[Federal Register Volume 77, Number 241 (Friday, December 14, 2012)]
[Notices]
[Pages 74533-74536]
[FR Doc No: 2012-30167]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68392; File No. SR-NSX-2012-24]

Self-Regulatory Organizations; National Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Its Fee and Rebate Schedule

December 10, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is
hereby given that on December 3, 2012, National Stock Exchange, Inc.
(``NSX[supreg]'' or ``Exchange'') filed with the Securities and
Exchange Commission (``SEC'' or ``Commission'') the proposed rule
change, as described in Items I, II, and III below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comment 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 the
Substance of the Proposed Rule Change

    The Exchange is proposing to amend its Fee and Rebate Schedule (the
``Fee Schedule'') issued pursuant to Exchange Rule 16.1(a) to: (1)
Modify the Quotation Update Fee charged for each quotation update \3\
transmitted to the Exchange by an Equity Trading Permit (``ETP'') \4\
Holder using the Exchange's Order Delivery mode (``Order Delivery
Mode''); and (2) cap the Quotation Update Fee to the first 150 million
quotation updates entered by each ETP Holder per month. The text of the
proposed rule change is available on the Exchange's Web site at
www.nsx.com, at the Exchange's principal office, and at the
Commission's public reference room.
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    \3\ A ``quotation update'' includes any change to the price,
size or side of a quotation or submission of an updated quote with
the same price, size or side. A quotation update does not include
posting of a new quote to replace a quote that was fully executed.
    \4\ Exchange Rule 1.5 defines the term ``ETP'' as an Equity
Trading Permit issued by the Exchange for effecting approved
securities transactions on the Exchange's Trading Facilities.
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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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed

any comments it received on the proposed rule change. The text of these
statements may be examined at the places specified in Item IV below.
The Exchange has prepared summaries, set forth in sections A, B, and C
below, of the most significant parts 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 Fee Schedule issued pursuant to
Exchange Rule 16.1(a) to: (1) Modify the Quotation Update Fee charged
for each quotation update transmitted to the Exchange by an ETP Holder
using the Exchange's Order Delivery mode; [sic] and (2) cap the
Quotation Update Fee to the first 150 million quotation updates entered
by each ETP Holder per month.
    Electronic Communication Networks (``ECNs'') can use Order Delivery
Mode to provide quotations to the Exchange for publishing in the
consolidated quotation feed as well as the Exchange's proprietary
depth-of-book feed. The Exchange delivers Order Delivery Notifications
\5\ to an ECN when it receives an incoming order from another trading
center which can potentially execute against the published quote.
Except for very limited circumstances, the ECN must immediately and
automatically execute the Order Delivery Notification. Under Section
6(b)(1) of the Securities Exchange Act of 1934 (the ``Exchange Act'' or
``Act''), the Exchange must have effective surveillance mechanisms to
ensure that Order Delivery participants comply with the Exchange's
rules and regulations as well as those of the SEC.\6\
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    \5\ An ``Order Delivery Notification'' refers to a message sent
by the Exchange to the Order Delivery participant communicating the
details of the full or partial quantity of an inbound contra-side
order that potentially may be matched within the System for
execution against an Order Delivery Order.
    \6\ 15 U.S.C. 78f(b)(1).
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    On November 2, 2012, the Exchange amended Section IV of its Fee
Schedule to adopt a separate Quotation Update Fee for existing and new
Order Delivery participants.\7\ The Exchange adopted the Quotation
Update Fee as a means of recouping costs associated with regulating the
marketplace and the Order Delivery program. The Quotation Update Fee is
$0.000444 for each quotation update by an existing Order Delivery
participant, and $0.006667 for each quotation update from a new Order
Delivery participant during the first three (3) months of
participation.
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    \7\ See Securities Exchange Act Release No. 68215 (November 13,
2012), 77 FR 69522 (November 19, 2012) (SR-NSX-2012-20).
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    The Exchange now proposes to (i) Increase the Quotation Update Fee
for existing Order Delivery participants from $0.000444 to $0.000467,
(ii) decrease the Quotation Update Fee for new Order Delivery
participants from $0.006667 to $0.000667 during the first three (3)
months of participation, and (iii) cap the Quotation Update Fee to the
first 150 million quotation updates entered by each ETP Holder per
month.
    The Exchange believes that this approach equitably allocates fees
among its members and is not unfairly discriminatory because Order
Delivery participants (i) constitute a substantial portion of the
Exchange's processing activity including quotations, Order Delivery
Notifications, and transactions, and (ii) require a heightened level of
regulatory scrutiny and are utilizing significantly greater regulatory
resources as compared to ETP Holders that post and execute orders on
the Exchange using automatic execution. The Exchange also believes that
a cap on the Quotation Update Fee is necessary to equitably allocate
regulatory costs among Order Delivery participants. The Exchange will
assess, on a quarterly basis, whether the Quotation Update Fee is
equitably allocated among its members and to adjust the rate
accordingly [sic]. The Exchange will consider any changes in the level
of Order Delivery processing and other activity as well as any changes
in the market, surveillance and system requirements required to
effectively perform the regulatory, surveillance, investigative or
enforcement functions.

Operative Date and Notice

    The Exchange will make the proposed modifications, which are
effective on filing of this proposed rule, operative as of commencement
of trading on December 3, 2012.\8\ Pursuant to Exchange Rule 16.1(c),
the Exchange will ``provide ETP Holders with notice of all relevant
dues, fees, assessments and charges of the Exchange'' through the
issuance of an Information Circular of the changes to the Fee Schedule
and will post a copy of the rule filing on the Exchange's Web site
(www.nsx.com).
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    \8\ While the Exchange proposes to amend the date of its Fee
Schedule to December 1, 2012, it will not implement the proposed fee
changes until Monday, December 3, 2012, the first day of trading.
The Exchange proposes to amend the Fee Schedule's date to December 1
as it contains non-transaction based fees that are charged on a
monthly basis.
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2. Statutory Basis
    The Exchange believes that the amended Quotation Update Fee for
existing Order Delivery participants is consistent with the provisions
of Section 6(b) of the Act,\9\ in general, and Section 6(b)(4) of the
Act,\10\ 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 the facilities of the Exchange.
Order Delivery Mode imposes on the Exchange greater regulatory and
operational costs than should the Exchange offer only automatic
execution mode of interaction (``Auto-Ex Mode''),\11\ [sic] because
Order Delivery is a model that requires increased regulatory procedures
and resources to ensure effective oversight of compliance with the
rules and regulations of the Exchange and the Commission. The Exchange
believes that the amended Quotation Update Fee for existing Order
Delivery participants is consistent with the provisions of Section
6(b)(5) of the Act,\12\ is equitable and not unfairly discriminatory
because Order Delivery participants constitute a substantial portion of
the Exchange's processing activity including quotations, order delivery
notifications, and transactions, and require a heightened level of
regulatory scrutiny and resources as compared to ETP Holders that post
and execute orders on the Exchange using Auto-Ex Mode. The Exchange
believes that capping the Quotation Update Fee is necessary to
equitably allocate regulatory costs among Order Delivery participants.
Order Delivery participants are eligible to submit (or not submit)
liquidity adding and quotes, and may do so at their discretion in the
daily volumes they choose during any given trading day.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4).
    \11\ Under Auto-Ex Mode, the Exchange matches and executes like-
priced orders (including against Order Delivery orders resting on
the NSX book). Auto-Ex orders resting in the NSX book execute
immediately when matched against a marketable incoming contra-side
Auto-Ex order.
    \12\ 15 U.S.C. 78f(b)(5).
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    Therefore, the Exchange believes the revised fee structure is a
reasonable means for the NSX to recover the regulatory costs of the
marketplace and Order Delivery. The Quotation Update Fee is reasonable
given that it is directly related to the Exchange's cost of regulation.
The Exchange will review the rate of the Quotation Update Fee on a
quarterly basis, and will consider any changes in the level of Order
Delivery processing and other activity as well as any changes in the
market, surveillance and system requirements required to effectively
perform the surveillance, investigative or enforcement functions.

Furthermore, the Exchange also believes that the amended Quotation
Update Fee for new Order Delivery participants during their first three
(3) months of operation is consistent with the provisions of Section
6(b) of the Act,\13\ in general, and Section 6(b)(4) of the Act,\14\ 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 the facilities of the Exchange. Oversight of a
new Order Delivery participant's activities imposes on the Exchange
additional regulatory and operational costs because the Exchange
expends an increased regulatory focus over a new Order Delivery
participant's activities to ensure compliance with Exchange Rule 11.13
and to gain familiarity with their quoting activities. The Exchange
believes that continuing to charge a higher quotation update fee for
new Order Delivery participants during their first three (3) months of
operation is a reasonable means to cover the regulatory oversight
costs. Moreover, the Exchange believes that the amended Quotation
Update Fee for new Order Delivery participants during their first three
(3) months of operation is consistent with the provisions of Section
6(b)(5) of the Act,\15\ in that the proposed regulatory fee is not
unfairly discriminatory. New participants may not quote with as much
frequency as established Order Delivery participants. For example, a
new Order Delivery participant may submit quotations in a few
securities, and ramp up quotation activity with experience. However,
the Exchange will need to expend additional resources to ensure that
the new Order Delivery participant is complying with all regulations.
In addition, new Order Delivery participants require increased
regulatory oversight due to the Exchange's focus on their trading
activity as well as Exchange staff developing familiarity with the new
participant's [sic] trading behavior. Also, Order Delivery participants
are eligible to submit (or not submit) liquidity adding and [sic]
quotes, and may do so at their discretion in the daily volumes they
choose during any given trading day.
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    \13\ 15 U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(4).
    \15\ 15 U.S.C. 78f(b)(5).
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    Lastly, the Exchange believes that proposing to limit the Quotation
Update Fee to an Order Delivery participant's first 150 million
quotation updates each month is also consistent with the provisions of
Section 6(b) of the Act,\16\ in general, and Section 6(b)(4) of the
Act,\17\ in particular in that it is designed to provide for the
equitable allocation of reasonable dues, fees and other charges among
Order Delivery participants, its members and other persons using the
facilities of the Exchange. The Exchange found that capping the
Quotation Update Fee was necessary to equitably allocate regulatory
costs among Order Delivery participants. Moreover, the Exchange
believes that the proposed cap on the Quotation Update fee is
consistent with the provisions of Section 6(b)(5) of the Act,\18\ in
that the proposed regulatory fee is not unfairly discriminatory because
it applies to all Order Delivery participants equally. Nonetheless, the
Exchange understands that new participants may not quote with as much
frequency as established Order Delivery participants, thereby not
reaching the cap. As stated above, a new Order Delivery participant may
submit quotations in a few securities, and ramp up quotation activity
with experience. However, the Exchange will need to expend additional
resources to ensure that the new Order Delivery participant is
complying with all regulations. In addition, new Order Delivery
participants require increased regulatory oversight due to the
Exchange's focus on their trading activity as well as Exchange staff
developing familiarity with the new participant's trading behavior.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(4).
    \18\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
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 neither solicited nor received written comments on
the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The proposed rule change has taken effect upon filing pursuant to
Section 19(b)(3)(A)(ii) of the Exchange Act \19\ and subparagraph
(f)(2) of Rule 19b-4.\20\ 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.
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    \19\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \20\ 17 CFR 240.19b-4.
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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 email to<EMAIL_ADDRESS>Please include
File Number SR-NSX-2012-24 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-NSX-2012-24. 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 (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 Web site viewing and
printing in the Commission's Public Reference Room 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 offices 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-NSX-2012-24, and should be submitted on or before
January 4, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-30167 Filed 12-13-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: April 17, 2008 (Volume 73, Number 75)]
[Notices]
[Page 20994-20996]
[DOCID:fr17ap08-106]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57643; File No. SR-ISE-2008-31]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change as Modified by Amendment No. 1 Thereto Relating to Fee Changes

April 10, 2008.
    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 April 7, 2008, the International Securities Exchange, LLC (``ISE''
or ``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 Exchange. The
Exchange designated this proposal as one establishing or changing a
due, fee, or other charge imposed by ISE under Section 19(b)(3)(A)(ii)
of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the
proposal effective upon filing with the Commission. On April 9, 2008,
ISE filed Amendment No. 1 to the proposed rule change.\5\ The
Commission is publishing this notice to solicit comments on the
proposed rule change, as amended, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
    \5\ In Amendment No. 1, ISE corrected the ticker symbol for the
PowerShares DB Gold Fund from DBL to DGL in the purpose section of
the Form 19b-4 and in Exhibit 1. ISE also made corresponding changes
to the Schedule of Fees in Exhibit 5.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    ISE proposes to amend its Schedule of Fees to establish fees for
transactions in options on 5 Premium Products.\6\ The text of the
proposed rule change is available at the Exchange, on the

Exchange's Web site at http://www.ise.com, and in the Commission's
Public Reference Room.
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    \6\ Premium Products is defined in the Schedule of Fees as the
products enumerated therein.
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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 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. ISE has substantially 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 is proposing to amend its Schedule of Fees to
establish fees for transactions in options on the PowerShares DB Oil
Fund (``DBO''), PowerShares DB Silver Fund (''DBS''), PowerShares DB
Gold Fund (``DGL''), \7\ Ultra Dow30 ProShares (``DDM''),\8\ and Ultra
Financials ProShares (``UYG''). \9\ The Exchange represents that DBO,
DBS, DGL, DDM, and UYG are eligible for options trading because they
constitute ``Exchange-Traded Fund Shares,'' as defined by ISE Rule
502(h).
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    \7\ The PowerShares DB Oil Fund (``DBO'') is based on the
Deutsche Bank Liquid Commodity Index--Optimum Yield Oil Excess
Return(tm). The PowerShares DB Silver Fund (``DBS'') is based on the
Deutsche Bank Liquid Commodity Index--Optimum Yield Silver Excess
Return(tm). The PowerShares DB Gold Fund (``DGL'') is based on the
Deutsche Bank Liquid Commodity Index--Optimum Yield Gold Excess
Return(tm). DBO, DBS and DGL are managed by DB Commodity Services
LLC. DGLCI(tm) and Deutsche Bank Liquid Commodity Index(tm) are
trademarks of Deutsche Bank AG, London (``DB AG''). PowerShares(r)
is a registered service mark of PowerShares Capital Management LLC
(``PowerShares''). DBO, DBS and DGL are not sponsored, endorsed,
sold, or promoted by DB AG, and DB AG makes no representation
regarding the advisability of investing in DBO, DBS and DGL. Neither
DB AG nor PowerShares has licensed or authorized ISE to (i) engage
in the creation, listing, provision of a market for trading,
marketing, and promotion of options on DBO, DBS, and DGL or (ii) to
use and refer to any of their trademarks or service marks in
connection with the listing, provision of a market for trading,
marketing, and promotion of options on DBO, DBS and DGL or with
making disclosures concerning options on DBO, DBS, and DGL under any
applicable federal or state laws, rules or regulations. DB AG and
PowerShares do not sponsor, endorse, or promote such activity by ISE
and are not affiliated in any manner with ISE.
    \8\ ``The Dow 30\SM\,'' ``Dow Jones,'' ``Dow Jones Industrial
Average,'' and ``DJIA,'' are service marks of Dow Jones & Company,
Inc. (``Dow Jones'') and have been licensed for use for certain
purposes by ProFunds Trust (``ProShares''). All other trademarks and
service marks are the property of their respective owners. The Ultra
Dow30 ProShares (``DDM'') is not sponsored, endorsed, issued, sold,
or promoted by Dow Jones, and Dow Jones makes no representation
regarding the advisability of investing in DDM. Neither Dow Jones
nor ProShares has licensed or authorized ISE to (i) engage in the
creation, listing, provision of a market for trading, marketing, and
promotion of options on DDM or (ii) to use and refer to any of their
trademarks or service marks in connection with the listing,
provision of a market for trading, marketing, and promotion of
options on DDM or with making disclosures concerning options on DDM
under any applicable federal or state laws, rules or regulations.
Dow Jones and ProShares do not sponsor, endorse, or promote such
activity by ISE and is not affiliated in any manner with ISE.
    \9\ ``Dow Jones U.S. Financials\SM\,'' is a service mark of Dow
Jones and has been licensed for use for certain purposes by ProFunds
Trust (``ProShares''). All other trademarks and service marks are
the property of their respective owners. The Ultra Financials
ProShares (``UYG'') is not sponsored, endorsed, issued, sold or
promoted by Dow Jones, and Dow Jones makes no representation
regarding the advisability of investing in UYG. Neither Dow Jones
nor ProShares has licensed or authorized ISE to (i) engage in the
creation, listing, provision of a market for trading, marketing, and
promotion of options on UYG or (ii) to use and refer to any of their
trademarks or service marks in connection with the listing,
provision of a market for trading, marketing, and promotion of
options on UYG or with making disclosures concerning options on UYG
under any applicable federal or state laws, rules or regulations.
Dow Jones and ProShares do not sponsor, endorse, or promote such
activity by ISE and is not affiliated in any manner with ISE.
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    All of the applicable fees covered by this filing are identical to
fees charged by the Exchange for all other Premium Products.
Specifically, the Exchange is proposing to adopt an execution fee and a
comparison fee for all transactions in options on DBO, DBS, DGL, DDM,
and UYG.\10\ The amount of the execution fee and comparison fee for
products covered by this filing shall be $0.15 and $0.03 per contract,
respectively, for all Public Customer Orders \11\ and Firm Proprietary
orders. The amount of the execution fee and comparison fee for all ISE
Market Maker transactions shall be equal to the execution fee and
comparison fee currently charged by the Exchange for ISE Market Maker
transactions in equity options.\12\ Finally, the amount of the
execution fee and comparison fee for all non-ISE Market Maker
transactions shall be $0.37 and $0.03 per contract, respectively.\13\
Further, since options on DBO, DBS, DGL, DDM, and UYG are multiply-
listed, the Exchange's Payment for Order Flow fee shall apply to all
these products. The Exchange believes the proposed rule change will
further the Exchange's goal of introducing new products to the
marketplace that are competitively priced.
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    \10\ These fees will be charged only to Exchange members. Under
a pilot program that is set to expire on July 31, 2008, these fees
will also be charged to Linkage Principal Orders (``Linkage P
Orders'') and Linkage Principal Acting as Agent Orders (``Linkage P/
A Orders''). The amount of the execution fee charged by the Exchange
for Linkage P Orders and Linkage P/A Orders is $0.24 per contract
side and $0.15 per contract side, respectively. See Securities
Exchange Act Release No. 56128 (July 24, 2007), 72 FR 42161 (August
1, 2007) (SR-ISE-2007-55).
    \11\ Public Customer Order is defined in ISE Rule 100(a)(39) as
an order for the account of a Public Customer. Public Customer is
defined in ISE Rule 100(a)(38) as a person that is not a broker or
dealer in securities.
    \12\ The execution fee is currently between $.21 and $.12 per
contract side, depending on the Exchange Average Daily Volume, and
the comparison fee is currently $.03 per contract side.
    \13\ The amount of the execution and comparison fee for non-ISE
Market Maker transactions executed in the Exchange's Facilitation
and Solicitation Mechanisms is $0.16 and $0.03 per contract,
respectively.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \14\ in general, and Section 6(b)(4) of
the Act \15\ in particular, because 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.
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    \14\ 15 U.S.C. 78f(b).
    \15\ 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 proposed rule change has been designated as a fee
change pursuant to Section 19(b)(3)(A)(ii) of the Act \16\ and Rule
19b-4(f)(2) \17\ thereunder, because it establishes or changes a due,
fee, or other charge imposed by the Exchange. Accordingly, the proposal
took effect upon filing with the Commission. 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.\18\
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    \16\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \17\ 17 CFR 240.19b-4(f)(2).
    \18\ For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change under
Section 19(b)(3)(C) of the Act, the Commission considers the period
to commence on April 9, 2008, the date on which the ISE submitted
Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
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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-2008-31 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ISE-2008-31. 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, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such 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-2008-31 and should be
submitted on or before May 8, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-8193 Filed 4-16-08; 8:45 am]

BILLING CODE 8010-01-P