Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of Proposed Rule Change To List Options on the Nations VolDex Index, 47041-47045 [2013-18592]
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Federal Register / Vol. 78, No. 149 / Friday, August 2, 2013 / Notices
futures contracts in which the
Subsidiary invests, not more than 10%
of the weight of such futures contracts
in the aggregate shall consist of futures
contracts whose principal trading
market: (i) Is not a member of ISG; or (ii)
is a market with which the Exchange
does not have a comprehensive
surveillance sharing agreement,
provided that, so long as the Exchange
may obtain market surveillance
information with respect to transactions
occurring on the COMEX pursuant to
the ISG memberships of CME and
NYMEX, futures contracts whose
principal trading market is COMEX
shall not be subject to the prohibition in
(i) above.
(7) Neither the Fund nor the
Subsidiary will invest in options on
commodity futures, structured notes,
equity-linked derivatives, forwards, or
swap contracts. The Fund’s investments
will be consistent with its investment
objective and will not be used to
enhance leverage.
(8) The Fund may hold up to an
aggregate amount of 15% of its net
assets in illiquid securities (calculated
at the time of investment), including
Rule 144A securities and master
demand notes.
(9) The Fund will not invest in any
non-U.S. equity securities, other than
shares of the Subsidiary, and the
Subsidiary will not invest in any nonU.S. equity securities.
(10) A minimum of 100,000 Shares
will be outstanding at the
commencement of trading on the
Exchange.
This approval order is based on all of
the Exchange’s representations and
description of the Fund, including those
set forth above and in the Notice, as
modified by Amendment No. 1.31
For the foregoing reasons, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Exchange Act 32 and the
rules and regulations thereunder
applicable to a national securities
exchange
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IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
31 The Commission notes that it does not regulate
the market for futures contracts in which the Fund
plans to take positions, which, in the U.S., is the
responsibility of the CFTC. The CFTC has the
authority to set limits on the positions that any
person may take in futures subject to its
jurisdiction. These limits may be directly set by the
CFTC or by the markets on which the futures are
traded. The Commission has no role in establishing
position limits on futures even though such limits
could impact an exchange-traded product that is
under the jurisdiction of the Commission.
32 15 U.S.C. 78f(b)(5).
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arguments concerning the foregoing,
including whether Amendment No. 1 to
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–NYSEARCA–2013–52 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–NYSEARCA–2013–52. 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 20549–1090. Copies of
the filing will also be available for
inspection and copying at the NYSE’s
principal office and on its Internet Web
site at www.nyse.com. 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–
NYSEARCA–2013–52 and should be
submitted on or before August 23, 2013.
V. Accelerated Approval of Proposed
Rule Change as Modified by
Amendment No. 1
As discussed above, the Exchange
submitted Amendment No. 1 to ensure
that its Form 19b–4 corresponds to the
representations made by the Trust in its
application for certain exemptive relief
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47041
under the 1940 Act applicable to the
Fund and other actively-managed funds
of the Trust.33 According to the
Exchange, the revised language does not
represent a change in the manner in
which the Fund would be operated as
described in the Exchange’s original
19b–4 filing. In addition, the revised
language conforms to language included
in an amendment to the Trust’s
registration statement filed with the
Commission on July 18, 2013.34
Accordingly, the Commission finds
good cause, pursuant to Section 19(b)(2)
of the Act,35 for approving the proposed
rule change, as modified by Amendment
No. 1, prior to the 30th day after the
date of publication of notice in the
Federal Register.
VI. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Exchange Act,36
that the proposed rule change (SR–
NYSEArca–2013–52), as modified by
Amendment No. 1, be, and it hereby is,
approved on an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.37
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–18594 Filed 8–1–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–70059; File No. SR–ISE–
2013–42]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing of Proposed Rule
Change To List Options on the Nations
VolDex Index
July 29, 2013.
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 July 17,
2013, the International Securities
Exchange, LLC (‘‘Exchange’’ or ‘‘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
33 See
supra note 5.
supra note 6 and accompanying text.
35 15 U.S.C. 78f(b)(2).
36 15 U.S.C. 78s(b)(2).
37 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
34 See
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Federal Register / Vol. 78, No. 149 / Friday, August 2, 2013 / Notices
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
rules for the listing and trading on the
Exchange of options on the Nations
VolDex index, a new index that
measures changes in implied volatility
of the SPDR® S&P® ETF. The Exchange
also proposes to list and trade long-term
options on the Nations VolDex index.
Options on the Nations VolDex index
will be cash-settled and will have
European-style exercise provisions. The
text of the proposed rule change is
available on the Exchange’s Web site
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
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
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Where:
• 43,200 is the number of minutes in 30
days;
• T1 is time to expiration of the Front
Month options in minutes;
• T2 is time to expiration of the Second
Month options in minutes;
• IV1 is the implied volatility of the Front
Month precisely ATM SPY put option;
• IV2 is the implied volatility of the
Second Month precisely ATM SPY put
option.
The implied volatilities of the
precisely ATM SPY put options are
derived using a three-step process. The
first step is to calculate the forward
prices for both the front and second
month expirations. This is
accomplished by evaluating the absolute
difference between the call and put
option premium at each strike price and
identifying the strike price where that
3 For the purpose of this rule filing, the term
‘‘precisely at-the-money’’ refers to a hypothetical
option and strike price.
4 The SPDR® S&P® ETF holds up to 500 securities
listed on U.S. securities exchanges.
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self-regulatory organization has
prepared summaries, set forth in
Sections A, B and C below, of the most
significant aspects of such statements.
Index Design and Composition
The calculation of the Index is based
on the methodology developed by
NationsShares, a firm that develops
proprietary derivatives-based indexes
and options-enhanced indexes. The
Index will be calculated and maintained
by a calculation agent acting on behalf
of NationsShares. The Index reflects
changes in implied volatility of SPY,
historically the largest and most actively
traded ETF in the United States as
measured by its assets under
management and the value of shares
traded.
The Index measures the implied
volatility of a hypothetical 30-day atthe-money (ATM) SPY put option, by
interpolating the prices of synthetic put
options that are precisely ATM.3 The
options used in the calculation of the
Index are the published first in-themoney (ITM) and the first out-of-themoney (OTM) put options in the front
month (i.e., nearest monthly expiration)
and second month expirations (i.e.,
second nearest monthly expiration).
Front month options must have at least
one week to expiration. On the open of
trading on the first business day of a
regular option expiration week (i.e., for
standard monthly expirations), the
options used for the Index will ‘‘roll’’ to
the next regular expiration month and
the following expiration month. The
prices used in the calculation of the
Index will be the mid-point of the
published consolidated bid/ask quote
(i.e., the NBBO) in SPY options.
The generalized formula for the Index
is:
absolute difference is the smallest. The
forward price is calculated by adding
the strike price to the present value of
the published call price minus the
published put price. The second step is
to interpolate the precisely ATM put
option price for both the front month
and second month expirations. This is
accomplished by using each respective
month’s forward price, the first ITM
strike, the first OTM strike, the first ITM
put price, and the first OTM put price.
The final step is to calculate the implied
volatility for the precisely ATM put
option for each respective month using
the forward price and the precisely
ATM put option for that month.
The SPDR® S&P® ETF is the largest
and most actively traded ETF in the
U.S.4 According to State Street Global
Advisor, the Trustee of SPY, as of June
20, 2013, the net assets under
management in SPY was approximately
$106.8 billion; the weighted average
market capitalization of the portfolio
components was approximately $106
billion; the smallest market
capitalization was approximately $2.1
billion (Apollo Group Inc., ticker:
APOL), and the largest was
approximately $395.9 billion
(ExxonMobil, ticker: XOM).5
For the three months ending June 20,
2013, the average daily volume in SPY
shares was 137 million, and the average
value of shares traded was $22.1
billion.6 For the same period, the
average daily volume in SPY options
was approximately 2.8 million
contracts.7 Open interest in SPY options
was approximately 25.2 million
contracts.8
5 See https://www.spdrs.com/product/
fund.seam?ticker=SPY.
6 Calculated using data from Bloomberg as of June
20, 2013.
7 Calculated using data from The Options
Clearing Corp. as of June 20, 2013.
8 Calculated using data from Bloomberg as of June
20, 2013.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
rules to provide for the listing and
trading on the Exchange of options on
a new index that measures changes in
implied volatility of the SPDR® S&P®
Exchange Traded Fund (ETF)
(commonly known and referred to by its
ticker symbol, SPY). Options on the
Nations VolDex index (the ‘‘Index’’) will
be cash-settled and will have Europeanstyle exercise provisions. In addition to
regular options, the Exchange proposes
to also list long-term options on the
Index. The Index is calculated using
published real-time bid/ask quotes of
SPY options. The Index represents
annualized implied volatility and is
quoted in percentage points.
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As set forth in Exhibit 3–1, following
are the characteristics of the Index: (i)
The initial index value was 11.49 on
January 31, 2005; (ii) the index value on
June 20, 2013 was 18.73; (iii) the lowest
index value since inception was 8.83
and occurred on January 24, 2007; and
(iv) the highest index value since
inception was 77.98 and occurred on
October 10, 2008.
Index Calculation and Maintenance
As noted above, the Index will be
maintained and calculated by a
calculation agent acting on behalf of
NationsShares. The level of the Index
will reflect the current implied volatility
of SPY. The Index will be updated on
a real-time basis on each trading day
beginning at 9:30 a.m. and ending at
4:15 p.m. (New York time). If the
current published value of a component
is not available, the last published value
will be used in the calculation.
Values of the Index will be
disseminated every 15 seconds during
the Exchange’s regular trading hours to
market information vendors such as
Bloomberg and ThomsonReuters. In the
event the Index ceases to be maintained
or calculated, or its values are not
disseminated every 15 seconds by a
widely available source, the Exchange
will not list any additional series for
trading and will limit all transactions in
such options to closing transactions
only for the purpose of maintaining a
fair and orderly market and protecting
investors.
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Exercise and Settlement Value
Options on the Index will expire on
the Wednesday that is thirty days prior
to the third Friday of the calendar
month immediately following the
expiring month. Trading in expiring
options on the Index will normally
cease at 4:15 p.m. (New York time) on
the Tuesday preceding an expiration
Wednesday. The exercise and
settlement value will be calculated on
Wednesday at 9:30 a.m. (New York
time) using the mid-point of the NBBO
for the SPY options used in the
calculation of the Index at that time.
The exercise-settlement amount is equal
to the difference between the settlement
value and the exercise price of the
option, multiplied by $100. Exercise
will result in the delivery of cash on the
business day following expiration.
Contract Specifications
The contract specifications for options
on the Index are set forth in Exhibit 3–
2. The Index is a broad-based index, as
defined in Rule 2001(k). Options on the
Index are European-style and cashsettled. The Exchange’s standard trading
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hours for index options (9:30 a.m. to
4:15 p.m., New York time) will apply to
the Index. The Exchange proposes to
apply margin requirements for the
purchase and sale of options on the
Index that are identical to those applied
for its other broad-based index options.
The trading of options on the Index
will be subject to the trading halt
procedures applicable to other index
options traded on the Exchange.9
Options on the Index will be quoted and
traded in U.S. dollars.10 Accordingly, all
Exchange and Options Clearing
Corporation members shall be able to
accommodate trading, clearance and
settlement of the Index without
alteration.
The Exchange proposes to set the
minimum strike price interval for
options on the Index at $1 or greater, as
long as the strike price is below $200,
in accordance with proposed ISE Rule
2009(c)(7). The Exchange believes that
$1 strike price intervals will provide
investors with greater flexibility by
allowing them to establish positions that
are better tailored to meet their
investment objectives. Further, as
proposed, when new series of options
on the Index with a new expiration date
are opened for trading, or when
additional series of options on the Index
in an existing expiration date are
opened for trading as the current value
of the Index moves substantially from
the exercise prices of series already
opened, the exercise prices of such new
or additional series shall be reasonably
related to the current value of the Index
at the time such series are first opened
for trading.11 The Exchange, however,
proposes to eliminate this range
limitation that will limit the number of
$1 strikes that may be listed in options
on the Index. The Exchange’s proposal
to set minimum strike price intervals
without a range limitation is identical to
strike price intervals adopted by CBOE
for the CBOE Volatility Index.12
The Exchange proposes to adopt
minimum trading increments for
options on the Index to be $0.05 for
series trading below $3, and $0.10 for
series trading at or above $3.
The Exchange proposes to list options
on the Index in the three consecutive
near-term expiration months plus up to
three successive expiration months in
the March cycle. For example,
consecutive expirations of January,
February, March, plus June, September,
and December expirations would be
listed.13
The Exchange proposes that there
shall be no position or exercise limits
for options on the Index. As noted
above, the Index will settle using
published quotes from its corresponding
option, specifically SPY options. Given
that there are currently no position
limits for SPY options,14 the Exchange
believes it is appropriate for there to be
no position or exercise limits for options
on the Index. Because the size of the
market underlying SPY options is so
large, ISE believes that this should
dispel any concerns regarding market
manipulation. By extension, ISE
believes that the same reasoning applies
to options on the Index since the value
of options on the Index is derived from
the volatility of SPY as implied by its
options. The Exchange notes that
options on CBOE’s Volatility Index are
also not subject to any position or
exercise limits.15
The trading of options on the Index
shall be subject to the same rules that
presently govern the trading of
Exchange index options, including sales
practice rules, margin requirements, and
trading rules. In addition, long-term
option series having up to sixty months
to expiration may be traded.16 The
trading of long-term options on the
Index shall also be subject to the same
rules that govern the trading of all the
Exchange’s index options, including
sales practice rules, margin
requirements, and trading rules.
Further, pursuant to Supplementary
Material .01 and .02 to ISE Rule 2009,
the Exchange may also list Short Term
Option Series and Quarterly Options
Series, respectively, on the Index.
Chapter 6 of the Exchange’s rules is
designed to protect public customer
trading and shall apply to trading in
options on the Index. Specifically, ISE
Rules 608(a) and (b) prohibit Members
from accepting a customer order to
purchase or write an option, including
options on the Index, unless such
customer’s account has been approved
in writing by a designated Options
13 See
Rule 2009(a)(3).
Securities Exchange Act Release No. 68000
(October 5, 2012), 77 FR 62300 (October 12, 2012)
(SR–ISE–2012–81).
15 See Securities Exchange Act Release No. 54019
(June 20, 2006), 71 FR 36569 (June 27, 2006) (SR–
CBOE–2006–55). Additionally, the Exchange notes
there are currently a number of actively-traded
broad-based index options, i.e., DJX, NDX, SPX, that
are also not subject to any position or exercise
limits.
16 See Rule 2009(b)(1).
14 See
9 See
ISE Rule 2008(c).
ISE Rule 2009(a)(1).
11 See ISE Rule 2009(c)(3). The term ‘‘reasonably
related to the current index value of the underlying
index’’ means that the exercise price is within thirty
percent (30%) of the current index value, as defined
in ISE Rule 2009(c)(4).
12 See Securities Exchange Act Release No. 63155
(October 21, 2010), 75 FR 66402 (October 28, 2010)
(SR–CBOE–2010–096).
10 See
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Federal Register / Vol. 78, No. 149 / Friday, August 2, 2013 / Notices
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Principal of the Member.17
Additionally, ISE’s Rule 610 regarding
suitability is designed to ensure that
options, including options on the Index,
are only sold to customers capable of
evaluating and bearing the risks
associated with trading in this
instrument. Further, ISE Rule 611
permits members to exercise
discretionary power with respect to
trading options, including options on
the Index, in a customer’s account only
if the Member has received prior written
authorization from the customer and the
account had been accepted in writing by
a designated Options Principal. ISE Rule
611 also requires designated Options
Principals or Representatives of a
Member to approve and initial each
discretionary order, including
discretionary orders for options on the
Index, on the day the discretionary
order is entered. Finally, ISE Rule 609,
Supervision of Accounts, Rule 612,
Confirmation to Customers, and Rule
616, Delivery of Current Options
Disclosure Documents and Prospectus,
will also apply to trading in options on
the Index.
Finally, a trading license issued by
the Exchange will be required for all
market makers to effect transactions as
a market maker in the Index in
accordance with ISE Rule 2013.
Surveillance and Capacity
The Exchange has an adequate
surveillance program in place for
options traded on the Index and intends
to apply those same program procedures
that it applies to the Exchange’s other
options products. Further, the ISE
Market Surveillance Department
conducts routine surveillance in
approximately 30 discrete areas. Index
products and their respective symbols
are integrated into the Exchange’s
existing surveillance system
architecture and are thus subject to the
relevant surveillance processes. This is
true for both surveillance system
processing and manual processes that
support the ISE’s surveillance program.
Additionally, the Exchange is also a
member of the Intermarket Surveillance
Group (ISG) under the Intermarket
Surveillance Group Agreement, dated
June 20, 1994. The members of the ISG
include all of the U.S. registered stock
and options markets: NYSE MKT LLC,
NYSE Arca, Inc., BATS Exchange, Inc.,
NASDAQ OMX BX, Chicago Board
Options Exchange, Inc., Chicago Stock
Exchange, Inc., Financial Industry
Regulatory Authority, NASDAQ Stock
17 Pursuant to ISE Rule 602, Representatives of a
Member may solicit or accept customer orders for
options on the Index.
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Market LLC, National Stock Exchange,
Inc., the New York Stock Exchange LLC,
and NASDAQ OMX PHLX, Inc. The ISG
members work together to coordinate
surveillance and investigative
information sharing in the stock and
options markets.
The Exchange represents that it has
the necessary system capacity to
support additional quotations and
messages that will result from the listing
and trading of options on the Index.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Securities Exchange
Act of 1934 (the ‘‘Act’’) 18 in general,
and furthers the objectives of Section
6(b)(5) of the Act 19 in particular in that
it will permit options trading in the
Index pursuant to rules designed to
prevent fraudulent and manipulative
acts and practices and promote just and
equitable principles of trade. In
particular, the Exchange believes the
proposed rule change will further the
Exchange’s goal of introducing new and
innovative products to the marketplace.
The Exchange believes that listing
options on the Index will provide an
opportunity for investors to hedge, or
speculate on, the market risk associated
with changes in implied volatility.
Volatility-focused products have
become more prominent over the past
few years, and in a number of different
formats and types, including ETFs,
exchange-traded notes, exchange-traded
options, and exchange-traded futures.
Such products offer investors the
opportunity to manage their volatility
risks associated with an underlying
asset class. Currently, most of the
products focus on underlying equity
indexes or equity-based portfolios. The
Exchange proposes to introduce a cashsettled options contract on a new
volatility index, which focuses on
equity exposure using options on the
SPDR® S&P® ETF (SPY). SPY is the
largest and most liquid ETF in the
United Sates, and the most actively
traded equity option product. The
Exchange believes that because the
Index is derived from published SPY
options prices, and given the immense
liquidity found in the individual
portfolio components of SPY, the
concern that the Index will be subject to
market manipulation is greatly reduced.
Therefore, the Exchange believes that
the proposed rule change to list options
on the Index is appropriate.
The Exchange further notes that ISE
Rules that apply to the trading of other
18 15
19 15
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U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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index options currently traded on the
Exchange would also apply to the
trading of options on the Index.
Additionally, the trading of options on
the Index would be subject to, among
others, Exchange Rules governing
margin requirements and trading halt
procedures.
Finally, the Exchange represents that
it has an adequate surveillance program
in place to detect manipulative trading
in options on the Index. The Exchange
also represents that it has the necessary
systems capacity to support the new
options series. And as stated in the
filing, the Exchange has rules in place
designed to protect public customer
trading.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
This proposed rule change does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
The Exchange notes that the proposed
rule change will facilitate the listing and
trading of a novel index option product
that will enhance competition among
market participants, to the benefit of
investors and the marketplace.
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.
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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–2013–42 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–2013–42. 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
47045
(SSA), Social Security Administration,
DCRDP, Attn: Reports Clearance
Director, 107 Altmeyer Building, 6401
Security Blvd., Baltimore, MD 21235,
Fax: 410–966–2830, Email address:
OR.Reports.Clearance@ssa.gov.
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–
2013–42 and should be submitted on or
before August 23, 2013.
SSA submitted the information
collections below to OMB for clearance.
Your comments regarding the
information collections would be most
useful if OMB and SSA receive them 30
days from the date of this publication.
To be sure we consider your comments,
we must receive them no later than
September 3, 2013. Individuals can
obtain copies of the OMB clearance
packages by writing to OR.Reports.
Clearance@ssa.gov.
1. Waiver of Your Right to Personal
Appearance before an Administrative
Law Judge—20 CFR 404.948(b)(l)(i) and
416.1448(b)(l)(i)—0960–0284.
Applicants for Social Security, Old Age,
Survivors and Disability Insurance
(OASDI) benefits and Supplemental
Security Income (SSI) payments have
the statutory right to appear in person
(or through a representative) and
present evidence about their claims at a
hearing before an administrative law
judge (ALJ). If claimants wish to waive
this right to appear before an ALJ, they
must do so in writing. Form HA–4608
serves as a written waiver for the
claimant’s right to a personal
appearance before an ALJ. The ALJ uses
the information we collect on Form HA–
4608 to continue processing the case,
and makes the completed form a part of
the documentary evidence of record by
placing it in the official record of the
proceedings as an exhibit. Respondents
are applicants or claimants for OASDI
and SSI, or their representatives, who
request to waive their right to appear in
person before an ALJ.
Type of Request: Revision of an
approved-OMB information collection.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–18592 Filed 8–1–13; 8:45 am]
BILLING CODE 8011–01–P
SOCIAL SECURITY ADMINISTRATION
Agency Information Collection
Activities: Comment Request
The Social Security Administration
(SSA) publishes a list of information
collection packages requiring clearance
by the Office of Management and
Budget (OMB) in compliance with
Public Law 104–13, the Paperwork
Reduction Act of 1995, effective October
1, 1995. This notice includes a revision
and an extension of OMB-approved
information collections.
SSA is soliciting comments on the
accuracy of the agency’s burden
estimate; the need for the information;
its practical utility; ways to enhance its
quality, utility, and clarity; and ways to
minimize burden on respondents,
including the use of automated
collection techniques or other forms of
information technology. Mail, email, or
fax your comments and
recommendations on the information
collection(s) to the OMB Desk Officer
and SSA Reports Clearance Officer at
the following addresses or fax numbers.
(OMB), Office of Management and
Budget, Attn: Desk Officer for SSA,
Fax: 202–395–6974, Email address:
OIRA_Submission@omb.eop.gov.
Number of
respondents
Frequency of
response
Average burden
per response
(minutes)
Estimated total
annual burden
(hours)
HA–4608 ..........................................................................................
sroberts on DSK5SPTVN1PROD with NOTICES
Modality of
completion
12,000
1
2
400
2. Letter to Custodian of Birth
Records/Letter to Custodian of School
Records—20 CFR 404.704, 404.716,
416.802, and 422.107—0960–0693.
When individuals need help in
obtaining evidence of their age in
connection with Social Security number
(SSN) card applications and claims for
benefits, SSA can prepare the SSA–
20 17
L106, Letter to Custodian of School
Records, or SSA–L706, Letter to
Custodian of Birth Records. SSA uses
the SSA–L706 to determine the
existence of primary evidence of age of
SSN applicants. SSA uses both letters to
verify with the issuing entity, when
necessary, the authenticity of the record
submitted by the SSN applicant or
claimant. The respondents are schools,
State and local bureaus of vital
statistics, and religious entities.
This is a correction notice. SSA
published this information collection as
a revision on May 23, 2013 at 78 FR
30952. Since we are not revising the
information collection, this is now an
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
18:55 Aug 01, 2013
Jkt 229001
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]]>Agencies
[Federal Register Volume 78, Number 149 (Friday, August 2, 2013)]
[Notices]
[Pages 47041-47045]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-18592]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-70059; File No. SR-ISE-2013-42]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing of Proposed Rule Change To List Options on the
Nations VolDex Index
July 29, 2013.
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 July 17, 2013, the International Securities Exchange, LLC
(``Exchange'' or ``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
[[Page 47042]]
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its rules for the listing and
trading on the Exchange of options on the Nations VolDex index, a new
index that measures changes in implied volatility of the SPDR[supreg]
S&P[supreg] ETF. The Exchange also proposes to list and trade long-term
options on the Nations VolDex index. Options on the Nations VolDex
index will be cash-settled and will have European-style exercise
provisions. The text of the proposed rule change is available on the
Exchange's Web site 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 Exchange included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The self-regulatory organization has prepared summaries,
set forth in Sections A, B and C below, of the most significant aspects
of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its rules to provide for the listing
and trading on the Exchange of options on a new index that measures
changes in implied volatility of the SPDR[supreg] S&P[supreg] Exchange
Traded Fund (ETF) (commonly known and referred to by its ticker symbol,
SPY). Options on the Nations VolDex index (the ``Index'') will be cash-
settled and will have European-style exercise provisions. In addition
to regular options, the Exchange proposes to also list long-term
options on the Index. The Index is calculated using published real-time
bid/ask quotes of SPY options. The Index represents annualized implied
volatility and is quoted in percentage points.
Index Design and Composition
The calculation of the Index is based on the methodology developed
by NationsShares, a firm that develops proprietary derivatives-based
indexes and options-enhanced indexes. The Index will be calculated and
maintained by a calculation agent acting on behalf of NationsShares.
The Index reflects changes in implied volatility of SPY, historically
the largest and most actively traded ETF in the United States as
measured by its assets under management and the value of shares traded.
The Index measures the implied volatility of a hypothetical 30-day
at-the-money (ATM) SPY put option, by interpolating the prices of
synthetic put options that are precisely ATM.\3\ The options used in
the calculation of the Index are the published first in-the-money (ITM)
and the first out-of-the-money (OTM) put options in the front month
(i.e., nearest monthly expiration) and second month expirations (i.e.,
second nearest monthly expiration). Front month options must have at
least one week to expiration. On the open of trading on the first
business day of a regular option expiration week (i.e., for standard
monthly expirations), the options used for the Index will ``roll'' to
the next regular expiration month and the following expiration month.
The prices used in the calculation of the Index will be the mid-point
of the published consolidated bid/ask quote (i.e., the NBBO) in SPY
options.
---------------------------------------------------------------------------
\3\ For the purpose of this rule filing, the term ``precisely
at-the-money'' refers to a hypothetical option and strike price.
---------------------------------------------------------------------------
The generalized formula for the Index is:
[GRAPHIC] [TIFF OMITTED] TN02AU13.000
Where:
43,200 is the number of minutes in 30 days;
T1 is time to expiration of the Front Month
options in minutes;
T2 is time to expiration of the Second Month
options in minutes;
IV1 is the implied volatility of the Front
Month precisely ATM SPY put option;
IV2 is the implied volatility of the Second
Month precisely ATM SPY put option.
The implied volatilities of the precisely ATM SPY put options are
derived using a three-step process. The first step is to calculate the
forward prices for both the front and second month expirations. This is
accomplished by evaluating the absolute difference between the call and
put option premium at each strike price and identifying the strike
price where that absolute difference is the smallest. The forward price
is calculated by adding the strike price to the present value of the
published call price minus the published put price. The second step is
to interpolate the precisely ATM put option price for both the front
month and second month expirations. This is accomplished by using each
respective month's forward price, the first ITM strike, the first OTM
strike, the first ITM put price, and the first OTM put price. The final
step is to calculate the implied volatility for the precisely ATM put
option for each respective month using the forward price and the
precisely ATM put option for that month.
The SPDR[supreg] S&P[supreg] ETF is the largest and most actively
traded ETF in the U.S.\4\ According to State Street Global Advisor, the
Trustee of SPY, as of June 20, 2013, the net assets under management in
SPY was approximately $106.8 billion; the weighted average market
capitalization of the portfolio components was approximately $106
billion; the smallest market capitalization was approximately $2.1
billion (Apollo Group Inc., ticker: APOL), and the largest was
approximately $395.9 billion (ExxonMobil, ticker: XOM).\5\
---------------------------------------------------------------------------
\4\ The SPDR[supreg] S&P[supreg] ETF holds up to 500 securities
listed on U.S. securities exchanges.
\5\ See https://www.spdrs.com/product/fund.seam?ticker=SPY.
---------------------------------------------------------------------------
For the three months ending June 20, 2013, the average daily volume
in SPY shares was 137 million, and the average value of shares traded
was $22.1 billion.\6\ For the same period, the average daily volume in
SPY options was approximately 2.8 million contracts.\7\ Open interest
in SPY options was approximately 25.2 million contracts.\8\
---------------------------------------------------------------------------
\6\ Calculated using data from Bloomberg as of June 20, 2013.
\7\ Calculated using data from The Options Clearing Corp. as of
June 20, 2013.
\8\ Calculated using data from Bloomberg as of June 20, 2013.
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[[Page 47043]]
As set forth in Exhibit 3-1, following are the characteristics of
the Index: (i) The initial index value was 11.49 on January 31, 2005;
(ii) the index value on June 20, 2013 was 18.73; (iii) the lowest index
value since inception was 8.83 and occurred on January 24, 2007; and
(iv) the highest index value since inception was 77.98 and occurred on
October 10, 2008.
Index Calculation and Maintenance
As noted above, the Index will be maintained and calculated by a
calculation agent acting on behalf of NationsShares. The level of the
Index will reflect the current implied volatility of SPY. The Index
will be updated on a real-time basis on each trading day beginning at
9:30 a.m. and ending at 4:15 p.m. (New York time). If the current
published value of a component is not available, the last published
value will be used in the calculation.
Values of the Index will be disseminated every 15 seconds during
the Exchange's regular trading hours to market information vendors such
as Bloomberg and ThomsonReuters. In the event the Index ceases to be
maintained or calculated, or its values are not disseminated every 15
seconds by a widely available source, the Exchange will not list any
additional series for trading and will limit all transactions in such
options to closing transactions only for the purpose of maintaining a
fair and orderly market and protecting investors.
Exercise and Settlement Value
Options on the Index will expire on the Wednesday that is thirty
days prior to the third Friday of the calendar month immediately
following the expiring month. Trading in expiring options on the Index
will normally cease at 4:15 p.m. (New York time) on the Tuesday
preceding an expiration Wednesday. The exercise and settlement value
will be calculated on Wednesday at 9:30 a.m. (New York time) using the
mid-point of the NBBO for the SPY options used in the calculation of
the Index at that time. The exercise-settlement amount is equal to the
difference between the settlement value and the exercise price of the
option, multiplied by $100. Exercise will result in the delivery of
cash on the business day following expiration.
Contract Specifications
The contract specifications for options on the Index are set forth
in Exhibit 3-2. The Index is a broad-based index, as defined in Rule
2001(k). Options on the Index are European-style and cash-settled. The
Exchange's standard trading hours for index options (9:30 a.m. to 4:15
p.m., New York time) will apply to the Index. The Exchange proposes to
apply margin requirements for the purchase and sale of options on the
Index that are identical to those applied for its other broad-based
index options.
The trading of options on the Index will be subject to the trading
halt procedures applicable to other index options traded on the
Exchange.\9\ Options on the Index will be quoted and traded in U.S.
dollars.\10\ Accordingly, all Exchange and Options Clearing Corporation
members shall be able to accommodate trading, clearance and settlement
of the Index without alteration.
---------------------------------------------------------------------------
\9\ See ISE Rule 2008(c).
\10\ See ISE Rule 2009(a)(1).
---------------------------------------------------------------------------
The Exchange proposes to set the minimum strike price interval for
options on the Index at $1 or greater, as long as the strike price is
below $200, in accordance with proposed ISE Rule 2009(c)(7). The
Exchange believes that $1 strike price intervals will provide investors
with greater flexibility by allowing them to establish positions that
are better tailored to meet their investment objectives. Further, as
proposed, when new series of options on the Index with a new expiration
date are opened for trading, or when additional series of options on
the Index in an existing expiration date are opened for trading as the
current value of the Index moves substantially from the exercise prices
of series already opened, the exercise prices of such new or additional
series shall be reasonably related to the current value of the Index at
the time such series are first opened for trading.\11\ The Exchange,
however, proposes to eliminate this range limitation that will limit
the number of $1 strikes that may be listed in options on the Index.
The Exchange's proposal to set minimum strike price intervals without a
range limitation is identical to strike price intervals adopted by CBOE
for the CBOE Volatility Index.\12\
---------------------------------------------------------------------------
\11\ See ISE Rule 2009(c)(3). The term ``reasonably related to
the current index value of the underlying index'' means that the
exercise price is within thirty percent (30%) of the current index
value, as defined in ISE Rule 2009(c)(4).
\12\ See Securities Exchange Act Release No. 63155 (October 21,
2010), 75 FR 66402 (October 28, 2010) (SR-CBOE-2010-096).
---------------------------------------------------------------------------
The Exchange proposes to adopt minimum trading increments for
options on the Index to be $0.05 for series trading below $3, and $0.10
for series trading at or above $3.
The Exchange proposes to list options on the Index in the three
consecutive near-term expiration months plus up to three successive
expiration months in the March cycle. For example, consecutive
expirations of January, February, March, plus June, September, and
December expirations would be listed.\13\
---------------------------------------------------------------------------
\13\ See Rule 2009(a)(3).
---------------------------------------------------------------------------
The Exchange proposes that there shall be no position or exercise
limits for options on the Index. As noted above, the Index will settle
using published quotes from its corresponding option, specifically SPY
options. Given that there are currently no position limits for SPY
options,\14\ the Exchange believes it is appropriate for there to be no
position or exercise limits for options on the Index. Because the size
of the market underlying SPY options is so large, ISE believes that
this should dispel any concerns regarding market manipulation. By
extension, ISE believes that the same reasoning applies to options on
the Index since the value of options on the Index is derived from the
volatility of SPY as implied by its options. The Exchange notes that
options on CBOE's Volatility Index are also not subject to any position
or exercise limits.\15\
---------------------------------------------------------------------------
\14\ See Securities Exchange Act Release No. 68000 (October 5,
2012), 77 FR 62300 (October 12, 2012) (SR-ISE-2012-81).
\15\ See Securities Exchange Act Release No. 54019 (June 20,
2006), 71 FR 36569 (June 27, 2006) (SR-CBOE-2006-55). Additionally,
the Exchange notes there are currently a number of actively-traded
broad-based index options, i.e., DJX, NDX, SPX, that are also not
subject to any position or exercise limits.
---------------------------------------------------------------------------
The trading of options on the Index shall be subject to the same
rules that presently govern the trading of Exchange index options,
including sales practice rules, margin requirements, and trading rules.
In addition, long-term option series having up to sixty months to
expiration may be traded.\16\ The trading of long-term options on the
Index shall also be subject to the same rules that govern the trading
of all the Exchange's index options, including sales practice rules,
margin requirements, and trading rules. Further, pursuant to
Supplementary Material .01 and .02 to ISE Rule 2009, the Exchange may
also list Short Term Option Series and Quarterly Options Series,
respectively, on the Index.
---------------------------------------------------------------------------
\16\ See Rule 2009(b)(1).
---------------------------------------------------------------------------
Chapter 6 of the Exchange's rules is designed to protect public
customer trading and shall apply to trading in options on the Index.
Specifically, ISE Rules 608(a) and (b) prohibit Members from accepting
a customer order to purchase or write an option, including options on
the Index, unless such customer's account has been approved in writing
by a designated Options
[[Page 47044]]
Principal of the Member.\17\ Additionally, ISE's Rule 610 regarding
suitability is designed to ensure that options, including options on
the Index, are only sold to customers capable of evaluating and bearing
the risks associated with trading in this instrument. Further, ISE Rule
611 permits members to exercise discretionary power with respect to
trading options, including options on the Index, in a customer's
account only if the Member has received prior written authorization
from the customer and the account had been accepted in writing by a
designated Options Principal. ISE Rule 611 also requires designated
Options Principals or Representatives of a Member to approve and
initial each discretionary order, including discretionary orders for
options on the Index, on the day the discretionary order is entered.
Finally, ISE Rule 609, Supervision of Accounts, Rule 612, Confirmation
to Customers, and Rule 616, Delivery of Current Options Disclosure
Documents and Prospectus, will also apply to trading in options on the
Index.
---------------------------------------------------------------------------
\17\ Pursuant to ISE Rule 602, Representatives of a Member may
solicit or accept customer orders for options on the Index.
---------------------------------------------------------------------------
Finally, a trading license issued by the Exchange will be required
for all market makers to effect transactions as a market maker in the
Index in accordance with ISE Rule 2013.
Surveillance and Capacity
The Exchange has an adequate surveillance program in place for
options traded on the Index and intends to apply those same program
procedures that it applies to the Exchange's other options products.
Further, the ISE Market Surveillance Department conducts routine
surveillance in approximately 30 discrete areas. Index products and
their respective symbols are integrated into the Exchange's existing
surveillance system architecture and are thus subject to the relevant
surveillance processes. This is true for both surveillance system
processing and manual processes that support the ISE's surveillance
program. Additionally, the Exchange is also a member of the Intermarket
Surveillance Group (ISG) under the Intermarket Surveillance Group
Agreement, dated June 20, 1994. The members of the ISG include all of
the U.S. registered stock and options markets: NYSE MKT LLC, NYSE Arca,
Inc., BATS Exchange, Inc., NASDAQ OMX BX, Chicago Board Options
Exchange, Inc., Chicago Stock Exchange, Inc., Financial Industry
Regulatory Authority, NASDAQ Stock Market LLC, National Stock Exchange,
Inc., the New York Stock Exchange LLC, and NASDAQ OMX PHLX, Inc. The
ISG members work together to coordinate surveillance and investigative
information sharing in the stock and options markets.
The Exchange represents that it has the necessary system capacity
to support additional quotations and messages that will result from the
listing and trading of options on the Index.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the ``Act'')
\18\ in general, and furthers the objectives of Section 6(b)(5) of the
Act \19\ in particular in that it will permit options trading in the
Index pursuant to rules designed to prevent fraudulent and manipulative
acts and practices and promote just and equitable principles of trade.
In particular, the Exchange believes the proposed rule change will
further the Exchange's goal of introducing new and innovative products
to the marketplace. The Exchange believes that listing options on the
Index will provide an opportunity for investors to hedge, or speculate
on, the market risk associated with changes in implied volatility.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Volatility-focused products have become more prominent over the
past few years, and in a number of different formats and types,
including ETFs, exchange-traded notes, exchange-traded options, and
exchange-traded futures. Such products offer investors the opportunity
to manage their volatility risks associated with an underlying asset
class. Currently, most of the products focus on underlying equity
indexes or equity-based portfolios. The Exchange proposes to introduce
a cash-settled options contract on a new volatility index, which
focuses on equity exposure using options on the SPDR[supreg]
S&P[supreg] ETF (SPY). SPY is the largest and most liquid ETF in the
United Sates, and the most actively traded equity option product. The
Exchange believes that because the Index is derived from published SPY
options prices, and given the immense liquidity found in the individual
portfolio components of SPY, the concern that the Index will be subject
to market manipulation is greatly reduced. Therefore, the Exchange
believes that the proposed rule change to list options on the Index is
appropriate.
The Exchange further notes that ISE Rules that apply to the trading
of other index options currently traded on the Exchange would also
apply to the trading of options on the Index. Additionally, the trading
of options on the Index would be subject to, among others, Exchange
Rules governing margin requirements and trading halt procedures.
Finally, the Exchange represents that it has an adequate
surveillance program in place to detect manipulative trading in options
on the Index. The Exchange also represents that it has the necessary
systems capacity to support the new options series. And as stated in
the filing, the Exchange has rules in place designed to protect public
customer trading.
B. Self-Regulatory Organization's Statement on Burden on Competition
This proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act. The Exchange notes that the proposed rule change will
facilitate the listing and trading of a novel index option product that
will enhance competition among market participants, to the benefit of
investors and the marketplace.
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.
[[Page 47045]]
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-2013-42 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-2013-42. 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-2013-42 and should be
submitted on or before August 23, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
---------------------------------------------------------------------------
\20\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-18592 Filed 8-1-13; 8:45 am]
BILLING CODE 8011-01-P
