[Federal Register: February 4, 2010 (Volume 75, Number 23)]
[Notices]
[Page 5826-5827]
[DOCID:fr04fe10-84]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61434; File No. SR-ISE-2010-06]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change, as Modified by Amendment No. 2 Thereto, Relating to Fee Changes

January 27, 2010.
    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 January 14, 2010, the International Securities Exchange, LLC
(the ``Exchange'' or the ``ISE'') filed with the Securities and
Exchange Commission the proposed rule change, as described in Items I,
II, and III below, which items have been prepared by the self-
regulatory organization. On January 27, 2010, ISE filed Amendment No. 1
to the proposed rule change. On January 27, 2010, ISE withdrew
Amendment No. 1 and filed Amendment No. 2 to the proposed rule
change.\3\ 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.
    \3\ Amendment No. 2 deleted a sentence in the purpose section of
the filing and in Exhibit 1.
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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 (http://
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
    ISE proposes to amend its Schedule of Fees. Specifically, the
Exchange proposes to adopt a $0.20 per contract execution fee for
professional customers who execute orders as a result of posting
liquidity to ISE's order book.
    ISE recently adopted a rule change to distinguish between Priority
Customer Orders and Professional Orders.\4\ A Priority Customer is
defined in ISE Rule 100(a)(37A) as a person or entity that is not a
broker or 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). A Professional Order is defined in ISE Rule
100(a)(37C) as an order that is for the account of a person or entity
that is not a Priority Customer. For purpose of this discussion,
``professional customers'' are non-broker/dealer participants who enter
at least 390 orders per day on average during a calendar month for
their own beneficial account(s). The level of trading activity by
professional customers more resembles that of market makers and
proprietary traders on the Exchange than it does of other customers.
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    \4\ See Exchange Act Release No. 59287 (Jan. 23, 2009), 74 FR
5694 (Jan. 30, 2009).
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    Currently, the primary distinction between the two types of
customers is that Priority Customers take priority on the order book
over professional customers. Professional customers are on parity with
market makers and broker/dealers. However, professional customers
generally do not pay transaction fees. Market makers and broker/dealers
on the other hand pay transaction fees to the Exchange. Specifically,
for market makers, the Exchange applies a sliding scale, between $0.01
and $0.18 per contract side, based on the number of contracts an ISE
market maker trades in a month. Broker/dealer orders pay a flat
execution fee of $0.20 per traded contract, regardless of whether they
post liquidity to or take liquidity from ISE's order book when they
enter orders. Broker/dealer fees are posted on the Exchange's fee
schedule under the Firm Proprietary line item.
    The Exchange now proposes to adopt a $0.20 per contract execution
fee for professional customers who execute orders as a result of
posting liquidity to ISE's order book. The proposed fee applies only to
professional customer orders, i.e., non-broker/dealer customer orders;
it does not apply to market maker and broker/dealer orders who, as
noted above, already pay transaction fees.
    As discussed, professional customers engage in trading activity
similar to that conducted by market makers and proprietary traders. For
example, professional customers continue to join bids and offers on the
Exchange and thus compete for incoming order flow. Professional
customers do so in direct competition with ISE's market makers, but
with the distinct advantage of generally not paying transaction fees to
the Exchange. ISE believes that adopting a ``maker fee'' for
professional customers will put these market participants on a more
equal footing with market makers and proprietary traders regarding fees
paid for transacting on the Exchange.
    The Exchange further notes that the proposed fees, while comparable
to fees currently paid by broker/dealer orders, are less than those
fees as the Exchange is only proposing to charge professional customers
who execute orders as a result of posting liquidity to ISE's order

book. The Exchange is not currently proposing to charge professional
customers a fee for taking liquidity from ISE's order book.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Exchange Act,\5\ in general,
and furthers the objectives of Section 6(b)(4),\6\ in particular, in
that it is designed to provide for the equitable allocation of
reasonable dues, fees and other charges among its members and other
persons using its facilities. In particular, the proposed rule change
will help equalize competition between market makers, proprietary
traders and professional customers on the Exchange.
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    \5\ 15 U.S.C. 78f.
    \6\ 15 U.S.C. 78f(b)(4).
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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) of the Act \7\ and Rule 19b-4(f)(2) \8\ thereunder. At any
time within 60 days of the filing of such proposed rule change, the
Commission may summarily abrogate 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.\9\
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 19b-4(f)(2).
    \9\ The Commission considers the 60-day period within which the
Commission may summarily abrogate the proposal pursuant to Section
19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C), to commence on
January 27, 2010, the date ISE filed Amendment No. 2 to the
proposal.
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-ISE-2010-06 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-2010-06. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission,\10\ all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10:00 am and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the ISE. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-ISE-2010-06 and should be
submitted on or before February 25, 2010.
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    \10\ The text of the proposed rule change is available on ISE's
Web site at http://www.ise.com, on the Commission's Web site at
http://www.sec.gov, at ISE, and at the Commission's Public Reference
Room.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-2334 Filed 2-3-10; 8:45 am]
BILLING CODE 8011-01-P


Index of CBI Pre‐Rule Communication with Companies

   1.) CBI Placeholder: Oct. 6, 2010  -  Correspondence from Don Magid, Solvay Fluorides, LLC, to Drusilla Hufford, EPA
   2.) CBI Placeholder: Dec. 15, 2010  -  Correspondence from William J. Hamel, Arkema Inc., to Drusilla Hufford, EPA
   3.) CBI Placeholder: April 15, 2011  -  Correspondence from William J. Hamel, Arkema Inc., to Drusilla Hufford, EPA
   4.) CBI Placeholder: December 14, 2011  -  Handout received from Hudson Technologies during meeting with EPA


[Federal Register: October 19, 2006 (Volume 71, Number 202)]
[Notices]
[Page 61739]
[DOCID:fr19oc06-43]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP07-2-000]

Aquila, Inc.; Notice of Application

October 13, 2006.
    Take notice that on October 6, 2006, Aquila, Inc. (Aquila), 1815
Capitol Avenue, Omaha, NE 68102, filed in Docket No. CP07-2-000, an
abbreviated application pursuant to section 7(f) of the Natural Gas Act
requesting the determination of a service area within which Aquila may,
without further commission authorization, provide natural gas
distribution service. Aquila also requests a waiver of the Commission's
accounting and reporting requirements and other regulatory requirements
ordinarily applicable to natural gas companies under the NGA, all as
more fully set forth in the application which is on file with the
Commission and open to public inspection. This filing may also be
viewed on the Commission's Web site at http://www.ferc.gov using the

``eLibrary'' link. Enter the docket number, excluding the last three
digits, in the docket number field to access the document. For
assistance, call<PHONE_NUMBER> or TTY,<PHONE_NUMBER>.
    Any questions regarding this application should be directed to
Arleen Dizona, Aquila Networks, 1815 Capitol Avenue, Omaha, NE 68102;
(402) 221-2630 (telephone) or<EMAIL_ADDRESS>or Patrick
Joyce, Blackwell Sanders Peper Martin LLP, 1620 Dodge Street, Suite
2100, Omaha, NE 68102;<PHONE_NUMBER> (telephone) or
<EMAIL_ADDRESS>
    There are two ways to become involved in the Commission's review of
this project. First, any person wishing to obtain legal status by
becoming a party to the proceedings for this project should, on or
before the comment date stated below, file with the Federal Energy
Regulatory Commission, 888 First Street, NE., Washington, DC 20426, a
motion to intervene in accordance with the requirements of the
Commission's Rules of Practice and Procedure (18 CFR 385.214 or
385.211) and the Regulations under the NGA (18 CFR 157.10). A person
obtaining party status will be placed on the service list maintained by
the Secretary of the Commission and will receive copies of all
documents filed by the applicant and by all other parties. A party must
submit 14 copies of filings made with the Commission and must mail a
copy to the applicant and to every other party in the proceeding. Only
parties to the proceeding can ask for court review of Commission orders
in the proceeding.
    However, a person does not have to intervene in order to have
comments considered. The second way to participate is by filing with
the Secretary of the Commission, as soon as possible, an original and
two copies of comments in support of or in opposition to this project.
The Commission will consider these comments in determining the
appropriate action to be taken, but the filing of a comment alone will
not serve to make the filer a party to the proceeding. The Commission's
rules require that persons filing comments in opposition to the project
provide copies of their protests only to the party or parties directly
involved in the protest.
    The Commission strongly encourages electronic filings of comments,
protests and interventions via the Internet in lieu of paper. See 18
CFR 385.2001(a)(1)(iii) and the instructions on the Commission's Web
(http://www.ferc.gov) site under the ``e-Filing'' link.

    Comment Date: November 3, 2006.

Magalie R. Salas,
Secretary.
[FR Doc. E6-17472 Filed 10-18-06; 8:45 am]

BILLING CODE 6717-01-P