders in the Special NonPenny Pilot Symbols received a rebate
for both making and taking liquidity.
Priority Customer orders that add
liquidity will not pay a fee or receive a
rebate consistent with the fees and
rebates applicable to Select Symbols.
With this proposed rule change, nonPriority Customers will also pay a lower
maker fee as the maker fee charged for
Special Non-Select Penny Pilot Symbols
were higher than the maker fees charged
by the Exchange for Select Symbols. The
Exchange notes, however, that while
Priority Customer orders in the Special
Non-Select Penny Pilot Symbols
received a rebate when trading against
other Priority Customer orders and NonPriority Customers, this rebate will no
longer be payable. With this proposed
rule change, Priority Customer orders in
the symbols that are subject to this
proposed rule change will not be
charged a maker fee.
Also, with this proposed rule change,
the fee for Crossing Orders and
Responses to Crossing Orders will
remain at $0.20 per contract ($0.00 per
contract for Priority Customers) and
$0.40 per contract, respectively. Further,
the rebate for contracts that are
submitted to the Price Improvement
Mechanism that do not trade with their
contra order will also remain at $0.25
per contract as will the rebate for
contracts that are submitted to the
Facilitation and Solicited Order
Mechanisms that do not trade with their
contra order except when those
contracts trade against pre-existing
orders and quotes on the Exchange’s
orderbooks. That rebate will also remain
at $0.15 per contract.
Further, the Exchange currently
provides a $0.20 per contract fee credit
to Primary Market Makers (PMM) for
execution of Priority Customer orders in
the Special Non-Select Penny Pilot
Symbols—for classes in which it serves
as a PMM—that send an Intermarket
Sweep Order to other exchanges. This
credit is applied regardless of the
transaction fee charged by a destination
market. For Select Symbols, this credit
is equal to the fee charged by a
destination market and the symbols that
are subject to this proposed rule change
will now be provided with a credit that
that is equal to the fee charged by a
destination market.
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Federal Register / Vol. 77, No. 225 / Wednesday, November 21, 2012 / Notices
srobinson on DSK4SPTVN1PROD with
The Exchange also currently provides
a $0.20 per contract credit for responses
to flash orders in the Special Non-Select
Penny Pilot Symbols when trading
against Professional Customers. For
Select Symbols, the per contract fee
credit for responses to flash orders is
$0.10 per contract when trading Priority
Customers, $0.12 per contract when
trading against Preferenced Priority
Customers and $0.10 per contract when
trading against Professional Customers.
The symbols that are subject to this
proposed rule change will now be
provided the rebate at levels that are
currently in place for Select Symbols, as
described above.
Since the rate changes to the Schedule
of Fees pursuant to this proposal will be
effective upon filing, for the transactions
occurring in November 2012 prior to the
effective date of this filing members will
be assessed the rates in effect
immediately prior to those proposed by
this filing. For transactions occurring in
November 2012 on and after the
effective date of this filing, members
will be assessed the rates proposed by
this filing.
2. Statutory Basis
The Exchange believes that its
proposal to amend its Schedule of Fees
is consistent with Section 6(b) of the
Act 14 in general, and furthers the
objectives of Section 6(b)(4) of the Act 15
in particular, in that it is an equitable
allocation of reasonable fees and other
charges among Exchange members and
other persons using its facilities.
The Exchange believes that it is
reasonable to remove the Special NonSelect Penny Pilot Symbols from its
Schedule of Fees and add those symbols
to the list of Select Symbols to increase
order flow to the Exchange. Select
Symbol pricing has proven beneficial
for the Exchange and its participants
and the Exchange believes that moving
these symbols to Select Symbols pricing
would enhance liquidity and
participation in the 62 symbols.
Additionally, removing the Special
Non-Select Penny Pilot Symbols and
adding those names to Select Symbols
would standardize ISE fees.
With this proposed rule change, nonPriority Customer market participants
will generally pay lower taker fees as
the taker fees charged for Special NonSelect Penny Pilot Symbols were
marginally higher that the taker fees
charged by the Exchange for Select
Symbols. Specifically, the taker fee for
Select Symbols is lower in most cases
than the taker fee the Exchange charged
14 15
15 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
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16:56 Nov 20, 2012
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market participants when trading
against Priority Customers in the
Special Non-Select Penny Pilot
Symbols. The Exchange notes, however,
that the taker fees for Select Symbols are
nominally higher than the taker fees
charged by the Exchange to market
participants when trading against NonPriority Customers. Further, with this
proposed rule change, the taker fee
charged to Priority Customer orders will
also increase as the taker fee for Priority
Customer orders in the Select Symbols
is $0.25 per contract while Priority
Customer orders in the Special NonPenny Pilot Symbols received a rebate
for both making and taking liquidity.
Priority Customer orders that add
liquidity will not pay a fee or receive a
rebate consistent with the fees and
rebates applicable to Select Symbols.
With this proposed rule change, nonPriority Customers will also pay a lower
maker fee as the maker fee charged for
Special Non-Select Penny Pilot Symbols
were higher than the maker fees charged
by the Exchange for Select Symbols. The
Exchange notes, however, that while
Priority Customer orders in the Special
Non-Select Penny Pilot Symbols
received a rebate when trading against
other Priority Customer orders and NonPriority Customers, this rebate will no
longer be payable. With this proposed
rule change, Priority Customer orders in
the symbols that are subject to this
proposed rule change will not be
charged a maker fee.
With this proposed rule change,
market participants will generally pay
lower taker fees and lower maker fees
while the fees for Crossing Orders and
Responses to Crossing Orders will
remain the same. Further, with this
proposed rule change, the break-up
rebates for contracts submitted to the
Facilitation Mechanism, Solicited Order
Mechanism and Price Improvement
Mechanism will also remain unchanged.
With this proposed rule change, the
Exchange will no longer pay certain
rebates that were previously applicable
as the Exchange believes incenting
market participants with rebates is no
longer necessary to attract order flow in
the symbols that are subject to this
proposed rule change.
The Exchange believes that the
proposed changes are nondiscriminatory because the proposal
simply collapses a category of fees into
an existing category thereby applying
fees currently in effect to these
additional symbols. Further, the
Exchange believes that it is equitable
and not unfairly discriminatory to
amend its list of Select Symbols to add
the Special Non-Select Penny Pilot
Symbols to the Select Symbols because
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69907
the fees applicable to the Select
Symbols would apply uniformly to all
categories of participants in the same
manner. All market participants who
trade the Select Symbols would be
uniformly subject to the fees and rebates
applicable to those symbols.
The Exchange believes it remains an
attractive venue for market participants
to trade as its fees remain competitive
with those charged by other exchanges
for similar trading strategies. The
Exchange operates in a highly
competitive market in which market
participants can readily direct order
flow to another exchange if they deem
fee levels at a particular exchange to be
excessive. With this proposed fee
change, the Exchange believes it
remains an attractive venue for market
participants to trade at favorable prices.
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.16 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.
16 15
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U.S.C. 78s(b)(3)(A)(ii).
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Federal Register / Vol. 77, No. 225 / Wednesday, November 21, 2012 / Notices
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–2012–88 on the subject
line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68242; File No. SR–CBOE–
2012–110]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the Weekly
Options Program
Paper Comments
November 15, 2012.
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
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 9, 2012, the Chicago Board
Options Exchange, Incorporated (the
‘‘Exchange’’ or ‘‘CBOE’’) 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.
srobinson on DSK4SPTVN1PROD with
All submissions should refer to File
Number SR–ISE–2012–88. 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
10:00 a.m. and 3:00 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–
2012–88 and should be submitted on or
before December 12, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–28260 Filed 11–20–12; 8:45 am]
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CBOE proposes to amend CBOE Rules
5.5(d) and 24.9(a)(2)(A) to expand the
number of expirations available under
the Short Term Option Series Program
(‘‘Weeklys Program’’ or ‘‘Weekly
option’’), to allow for the Exchange to
delist any Weekly option series that do
not have open interest and to expand
the number of series per class permitted
in Weekly options under limited
circumstances. The text of the proposed
rule change is available on the
Exchange’s Web site (https://
www.cboe.org/legal), at the Exchange’s
Office of the Secretary, 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 those 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 parts of such
statements.
BILLING CODE 8011–01–P
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17 17
CFR 200.30–3(a)(12).
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PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
This is a competitive filing that is
based on a recently approved filings
submitted by NYSE Arca, Inc. (‘‘NYSE
Arca’’) and NYSE MKT, LLC (‘‘NYSE
MKT’’).3
The purpose of this proposal is to
amend CBOE Rules 5.5(d) and
24.9(a)(2)(A) to provide for the ability to
open up to five consecutive expirations
under the Short Term Option Series
Program (‘‘Weeklys Program’’ or
‘‘Weekly options’’) for trading on the
Exchange, to allow for the Exchange to
delist any Weekly option series that
does not have open interest and to
expand the number of series per class
permitted in Weekly options under
limited circumstances when there are
no series at least 10% but not more than
30% away from the current price/value
of the underlying security/index.4
Currently, the Exchange may select up
to thirty (30) currently listed option
classes on which options may be
opened in the Weeklys Program and the
Exchange may also match any option
classes that are selected by other
securities exchanges that employ a
similar program under their respective
rules.5 For each option class eligible for
participation in the Weeklys Program,
the Exchange may open up to thirty (30)
Weekly option series for each expiration
date in that class.
This proposal seeks to allow the
Exchange to open Weekly option series
for up to five (5) consecutive week
expirations. The Exchange intends to
add a maximum of five (5) consecutive
week expirations under the Weeklys
Program; however, it will not add a
Weekly option expiration in the same
week that a monthly option series
expires or, in the case of Quarterly
Option Series (‘‘QOS’’) or Quarterly
Index Expirations (‘‘QIXs’’), on an
expiration that coincides with an
expiration of QOS or QIXs on the same
class. In other words, the total number
of consecutive expirations will be five
3 See Securities Exchange Act Release Nos. 68190
(November 8, 2012) (order approving SR–
NYSEArca–2012–95) (‘‘NYSE Arca filing’’) and
68191 (November 8, 2012) (order approving SR–
NYSEMKT–2012–42) (‘‘NYSE MKT filing’’).
4 On July 12, 2005, the Commission approved the
Weeklys Program on a pilot basis. See Securities
Exchange Act Release No. 52011 (July 12, 2005), 70
FR 41451 (July 19, 2005) (SR–CBOE–2004–63). The
Weeklys Program was made permanent on April 27,
2009. See Securities Exchange Act Release No.
59824 (April 27, 2009), 74 FR 20518 (May 4, 2009)
(SR–CBOE–2009–018).
5 See CBOE Rules 5.5(d)(1) and 24.9(a)(2)(A)(i).
E:\FR\FM\21NON1.SGM
21NON1
]]>Agencies
[Federal Register Volume 77, Number 225 (Wednesday, November 21, 2012)]
[Notices]
[Pages 69905-69908]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-28260]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68240; File No. SR-ISE-2012-88]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Amend the Schedule of Fees
November 15, 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 November 6, 2012, the International Securities Exchange, LLC
(the ``ISE'' or the ``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 self-regulatory organization. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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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. 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 Exchange currently assesses per contract transaction fees and
provides rebates to market participants that add or remove liquidity
from the Exchange (``maker/taker fees and rebates'') in 93 options
classes (the ``Select Symbols'').\3\ The Exchange's maker/taker fees
and rebates are applicable to regular and complex orders executed in
the Select Symbols. The Exchange also currently assesses maker/taker
fees and rebates for complex orders in symbols that are in the Penny
Pilot program but are not a Select Symbol (``Non-Select Penny Pilot
Symbols'') \4\ and in all symbols that are not in the Penny Pilot
Program (``Non-Penny Pilot Symbols'').\5\ The Exchange also currently
assesses maker/taker fees and rebates for certain regular orders in 62
option classes (``Special Non-Select Penny Pilot Symbols'').\6\
---------------------------------------------------------------------------
\3\ Options classes subject to maker/taker fees and rebates are
identified by their ticker symbol on the Exchange's Schedule of
Fees.
\4\ See Exchange Act Release Nos. 65724 (November 10, 2011), 76
FR 71413 (November 17, 2011) (SR-ISE-2011-72); 66597 (March 14,
2012), 77 FR 16295 (March 20, 2012) (SR-ISE-2012-17); 66961 (May 10,
2012), 77 FR 28914 (May 16, 2012) (SR-ISE-2012-38); and 67628
(August 9, 2012), 77 FR 49049 (August 15, 2012) (SR-ISE-2012-71).
\5\ See Exchange Act Release Nos. 66084 (January 3, 2012), 77 FR
1103 (January 9, 2012) (SR-ISE-2011-84); 66392 (February 14, 2012),
77 FR 10016 (February 21, 2012) (SR-ISE-2012-06); 66962 (May 10,
2012), 77 FR 28917 (May 16, 2012) (SR-ISE-2012-35); 67400 (July 11,
2012), 77 FR 42036 (July 17, 2012) (SR-ISE- 2012-63) and 67628
(August 9, 2012), 77 FR 49049 (August 15, 2012) (SR-ISE-2012-71).
\6\ The Special Non-Select Penny Pilot Symbols are identified by
their ticker symbol on the Exchange's Schedule of Fees. See Exchange
Act Release Nos. 67201 (June 14, 2012), 77 FR 37082 (June 20, 2012)
(SR-ISE-2012-49) and 67627 (August 9, 2012), 77 FR 49046 (August 15,
2012) (SR-ISE-2012-70).
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The Exchange currently applies maker and taker fees and rebates to
regular orders in the Special Non-Select Penny Pilot Symbols.
Specifically, the Exchange applies the following maker fees and rebates
for orders that trade against Priority and Non-Priority Customer
orders:
For Market Maker,\7\ Firm Proprietary/Broker-Dealer and
Professional Customer \8\ orders, a maker fee of $0.35 per contract;
---------------------------------------------------------------------------
\7\ The term ``Market Makers'' refers to ``Competitive Market
Makers'' and ``Primary Market Makers'' collectively. See ISE Rule
100(a)(25).
\8\ A Professional Customer is a person who is not a broker/
dealer and is not a Priority Customer.
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For Non-ISE Market Maker \9\ orders, a maker fee of $0.40
per contract;
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\9\ A Non-ISE Market Maker, or Far Away Market Maker
(``FARMM''), is a market maker as defined in Section 3(a)(38) of the
Securities Exchange Act of 1934 registered in the same options class
on another options exchange.
---------------------------------------------------------------------------
For Priority Customer \10\ orders, a maker rebate of $0.25
per contract.
---------------------------------------------------------------------------
\10\ A Priority Customer is defined in ISE Rule 100(a)(37A) as a
person or entity that is not a broker/dealer in securities, and does
not place more than 390 orders in listed options per day on average
during a calendar month for its own beneficial account(s).
---------------------------------------------------------------------------
Additionally, the Exchange applies the following taker fees and
rebates for orders that trade against Non-Priority Customer orders:
For Market Maker orders, a taker fee of $0.20 per
contract;
For Non-ISE Market Maker orders, a taker fee of $0.35 per
contract;
For Firm Proprietary/Broker-Dealer and Professional
Customer orders, a taker fee of $0.25 per contract;
For Priority Customer orders, a taker rebate of $0.32 per
contract.
The Exchange also currently applies the following taker fees for
orders that trade against Priority Customer orders:
For Market Maker orders, a taker fee of $0.32 per
contract;
For Non-ISE Market Maker orders, a taker fee of $0.40 per
contract;
For Firm Proprietary/Broker-Dealer and Professional
Customer orders, a taker fee of $0.35 per contract;
For Priority Customer orders, a taker fee of $0.00 per
contract.
Additionally, the Exchange provides Market Makers with a two-cent
discount when trading against Priority Customer orders that are
preferenced to them. This discount is applicable when Market Makers add
or remove liquidity in the Special Non- Select Penny Pilot Symbols. The
Exchange also currently charges a fee of $0.20 per contract to all
market participants [sic] for Crossing Orders in the Special Non-Select
Penny
[[Page 69906]]
Pilot Symbols, and a fee of $0.40 per contract to all market
participants for Responses to Crossing Orders in the Special Non-Select
Penny Pilot Symbols. Finally, the Exchange also currently provides a
rebate of $0.25 per contract for contracts that are submitted to the
Price Improvement Mechanism that do not trade with their contra order,
and a rebate of $0.15 per contract for contracts that are submitted to
the Facilitation and Solicited Order Mechanisms that do not trade with
their contra order except when those contracts trade against pre-
existing orders and quotes on the Exchange's orderbooks.
The purpose of this proposed rule change is to remove the Special
Non-Select Penny Pilot Symbols category from the Schedule of Fees in
its entirety and to move the Special Non-Select Penny Pilot Symbols
into the Select Symbols category, such that the fees applicable to the
Select Symbols will now be applied to the 62 options classes that had
been categorized as Special Non-Select Penny Pilot Symbols. The
Exchange is proposing this change in order to attract additional order
flow to the Exchange.
Specifically, the Exchange proposes to remove the following sixty-
five (65) symbols from the list of Special Non-Select Penny Pilot
Symbols and add sixty-two (62) of them to the list of Select Symbols:
\11\ ACI, AGNC, AMLN, AMZN, ANR, APA, ARNA, ATPG, AUY, BAX, BTU, CLF,
COP, CRM, CVX, DAL, DD, DE, DIS, DOW, EBAY, FDX, GLW, GM, GMCR, GS, HD,
HGSI, JCP, JOY, KBH, KGC, LULU, MA, MBI, MCP, MDT, MMR, MOS, MRK, NKE,
PEP, QQQ, S, SD, SDS, SHLD, SINA, SIRI, SLW, SSO, TZA, UNP, UPS, USB,
UTX, VLO, WAG, WDC, WLT, WYNN, XHB, XLK, XLU and ZNGA.\12\
Additionally, the Exchange is proposing to delete all references to
Special Non-Select Penny Pilot Symbols and its accompanying notes as
this category will no longer exist.
---------------------------------------------------------------------------
\11\ Due to corporate actions, AMLN, ATPG and HGSI are no longer
traded and thus are being removed from the Schedule of Fees.
\12\ [sic]
---------------------------------------------------------------------------
With this proposed rule change, the 62 symbols noted above will now
be subject to the fees and rebates for Select Symbols. The Exchange
currently charges the following maker fees and rebates for Select
Symbols: for Market Maker, Non-ISE Market Maker, Firm Proprietary/
Broker-Dealer and Professional Customer orders, $0.10 per contract; for
Priority Customer orders, $0.00 per contract and for Market Maker Plus
orders, a rebate of $0.10 per contract. The Exchange also currently
charges the following taker fees for Select Symbols: For Market Maker
and Market Maker Plus \13\ orders, $0.32 per contract; for Non-ISE
Market Maker orders, $0.36 per contract; for Firm Proprietary/Broker-
Dealer and Professional Customer orders, $0.33 per contract; and for
Priority Customer orders, $0.25 per contract.
---------------------------------------------------------------------------
\13\ In order to promote and encourage liquidity in the Select
Symbols, the Exchange currently offers a $0.10 per contract rebate
to Market Makers if the quotes they sent to the Exchange qualify the
Market Maker to become a Market Maker Plus. A Market Maker Plus is a
Market Maker who is on the National Best Bid or National Best Offer
80% of the time for series trading between $0.03 and $5.00 (for
options whose underlying stock's previous trading day's last sale
price was less than or equal to $100) and between $0.10 and $5.00
(for options whose underlying stock's previous trading day's last
sale price was greater than $100) in premium in each of the front
two expiration months and 80% of the time for series trading between
$0.03 and $5.00 (for options whose underlying stock's previous
trading day's last sale price was less than or equal to $100) and
between $0.10 and $5.00 (for options whose underlying stock's
previous trading day's last sale price was greater than $100) in
premium for all expiration months in that symbol during the current
trading month. A Market Maker's single best and single worst overall
quoting days each month, on a per symbol basis, is excluded in
calculating whether a Market Maker qualifies for this rebate, if
doing so will qualify a Market Maker for the rebate.
---------------------------------------------------------------------------
The Exchange currently charges Market Maker, Non-ISE Market Maker,
Firm Proprietary/Broker-Dealer and Professional Customers a fee of
$0.20 per contract ($0.00 per contract for Priority Customers) for
Crossing Orders in the Select Symbols, and a fee of $0.40 per contract
to all market participants for Responses to Crossing Orders in the
Select Symbols. Finally, the Exchange also currently provides a rebate
of $0.25 per contract for contracts that are submitted to the Price
Improvement Mechanism that do not trade with their contra order, and a
rebate of $0.15 per contract for contracts that are submitted to the
Facilitation and Solicited Order Mechanisms that do not trade with
their contra order except when those contracts trade against pre-
existing orders and quotes on the Exchange's orderbooks.
With this proposed rule change, non-Priority Customer market
participants will generally pay lower taker fees as the taker fees
charged for Special Non-Select Penny Pilot Symbols were marginally
higher that the taker fees charged by the Exchange for Select Symbols.
Specifically, the taker fee for Select Symbols is lower in most cases
than the taker fee the Exchange charged market participants when
trading against Priority Customers in the Special Non-Select Penny
Pilot Symbols. The Exchange notes, however, that the taker fees for
Select Symbols are nominally higher than the taker fees charged by the
Exchange to market participants when trading against Non-Priority
Customers. Further, with this proposed rule change, the taker fee
charged to Priority Customer orders will also increase as the taker fee
for Priority Customer orders in the Select Symbols is $0.25 per
contract while Priority Customer orders in the Special Non-Penny Pilot
Symbols received a rebate for both making and taking liquidity.
Priority Customer orders that add liquidity will not pay a fee or
receive a rebate consistent with the fees and rebates applicable to
Select Symbols.
With this proposed rule change, non-Priority Customers will also
pay a lower maker fee as the maker fee charged for Special Non-Select
Penny Pilot Symbols were higher than the maker fees charged by the
Exchange for Select Symbols. The Exchange notes, however, that while
Priority Customer orders in the Special Non-Select Penny Pilot Symbols
received a rebate when trading against other Priority Customer orders
and Non-Priority Customers, this rebate will no longer be payable. With
this proposed rule change, Priority Customer orders in the symbols that
are subject to this proposed rule change will not be charged a maker
fee.
Also, with this proposed rule change, the fee for Crossing Orders
and Responses to Crossing Orders will remain at $0.20 per contract
($0.00 per contract for Priority Customers) and $0.40 per contract,
respectively. Further, the rebate for contracts that are submitted to
the Price Improvement Mechanism that do not trade with their contra
order will also remain at $0.25 per contract as will the rebate for
contracts that are submitted to the Facilitation and Solicited Order
Mechanisms that do not trade with their contra order except when those
contracts trade against pre-existing orders and quotes on the
Exchange's orderbooks. That rebate will also remain at $0.15 per
contract.
Further, the Exchange currently provides a $0.20 per contract fee
credit to Primary Market Makers (PMM) for execution of Priority
Customer orders in the Special Non-Select Penny Pilot Symbols--for
classes in which it serves as a PMM--that send an Intermarket Sweep
Order to other exchanges. This credit is applied regardless of the
transaction fee charged by a destination market. For Select Symbols,
this credit is equal to the fee charged by a destination market and the
symbols that are subject to this proposed rule change will now be
provided with a credit that that is equal to the fee charged by a
destination market.
[[Page 69907]]
The Exchange also currently provides a $0.20 per contract credit
for responses to flash orders in the Special Non-Select Penny Pilot
Symbols when trading against Professional Customers. For Select
Symbols, the per contract fee credit for responses to flash orders is
$0.10 per contract when trading Priority Customers, $0.12 per contract
when trading against Preferenced Priority Customers and $0.10 per
contract when trading against Professional Customers. The symbols that
are subject to this proposed rule change will now be provided the
rebate at levels that are currently in place for Select Symbols, as
described above.
Since the rate changes to the Schedule of Fees pursuant to this
proposal will be effective upon filing, for the transactions occurring
in November 2012 prior to the effective date of this filing members
will be assessed the rates in effect immediately prior to those
proposed by this filing. For transactions occurring in November 2012 on
and after the effective date of this filing, members will be assessed
the rates proposed by this filing.
2. Statutory Basis
The Exchange believes that its proposal to amend its Schedule of
Fees is consistent with Section 6(b) of the Act \14\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \15\ in
particular, in that it is an equitable allocation of reasonable fees
and other charges among Exchange members and other persons using its
facilities.
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes that it is reasonable to remove the Special
Non-Select Penny Pilot Symbols from its Schedule of Fees and add those
symbols to the list of Select Symbols to increase order flow to the
Exchange. Select Symbol pricing has proven beneficial for the Exchange
and its participants and the Exchange believes that moving these
symbols to Select Symbols pricing would enhance liquidity and
participation in the 62 symbols. Additionally, removing the Special
Non-Select Penny Pilot Symbols and adding those names to Select Symbols
would standardize ISE fees.
With this proposed rule change, non-Priority Customer market
participants will generally pay lower taker fees as the taker fees
charged for Special Non-Select Penny Pilot Symbols were marginally
higher that the taker fees charged by the Exchange for Select Symbols.
Specifically, the taker fee for Select Symbols is lower in most cases
than the taker fee the Exchange charged market participants when
trading against Priority Customers in the Special Non-Select Penny
Pilot Symbols. The Exchange notes, however, that the taker fees for
Select Symbols are nominally higher than the taker fees charged by the
Exchange to market participants when trading against Non-Priority
Customers. Further, with this proposed rule change, the taker fee
charged to Priority Customer orders will also increase as the taker fee
for Priority Customer orders in the Select Symbols is $0.25 per
contract while Priority Customer orders in the Special Non-Penny Pilot
Symbols received a rebate for both making and taking liquidity.
Priority Customer orders that add liquidity will not pay a fee or
receive a rebate consistent with the fees and rebates applicable to
Select Symbols.
With this proposed rule change, non-Priority Customers will also
pay a lower maker fee as the maker fee charged for Special Non-Select
Penny Pilot Symbols were higher than the maker fees charged by the
Exchange for Select Symbols. The Exchange notes, however, that while
Priority Customer orders in the Special Non-Select Penny Pilot Symbols
received a rebate when trading against other Priority Customer orders
and Non-Priority Customers, this rebate will no longer be payable. With
this proposed rule change, Priority Customer orders in the symbols that
are subject to this proposed rule change will not be charged a maker
fee.
With this proposed rule change, market participants will generally
pay lower taker fees and lower maker fees while the fees for Crossing
Orders and Responses to Crossing Orders will remain the same. Further,
with this proposed rule change, the break-up rebates for contracts
submitted to the Facilitation Mechanism, Solicited Order Mechanism and
Price Improvement Mechanism will also remain unchanged. With this
proposed rule change, the Exchange will no longer pay certain rebates
that were previously applicable as the Exchange believes incenting
market participants with rebates is no longer necessary to attract
order flow in the symbols that are subject to this proposed rule
change.
The Exchange believes that the proposed changes are non-
discriminatory because the proposal simply collapses a category of fees
into an existing category thereby applying fees currently in effect to
these additional symbols. Further, the Exchange believes that it is
equitable and not unfairly discriminatory to amend its list of Select
Symbols to add the Special Non-Select Penny Pilot Symbols to the Select
Symbols because the fees applicable to the Select Symbols would apply
uniformly to all categories of participants in the same manner. All
market participants who trade the Select Symbols would be uniformly
subject to the fees and rebates applicable to those symbols.
The Exchange believes it remains an attractive venue for market
participants to trade as its fees remain competitive with those charged
by other exchanges for similar trading strategies. The Exchange
operates in a highly competitive market in which market participants
can readily direct order flow to another exchange if they deem fee
levels at a particular exchange to be excessive. With this proposed fee
change, the Exchange believes it remains an attractive venue for market
participants to trade at favorable prices.
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.\16\ 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.
---------------------------------------------------------------------------
\16\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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.
[[Page 69908]]
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-2012-88 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-2012-88. 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
10:00 a.m. and 3:00 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-2012-88 and should be
submitted on or before December 12, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-28260 Filed 11-20-12; 8:45 am]
BILLING CODE 8011-01-P
