[Federal Register: October 3, 2008 (Volume 73, Number 193)]
[Notices]
[Page 57720-57722]
[DOCID:fr03oc08-119]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58645; File No. SR-ISE-2008-72]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Foreign Currency Options Closing Settlement Value

September 25, 2008.
    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 September 23, 2008, the International Securities Exchange, LLC
(the ``Exchange'' or the ``ISE'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I, II, and III below, which items have been
substantially prepared by the Exchange. 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 proposes to amend its rules regarding Foreign Currency
Options (``FX Options'').\3\ The text of the proposed rule amendment is
as follows, with deletions in [brackets] and additions in italics:
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    \3\ ISE began trading FX options on April 17, 2007 pursuant to
Commission approval. See Securities Exchange Act Release No. 55575
(April 3, 2007), 72 FR 17963 (April 10, 2007).

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Rule 2212. Foreign Currency Options Closing Settlement Value

    (a) The closing settlement value shall be the day's announced Noon
Buying Rate, as determined by the Federal Reserve Bank of New York, on
the last trading day during expiration week. If the Noon Buying Rate is
not announced by [2] 5:00 p.m. Eastern time, the closing settlement
value will be the most recently announced Noon Buying Rate, unless the
Exchange determines to apply an alternative closing settlement value as
a result of extraordinary circumstances. In the event the Noon Buying
Rate is not published for an underlying currency, the Exchange will
apply the WM/Reuters Closing Spot rate to determine the closing
settlement value. If the Federal Reserve Bank of New York determines to
publish a Noon Buying Rate in the future for a currency for which it
currently does not publish such rate, the Exchange will apply the Noon
Buying Rate in place of the WM/Reuters Composite Spot rate to determine
the closing settlement value for such currency.
    (b)-(c) No Change.
* * * * *

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

    (a) Purpose--ISE proposes to amend its rules regarding FX Options.
Specifically, the Exchange proposes to amend its FX Options closing
settlement value rule by changing the reference time from 2 p.m.
Eastern time to 5 p.m. Eastern time. ISE's current rule for determining
closing settlement value for FX Options states that the closing
settlement value shall be the day's announced ``Noon Buying Rate,'' as
determined by the Federal Reserve Bank of New York, on the last trading
day during expiration week. ISE Rule 2212(a) further states that if the
Noon Buying Rate is not announced by 2 p.m. Eastern time, the closing
settlement value will be the most recently announced Noon Buying
Rate.\4\ The Exchange now proposes to amend its FX options closing
settlement value rule by changing the reference time from 2 p.m. to 5
p.m. While the Noon Buying Rate is still established by the Federal
Reserve Bank of New York, the Noon Buying Rate will soon be
disseminated and displayed at a later time, albeit on the same day.
This proposed rule change will allow the Exchange to continue to rely
on this industry-recognized value and do so without causing any
disruption in the calculation of the closing settlement value for FX
Options.
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    \4\ Under ISE Rule 2212, in the event the Federal Reserve Bank
of New York does not maintain or publish a Noon Buying Rate for an
underlying currency, ISE will apply the WM/Reuters Closing Spot rate
to determine the closing settlement value.
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    The Exchange is not proposing to make any changes to its FX Options
rules other that to change the reference time found in ISE Rule
2212(a).
    (b) Basis--The Exchange believes the proposed rule change is
consistent with the Securities Exchange Act of 1934 (the ``Act'') and
the rules and regulations under the Act applicable to a national
securities exchange and, in particular, the requirements of Section
6(b) of the Act.\5\ Specifically, the Exchange believes the proposed
rule change is consistent with Section 6(b)(5) of the Act's \6\
requirements that the rules of a national securities exchange be
designed to promote just and equitable principles of trade, to prevent
fraudulent and manipulative acts and, in general, to protect investors
and the public interest. In particular, the proposed rule change will
allow the Exchange to continue to rely on an industry-recognized value
to determine the closing settlement value for FX Options traded on the
Exchange.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
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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

    This proposed rule change does not significantly affect the
protection of investors or the public interest, does not impose any
significant burden on competition, and, by its terms, does not become
operative for 30 days after the date of the filing, or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest. The Exchange provided the
Commission with written notice of its intent to file the proposed rule
change, along with a brief description and text of the proposed rule
change, at least five business days prior to the date of filing the
proposed rule change as required by Rule 19b-4(f)(6).\7\ For the
foregoing reasons, the Exchange believes the proposed rule filing
qualifies for expedited approval as a ``non-controversial'' rule change
under paragraph (f)(6) of Rule 19b-4 of the Act.\8\
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    \7\ 17 CFR 240.19b-4(f)(6).
    \8\ The Commission notes that it does not approve rule changes
filed under paragraph (f)(6) of Rule 19b-4 of the Act.
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    The Exchange believes the proposed rule change is non-controversial
in that the only change proposed herein is to the reference time used
by the Exchange to determine the closing settlement value for FX
Options. The Exchange also believes that the proposed rule change does
not raise any new, unique or substantive issues, and is beneficial for
competitive purposes and to promote a free and open market for the
benefit of investors.
    At any time within 60 days of the filing of the 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.

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-2008-72 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-ISE-2008-72. 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, 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, on official business
days between the hours of 10 a.m. and 3 p.m. Copies of the filing also
will be available for inspection and copying at the principal office of
the Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-ISE-
2008-72 and should be submitted on or before October 24, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-23409 Filed 10-2-08; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 226 (Friday, November 23, 2018)]
[Notices]
[Page 59398]
[FR Doc No: 2018-25562]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4399-DR; Docket ID FEMA-2018-0001]

Florida; Amendment No. 7 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Florida (FEMA-4399-DR), dated October 11, 2018, and
related determinations.

DATES: This amendment was issued November 15, 2018.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the State of Florida is hereby amended to include the following
areas among those areas determined to have been adversely affected by
the event declared a major disaster by the President in his declaration
of October 11, 2018.

    Okaloosa and Walton Counties for Public Assistance.
    Jefferson and Madison Counties for Public Assistance [Categories
C-G] (already designated for debris removal and emergency protective
measures [Categories A and B], including direct federal assistance
under the Public Assistance program).
    Franklin, Holmes, Leon, Taylor, Wakulla, and Washington Counties
for Public Assistance [Categories C-G] (already designated for
Individual Assistance and assistance for debris removal and
emergency protective measures [Categories A and B], including direct
federal assistance under the Public Assistance program).

The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034, Disaster Unemployment
Assistance (DUA); 97.046, Fire Management Assistance Grant; 97.048,
Disaster Housing Assistance to Individuals and Households In
Presidentially Declared Disaster Areas; 97.049, Presidentially
Declared Disaster Assistance--Disaster Housing Operations for
Individuals and Households; 97.050 Presidentially Declared Disaster
Assistance to Individuals and Households--Other Needs; 97.036,
Disaster Grants--Public Assistance (Presidentially Declared
Disasters); 97.039, Hazard Mitigation Grant.

Brock Long,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2018-25562 Filed 11-21-18; 8:45 am]
BILLING CODE 9111-11-P