[Federal Register Volume 77, Number 243 (Tuesday, December 18, 2012)]
[Notices]
[Pages 74898-74902]
[FR Doc No: 2012-30377]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68413; File No. SR-ISE-2012-91]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Amend the Schedule of Fees

December 12, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 3, 2012, 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. 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 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange currently assesses per contract transaction fees and
provides rebates to market participants that add or remove liquidity
from the Exchange (``maker/taker fees and rebates'') in 155 options
classes (the ``Select Symbols'').\3\ The Exchange's maker/taker fees
and rebates are applicable to regular and complex orders executed in
the Select Symbols. The Exchange also currently assesses maker/taker
fees and rebates for complex orders in symbols that are in the Penny
Pilot program but are not a Select Symbol (``Non-Select Penny Pilot
Symbols'') \4\ and in all symbols that are not in the Penny Pilot
Program (``Non-Penny Pilot Symbols'').\5\
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    \3\ Options classes subject to maker/taker fees and rebates are
identified by their ticker symbol on the Exchange's Schedule of
Fees.
    \4\ See Exchange Act Release Nos. 65724 (November 10, 2011), 76
FR 71413 (November 17, 2011) (SR-ISE-2011-72); 66597 (March 14,
2012), 77 FR 16295 (March 20, 2012) (SR-ISE-2012-17); 66961 (May 10,
2012), 77 FR 28914 (May 16, 2012) (SR-ISE-2012-38); and 67628
(August 9, 2012), 77 FR 49049 (August 15, 2012) (SR-ISE-2012-71).
    \5\ See Exchange Act Release Nos. 66084 (January 3, 2012), 77 FR
1103 (January 9, 2012) (SR-ISE-2011-84); 66392 (February 14, 2012),
77 FR 10016 (February 21, 2012) (SR-ISE-2012-06); 66962 (May 10,
2012), 77 FR 28917 (May 16, 2012) (SR-ISE-2012-35); 67400 (July 11,
2012), 77 FR 42036 (July 17, 2012) (SR-ISE- 2012-63) and 67628
(August 9, 2012), 77 FR 49049 (August 15, 2012) (SR-ISE-2012-71).
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    The purpose of this proposed rule change is to amend the list of
Select Symbols. Specifically, the Exchange proposes to add the
following 35 symbols to the list of Select Symbols: American Capital
Ltd. (''ACAS''), Adobe Systems Inc. (``ADBE''), AK Steel Holding Corp.
(``AKS''), Applied Materials Inc. (``AMAT''), Brocade Communications
Systems (``BRCD''), Boston Scientific Corp. (``BSX''), CSX Corp.
(``CSX''), Delcath Systems Inc. (``DCTH''), iShares Japan Index ETF
(``EWJ''), iShares MSCI Taiwan Index Fund (``EWT''), iShares MSCI South
Korea Index Fund (``EWY''), Fidelity National Information Services Inc.
(``FIS''), General Mills Inc. (``GIS''), Genworth Financial Inc.
(``GNW''), Garmin Ltd. (``GRMN''), Huntington Bancshares Inc.
(``HBAN''), Honeywell International Inc. (``HON''), Hershey Co.
(``HSY''), Lowe's Companies Inc. (``LOW''), MetLife Inc. (``MET''),
Nabors Industries Ltd. (``NBR''), ProShares Ultra QQQ (``QLD''),
Regions Financial Corp. (``RF''), Rambus Inc. (``RMBS''), RadioShack
Corp. (``RSH''), Savient Pharmaceuticals Inc. (``SVNT''), Teck
Resources Limited (``TCK''), TiVo Inc. (``TIVO''), Trina Solar Ltd.
(``TSL''), Tesoro Corp. (``TSO''), Texas Instruments Inc. (``TXN''),
PowerShares DB US Dollar Bullish Fund (``UUP''), MEMC Electronic
Materials (``WFR''), Whirlpool Corp. (``WHR'') and Health Care Select
Sector SPDR Fund (``XLV'') (``Additional Select Symbols'').

    With the addition of the Additional Select Symbols to Select
Symbols, the fees currently applicable to regular and complex orders in
the Select Symbols will now be applied to regular and complex orders in
the Additional Select Symbols.
Regular Order Fees and Rebates
    The Exchange currently applies transaction fees to regular orders
in the Additional Select Symbols, as follows: \6\
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    \6\ Additional Select Symbols are currently subject to the
standard transaction fee listed in the table titled Non-Select
Symbols. See Schedule of Fees, Section I, Regular Order Fees and
Rebates.
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    [rtarr8] For Market Maker \7\ orders, a fee of $0.18 per contract;
\8\
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    \7\ The term ``Market Makers'' refers to ``Competitive Market
Makers'' and ``Primary Market Makers'' collectively. See ISE Rule
100(a)(25).
    \8\ The Exchange provides a volume-based discount to fees to ISE
Market Maker contracts for regular orders in Non-Select Symbols. See
Schedule of Fees, Section IV, C. ISE Market Maker Discount Tiers.
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    [rtarr8] For Market Maker (for orders sent by Electronic Access
Members), Firm Proprietary/Broker-Dealer and Professional Customer \9\
orders, a fee of $0.20 per contract;
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    \9\ A Professional Customer is a person who is not a broker/
dealer and is not a Priority Customer.
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    [rtarr8] For Non-ISE Market Maker \10\ orders, a fee of $0.45 per
contract;
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    \10\ A Non-ISE Market Maker, or Far Away Market Maker
(``FARMM''), is a market maker as defined in Section 3(a)(38) of the
Securities Exchange Act of 1934 registered in the same options class
on another options exchange.
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    [rtarr8] For Priority Customer \11\ orders, a fee of $0.00 per
contract.
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    \11\ A Priority Customer is defined in ISE Rule 100(a)(37A) as a
person or entity that is not a broker/dealer in securities, and does
not place more than 390 orders in listed options per day on average
during a calendar month for its own beneficial account(s).
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    The Exchange currently charges a fee of $0.20 per contract to all
market participants (except for Market Makers, this fee is currently
$0.18 per contract,\12\ and for Priority Customers, this fee is $0.00
per contract) for regular Crossing Orders in the Non-Select Penny Pilot
Symbols (this fee currently applies to the Additional Select Symbols as
they are a subset of Non-Select Penny Pilot Symbols). The Exchange also
currently charges a fee of $0.20 per contract to all market
participants (except for Non-ISE Market Makers, this fee is currently
$0.45 per contract, and for Market Makers, this fee is $0.18 per
contract \13\) for regular Responses to Crossing Orders in the Non-
Select Penny Pilot Symbols (this fee currently applies to the
Additional Select Symbols as they are a subset of Non-Select Penny
Pilot Symbols).
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    \12\ The volume-based discount to fees to ISE Market Maker
contracts also applies to regular Crossing Orders. See supra, note
8.
    \13\ The volume-based discount to fees to ISE Market Maker
contracts also applies to regular Responses to Crossing Orders. See
supra, note 8.
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    With this proposed rule change, the Additional Select Symbols will
now be subject to the maker/taker fees and rebates applicable to
Regular orders in the Select Symbols.\14\ The Exchange currently
charges the following maker fees and rebates for Select Symbols: (i)
For Market Maker, Non-ISE Market Maker, Firm Proprietary/Broker-Dealer
and Professional Customer orders, $0.10 per contract; (ii) for Priority
Customer orders, $0.00 per contract; and (iii) for Market Maker Plus
\15\ orders, a rebate of $0.10 per contract. The Exchange also
currently charges the following taker fees for Select Symbols: (i) For
Market Maker and Market Maker Plus orders, $0.32 per contract; (ii) for
Non-ISE Market Maker orders, $0.36 per contract; (iii) for Firm
Proprietary/Broker-Dealer and Professional Customer orders, $0.33 per
contract; and (iv) for Priority Customer orders, $0.25 per contract.
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    \14\ See Schedule of Fees, Section I, Regular Order Fees and
Rebates.
    \15\ In order to promote and encourage liquidity in the Select
Symbols, the Exchange currently offers a $0.10 per contract rebate
to Market Makers if the quotes they sent to the Exchange qualify the
Market Maker to become a Market Maker Plus.
    A Market Maker Plus is a Market Maker who is on the National
Best Bid or National Best Offer 80% of the time for series trading
between $0.03 and $5.00 (for options whose underlying stock's
previous trading day's last sale price was less than or equal to
$100) and between $0.10 and $5.00 (for options whose underlying
stock's previous trading day's last sale price was greater than
$100) in premium in each of the front two expiration months and 80%
of the time for series trading between $0.03 and $5.00 (for options
whose underlying stock's previous trading day's last sale price was
less than or equal to $100) and between $0.10 and $5.00 (for options
whose underlying stock's previous trading day's last sale price was
greater than $100) in premium for all expiration months in that
symbol during the current trading month. A Market Maker's single
best and single worst overall quoting days each month, on a per
symbol basis, is excluded in calculating whether a Market Maker
qualifies for this rebate, if doing so will qualify a Market Maker
for the rebate.
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    The Exchange currently charges Market Maker, Non-ISE Market Maker,
Firm Proprietary/Broker-Dealer and Professional Customers a fee of
$0.20 per contract ($0.00 per contract for Priority Customers) for
regular Crossing Orders in the Select Symbols, and a fee of $0.40 per
contract to all market participants for regular Responses to Crossing
Orders in the Select Symbols. With this proposed rule change, the fee
for regular Crossing Orders in the Additional Select Symbols will
remain at $0.20 per contract for most market participants. For Priority
Customers, this fee will remain at $0.00 per contract, and for Market
Makers, this fee will increase, from $0.18 per contract \16\ to $0.20
per contract. With this proposed rule change, the fee for regular
Responses to Crossing Orders will increase for most market
participants, from $0.20 per contract to $0.40 per contract, with the
exception of Non-ISE Market Makers who will now pay a lower fee of
$0.40 per contract as opposed to $0.45 per contract.
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    \16\ The volume-based discount to fees to ISE Market Maker
contracts also applies. See supra, note 8.
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    The Exchange also currently provides a rebate of $0.25 per contract
for contracts that are submitted to the Price Improvement Mechanism
that do not trade with their contra order in the Select Symbols, and a
rebate of $0.15 per contract for contracts that are submitted to the
Facilitation and Solicited Order Mechanisms that do not trade with
their contra order in the Select Symbols except when those contracts
trade against pre-existing orders and quotes on the Exchange's
orderbooks. With this proposed rule change, market participants trading
in the Additional Select Symbols will now be eligible for rebates that
were not previously available for this group of symbols. Specifically,
market participants will now receive a rebate of $0.25 per contract for
contracts that are submitted to the Price Improvement Mechanism that do
not trade with their contra order in the Additional Select Symbols.
Further, market participants will now also receive a rebate of $0.15
per contract for contracts that are submitted to the Facilitation and
Solicited Order Mechanisms that do not trade with their contra order in
the Additional Select Symbols except when those contracts trade against
pre-existing orders and quotes on the Exchange's orderbooks.
    Further, the Exchange currently charges Primary Market Makers
(PMMs) a transaction fee of $0.18 per contract \17\ in the Additional
Select Symbols when they trade report a Priority Customer or
Professional Customer order in accordance with their obligation to
provide away market price protection. PMMs in Select Symbols do not
receive a maker rebate nor pay a taker fee when trading reporting.\18\
With this proposed rule change, PMMs in the Additional Select Symbols
will also not receive a maker rebate nor pay a taker fee when trade
reporting.
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    \17\ The volume-based discount to fees to ISE Market Maker
contracts also applies. See supra, note 8.
    \18\ See Schedule of Fees, Section I, Regular Order Fees and
Rebates, footnote 9.

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Complex Order Fees and Rebates
    With this proposed rule change, the maker fee for complex orders in
the Additional Select Symbols will remain unchanged because the
Exchange currently charges the same maker fee for complex orders in
Select Symbols and Penny Pilot Symbols.\19\ Specifically, for Select
Symbols and Penny Pilot Symbols, the Exchange currently charges a
complex order maker fee of: (i) $0.10 per contract for Market Maker,
Firm Proprietary/Broker-Dealer and Professional Customer orders; (ii)
$0.20 per contract for Non-ISE Market Maker orders; and (iii) $0.00 per
contract for Priority Customer orders.
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    \19\ Additional Select Symbols are currently subject to the fee
listed in the column titled Maker Fee for Select Symbols and Penny
Pilot Symbols. See Schedule of Fees, Section II, Complex Order Fees
and Rebates.
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    With this proposed rule change, the maker fee for complex orders in
the Additional Select Symbols when trading against Priority Customers
will also remain unchanged because, once again, the Exchange currently
charges the same maker fee for complex orders in Select Symbols when
trading against Priority Customers (excluding SPY) and Non-Select Penny
Pilot Symbols when trading against Priority Customers.\20\
Specifically, for complex orders in Select Symbols when trading against
Priority Customer (excluding SPY) and Non-Select Penny Pilot Symbols
when trading against Priority Customers complex orders, the Exchange
currently charges a maker fee of: (i) $0.37 per contract for Market
Maker orders; (ii) $0.39 per contract for Non-ISE Market Maker, Firm
Proprietary/Broker-Dealer and Professional Customer orders; and (iii)
$0.00 per contract for Priority Customer orders.
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    \20\ Additional Select Symbols are currently subject to the fee
listed in the column titled Maker Fee for Non-Select Penny Pilot
Symbols when trading against Priority Customer. See Schedule of
Fees, Section II, Complex Order Fees and Rebates.
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    With this proposed rule change, the taker fee for complex orders in
the Additional Select Symbols will remain unchanged because the
Exchange currently charges the same taker fee for complex orders in
Select Symbols and Non-Select Penny Pilot Symbols.\21\ Specifically,
for complex orders in Select Symbols (excluding SPY) and Non-Select
Penny Pilot Symbols, the Exchange currently charges a taker fee of: i)
$0.37 per contract for Market Maker orders; ii) $0.39 per contract for
Non-ISE Market Maker, Firm Proprietary/Broker-Dealer and Professional
Customer orders; and iii) $0.00 per contract for Priority Customer
orders.
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    \21\ Additional Select Symbols are currently subject to the fee
listed in the column titled Taker Fee for Non-Select Penny Pilot
Symbols. See Schedule of Fees, Section II, Complex Order Fees and
Rebates.
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    With this proposed rule change, the Fee for Crossing Orders when
trading complex orders in the Additional Select Symbols will remain
unchanged because the Exchange currently charges $0.20 per contract
(for largest leg only) for complex Crossing Orders in all symbols,
except for Priority Customers who are currently charged $0.00 per
contract. Further, the Fee for Responses to Crossing Orders when
trading complex orders will also remain unchanged because the Exchange
currently charges $0.40 per contract for Responses to Crossing Orders
when trading complex orders in Select Symbols and Penny Pilot
Symbols.\22\
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    \22\ Additional Select Symbols are currently subject to the fee
listed in the column titled Fee for Responses to Crossing Orders for
Select Symbols and Penny Pilot Symbols. See Schedule of Fees,
Section II, Complex Order Fees and Rebates.
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    With this proposed rule change, the rebate levels payable for
Priority Customer complex orders in the Additional Select Symbols will
increase because the rebate levels payable for Priority Customer
complex orders in the Select Symbols are higher than the rebate levels
currently payable for Priority Customer complex orders in Non-Select
Penny Pilot Symbols, as described below.
    For the Additional Select Symbols, the Exchange currently provides
a base rebate of $0.33 per contract, per leg, for Priority Customer
complex orders when these orders trade with non-Priority Customer
complex orders in the complex order book.\23\ Additionally, Members who
achieve a certain level of average daily volume (ADV) of executed
Priority Customer complex order contracts across all symbols during a
calendar month are provided a rebate of $0.34 per contract, per leg, in
these symbols, if a Member achieves an ADV of 40,000 Priority Customer
complex order contracts; $0.36 per contract, per leg, in these symbols,
if a Member achieves an ADV of 75,000 Priority Customer complex order
contracts; $0.37 per contract, per leg, in these symbols, if a Member
achieves an ADV of 125,000 Priority Customer complex order contracts;
and $0.38 per contract, per leg, in these symbols, if a Member achieves
an ADV of 225,000 Priority Customer complex order contracts. The
highest rebate amount achieved by the Member for the current calendar
month applies retroactively to all Priority Customer complex order
contracts that trade with non-Priority Customer complex orders in the
complex order book executed by the Member during such calendar month.
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    \23\ Additional Select Symbols are currently subject to the
rebate listed in the column titled Rebate for non-Select Penny Pilot
Symbols. See Schedule of Fees, Section II, Complex Order Fees and
Rebates.
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    For Select Symbols (excluding SPY), the Exchange currently provides
a base rebate of $0.34 per contract, per leg, for Priority Customer
complex orders when these orders trade with non-Priority Customer
complex orders in the complex order book. Additionally, Members who
achieve a certain level of average daily volume (ADV) of executed
Priority Customer complex order contracts across all symbols during a
calendar month are provided a rebate of $0.36 per contract, per leg, in
these symbols, if a Member achieves an ADV of 40,000 Priority Customer
complex order contracts; $0.37 per contract, per leg, in these symbols,
if a Member achieves an ADV of 75,000 Priority Customer complex order
contracts; $0.38 per contract, per leg, in these symbols, if a Member
achieves an ADV of 125,000 Priority Customer complex order contracts;
and $0.39 per contract, per leg, in these symbols, if a Member achieves
an ADV of 225,000 Priority Customer complex order contracts. The
highest rebate amount achieved by the Member for the current calendar
month applies retroactively to all Priority Customer complex order
contracts that trade with non-Priority Customer complex orders in the
complex order book executed by the Member during such calendar month.
With this proposed rule change, the increased rebate levels currently
payable for Priority Customer complex orders in Select Symbols will now
apply to Priority Customer complex orders in the Additional Select
Symbols.
    Additionally, the Exchange currently provides Market Makers with a
two-cent discount when trading against Priority Customer orders that
are preferenced to them. This discount is applicable when Market Makers
add or remove liquidity in, among other symbols, Select Symbols and
Non-Select Penny Pilot Symbols. The Additional Select Symbols are
currently a part of the Non-Select Penny Pilot Symbols and therefore
the two-cent discount currently applies to these symbols and will
continue to apply to these symbols when they become Select Symbols.
    Further, the Exchange currently provides a $0.20 per contract fee
credit to PMMs for execution of Priority Customer orders in the Non-
Select Penny Pilot Symbols--for classes in which it serves as a PMM--
that send an Intermarket Sweep Order to other exchanges. This credit is
applied regardless of the transaction fee charged

by a destination market. For PMMs in the Select Symbols, this credit is
equal to the fee charged by the destination market. With this proposed
rule change, PMMs in the Additional Select Symbols will now be provided
with a credit that is equal to the fee charged by the destination
market.
    The Exchange also currently provides a $0.20 per contract credit
for responses to flash orders in the Non-Select Penny Pilot Symbols
when trading against Professional Customers. For Select Symbols, the
per contract fee credit for responses to flash orders is (i) $0.10 per
contract when trading against Priority Customers; (ii) $0.12 per
contract when trading against Preferenced Priority Customers; and (iii)
$0.10 per contract when trading against Professional Customers. Market
participants trading in the Additional Select Symbols will now be
provided the rebate at levels that are currently in place for Select
Symbols, as described above.
    With this proposed rule change, the Exchange expects to attract
additional order flow of regular and complex orders in the Additional
Select Symbols. The Exchange's maker/taker fees and rebates have been
effective in attracting order flow of regular and complex orders in the
Select Symbols and increasing its market share in these symbols. The
Exchange believes that applying its maker/taker fees and rebates to the
Additional Select Symbols will result in the Exchange increasing its
market share for regular and complex orders in these symbols.
    With this proposed rule change, the taker fees and Response to
Crossing Order fees charged to all market participants for regular
orders in the Additional Select Symbols will increase, except for Non-
ISE Market Makers whose fee will decrease, while the maker fees for
regular orders in the Additional Select Symbols will decrease, except
for Priority Customer maker fees, which will remain the same at $0.00
per contract. Market Makers will now also be eligible for the Market
Maker Plus rebate, which was previously not applicable to the
Additional Select Symbols. This proposed rule change does not proposed
any change to the maker and taker fees for complex orders in the
Additional Select Symbols as those fees remain unchanged. The rebate
levels payable for Priority Customer complex orders in the Additional
Select Symbols will, however, increase compared to the current rebate
levels for this group of symbols.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Schedule of
Fees is consistent with Section 6(b) of the Act \24\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \25\ in
particular, in that it is an equitable allocation of reasonable fees
and other charges among Exchange members and other persons using its
facilities.
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    \24\ 15 U.S.C. 78f(b).
    \25\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that it is reasonable to add the Additional
Select Symbols to the current list of Select Symbols. The Exchange
believes that applying the fees and rebates applicable to Select
Symbols to the Additional Select Symbols will attract additional order
flow to the Exchange. Select Symbol pricing has proven beneficial for
the Exchange and its participants and the Exchange believes that moving
the Additional Select Symbols to Select Symbols pricing would enhance
liquidity and participation in those symbols.
    The Exchange believes that it is equitable and not unfairly
discriminatory to amend its list of Select Symbols to add the
Additional Select Symbols because the fees and rebates for Select
Symbols would apply uniformly to all categories of participants in the
same manner. All market participants who trade options in the Select
Symbols would be uniformly subject to the fees and rebates applicable
to those symbols.
    The Exchange believes the proposed rule change is reasonable and
equitable because it lowers the maker fees applicable to market
participants and believes that the lower maker fees will attract
additional maker liquidity and size to the Exchange in the Additional
Select Symbols. Additionally, while this proposed rule change proposes
to increase the taker fees applicable to market participants, the
Exchange believes the benefits of better market quality will outweigh
the taker fee increases based on the Exchange's experience with trading
in the Select Symbols.
    Further, the Exchange believes this proposed rule change is
reasonable and equitable because it will result in market participants
receiving higher rebates for Priority Customer complex orders when
these orders trade with non-Priority Customer complex orders in the
complex order book as the current rebate payable for these orders in
Select Symbols is higher than the current rebate payable for these
orders in Additional Select Symbols. The Exchange believes that it is
reasonable and equitable to provide rebates for Priority Customer
complex orders when these orders trade with Non-Priority Customer
complex orders in the complex order book because paying a rebate would
continue to attract additional order flow to the Exchange and create
liquidity in the symbols that are subject to the rebate, which the
Exchange believes ultimately will benefit all market participants who
trade on ISE. The Exchange already provides these rebates, and is now
merely proposing to increase the rebate amounts applicable to the
Additional Select Symbols. With this proposed rule change, Market
Makers will also now be eligible to receive the Market Maker Plus
rebate which was not previously applicable to the Additional Select
Symbols. The Exchange believes that the proposed rebates are
competitive with rebates provided by other exchanges and are therefore
reasonable and equitably allocated to those members that direct orders
to the Exchange rather than to a competing exchange.
    The Exchange believes that it is reasonable and equitable to
provide a two-cent discount to Market Makers on preferenced orders as
an incentive for them to quote in the complex order book. ISE notes
that with this proposed rule change, the Exchange will continue to
maintain a two cent differential that was previously in place for
Additional Select Symbols.
    The Exchange believes that the proposed changes are non-
discriminatory because the proposal simply moves the Additional Select
Symbols from one category of fees into another category thereby
applying fees currently in effect. Further, the Exchange believes that
it is equitable and not unfairly discriminatory to amend its list of
Select Symbols to add the Additional Select Symbols to the Select
Symbols because the fees applicable to the Select Symbols would apply
uniformly to all categories of participants in the same manner. All
market participants who trade the Select Symbols would be uniformly
subject to the fees and rebates applicable to those symbols.
    Further, the complex order pricing employed by the Exchange has
proven to be an effective pricing mechanism and attractive to Exchange
participants and their customers. The Exchange believes that this
proposed rule change will continue to attract additional complex order
business in the symbols that are subject of this proposed rule change.
The Exchange believes that the proposed fees and rebates are fair,
equitable and not unfairly

discriminatory because they are consistent with price differentiation
and fee structures that exists today at other option exchanges. The
Exchange operates in a highly competitive market in which market
participants can readily direct order flow to another exchange if they
deem fee and rebate levels at a particular exchange to be too low or
too high, as the case may be. With this proposed rule change, the
Exchange believes it remains an attractive venue for market
participants to trade regular and complex orders in the Select Symbols
and the Additional Select Symbols.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \26\ and subparagraph (f)(2) of Rule 19b-4
thereunder,\27\ because it establishes a due, fee, or other charge
imposed by ISE.
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    \26\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \27\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. 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-ISE-2012-91 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ISE-2012-91. 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, 100 F Street NE., Washington,
DC 20549-1090, on official business days between the hours of 10:00
a.m. and 3:00 p.m. Copies of such filing also will be available for
inspection and copying at ISE's principal office. All comments received
will be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-ISE-2012-91, and should be submitted on
or before January 8, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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    \28\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-30377 Filed 12-17-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 53 (Thursday, March 19, 2015)]
[Rules and Regulations]
[Pages 14307-14308]
[FR Doc No: 2015-06289]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2015-0170]

Drawbridge Operation Regulation; Lake Washington Ship Canal,
Seattle, WA

AGENCY: Coast Guard, DHS.

ACTION: Notice of deviation from drawbridge regulation.

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SUMMARY: The Coast Guard has issued a temporary deviation from the
operating schedule that governs the Washington State Department of
Transportation Montlake Bridge across the Lake Washington Ship Canal,
mile 5.2, at Seattle, WA. This deviation allows the bridge to remain in
the closed-to-navigation position to accommodate the safe movement of
``Beat the Bridge Run'' event participants.

DATES: This deviation is effective from 7:30 a.m. on May 17, 2015 to 9
a.m. on May 17, 2015.

ADDRESSES: The docket for this deviation, [USCG-2015-0170] is available
at http://www.regulations.gov. Type the docket number in the ``SEARCH''
box and click ``SEARCH.'' Click on Open Docket Folder on the line
associated with this deviation. You may also visit the Docket
Management Facility in Room W12-140 on the ground floor of the
Department of Transportation West Building, 1200 New Jersey Avenue SE.,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary deviation, call or email Mr. Steven Fischer, Bridge
Administrator, Thirteenth Coast Guard District; telephone<PHONE_NUMBER>,
email<EMAIL_ADDRESS>If you have questions on viewing the
docket, call Cheryl Collins, Program Manager, Docket Operations,
telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The Washington State Department of
Transportation requested a temporary deviation from the operating
schedule, 33 CFR 117.1051, for the Montlake Bridge across the Lake
Washington Ship Canal, mile 5.2, at Seattle, WA. The requested
deviation is necessary to accommodate safe movement of ``Beat the
Bridge Run'' event participants. This deviation allows the bridge to
remain in the closed-to-navigation position. This deviation is
effective from 7:30 a.m. on May 17, 2015 to 9 a.m. on May 17, 2015.
    The Montlake Bridge crosses the Lake Washington Ship Canal at mile
5.2 and while in the closed position provides 30 feet of vertical
clearance throughout the navigation channel and 46 feet of vertical
clearance throughout the center 60-feet of the bridge; vertical
clearance referenced to the Mean Water Level of Lake Washington.
Vessels able to pass through the bridge in the closed position may do
so at anytime. The bridge will be able to open for emergencies and
there is no immediate alternate route for vessels to pass. Waterway
users on the Lake Washington Ship Canal range from commercial tug and
barge to small pleasure craft. The Coast Guard will also inform the
users of the waterway through our Local and Broadcast Notice to
Mariners of the change in operating schedule for the bridge so that
vessels can arrange their

transits to minimize any impact caused by the temporary deviation.
    In accordance with 33 CFR 117.35(e), the drawbridge must return to
its regular operating schedule immediately at the end of the designated
time period. This deviation from the operating regulations is
authorized under 33 CFR 117.35.

    Dated: March 11, 2015.
Steven M. Fischer,
Bridge Administrator, Thirteenth Coast Guard District.
[FR Doc. 2015-06289 Filed 3-18-15; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 85, Number 99 (Thursday, May 21, 2020)]
[Notices]
[Pages 31016-31017]
[FR Doc No: 2020-10933]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88888; File No. SR-CboeBZX-2020-029]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change, as Modified by Amendment No. 1, To List and Trade Shares of the
JPMorgan Large Cap Growth ETF Under BZX Rule 14.11(k), Managed
Portfolio Shares

May 15, 2020.
    On March 25, 2020, Cboe BZX Exchange, Inc. filed with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder,\2\ a proposed rule change to list and trade
shares of the JPMorgan Large Cap Growth ETF under Rule 14.11(k),
Managed Portfolio Shares. The proposed rule change was published for
comment in the Federal Register on April 9, 2020.\3\ On April 29, 2020,
the Exchange filed Amendment No. 1 to the proposed rule change, which
replaced and superseded the proposed rule change as originally
filed.\4\ The

Commission has received no comment letters on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 88551 (April 3,
2020), 85 FR 19971.
    \4\ Amendment No. 1 is available on the Commission's website at
https://www.sec.gov/comments/sr-cboebzx-2020-029/srcboebzx2020029-7135317-216172.pdf.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of
the publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for this proposed rule change
is May 24, 2020. The Commission is extending this 45-day time period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer
period within which to take action on the proposed rule change so that
it has sufficient time to consider the proposed rule change.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\6\ designates July 8, 2020, as the date by which the Commission
shall either approve or disapprove, or institute proceedings to
determine whether to disapprove, the proposed rule change (File Number
SR-CboeBZX-2020-029).
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    \6\ Id.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-10933 Filed 5-20-20; 8:45 am]
BILLING CODE 8011-01-P