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A proposed rule change filed under • Send an e-mail to rule- SECURITIES AND EXCHANGE
19b–4(f)(6) normally may not become comments@sec.gov. Please include File COMMISSION
operative prior to 30 days after the date Number SR–ISE–2007–70 on the subject
of filing.13 However, Rule 19b– line. [Release No. 34–56263; File No. SR–ISE–
4(f)(6)(iii) 14 permits the Commission to
Paper Comments 2007–69]
designate a shorter time if such action
is consistent with the protection of • Send paper comments in triplicate
Self-Regulatory Organizations;
investors and the public interest. The to Nancy M. Morris, Secretary,
International Securities Exchange,
ISE requests that the Commission waive Securities and Exchange Commission,
100 F Street, NE., Washington, DC LLC; Notice of Filing and Immediate
the 30-day operative delay, as specified Effectiveness of Proposed Rule
in Rule 19b–4(f)(6)(iii),15 which would 20549–1090.
All submissions should refer to File Change Relating to the Extension of a
make the rule change effective and Pilot Period To Increase Position
operative upon filing. The Commission Number SR–ISE–2007–70. This file
number should be included on the Limits and Exercise Limits for Equity
believes that waiving the 30-day
subject line if e-mail is used. To help the Options and Options on the Nasdaq-
operative delay is consistent with the
protection of investors and the public Commission process and review your 100 Tracking Stock
interest. The Commission notes that this comments more efficiently, please use August 15, 2007.
proposal is substantially similar to SR– only one method. The Commission will
CBOE–2006–88 16 previously approved post all comments on the Commission’s Pursuant to Section 19(b)(1) of the
by the Commission for the CBOE. The Internet Web site (http://www.sec.gov/ Securities Exchange Act of 1934
Commission further notes that the CBOE rules/sro.shtml). Copies of the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
proposal was noticed for comment and submission, all subsequent notice is hereby given that on August
no comments were received. amendments, all written statements 13, 2007, the International Securities
Accordingly, the Commission with respect to the proposed rule Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’)
designates the proposed rule change change that are filed with the filed with the Securities and Exchange
operative upon filing with the Commission, and all written Commission (‘‘Commission’’) the
Commission.17 communications relating to the proposed rule change as described in
At any time within 60 days of the proposed rule change between the Items I and II below, which Items have
filing of the proposed rule change, the Commission and any person, other than been substantially prepared by ISE. The
Commission may summarily abrogate those that may be withheld from the Exchange has filed the proposal as a
such rule change if it appears to the public in accordance with the
‘‘non-controversial’’ rule change
Commission that such action is provisions of 5 U.S.C. 552, will be
pursuant to Section 19(b)(3)(A) of the
necessary or appropriate in the public available for inspection and copying in
the Commission’s Public Reference Act 3 and Rule 19b–4(f)(6) thereunder,4
interest, for the protection of investors, which renders it effective upon filing
or otherwise in the furtherance of the Room, 100 F Street, NE., Washington,
DC 20549, on official business days with the Commission. The Commission
purposes of the Act. is publishing this notice to solicit
between the hours of 10 a.m. and 3 p.m.
IV. Solicitation of Comments Copies of such filing also will be comments on the proposed rule change
available for inspection and copying at from interested persons.
Interested persons are invited to
submit written data, views, and the principal office of the ISE. All I. Self-Regulatory Organization’s
arguments concerning the foregoing, comments received will be posted
Statement of the Terms of Substance of
including whether the proposed rule without change; the Commission does
the Proposed Rule Change
change is consistent with the Act. not edit personal identifying
Comments may be submitted by any of information from submissions. You ISE proposes to extend the time
the following methods: should submit only information that period for Exchange Rule 412 and Rule
you wish to make available publicly. All 414 position and exercise limits pilot
Electronic Comments submissions should refer to File program for equity option contracts and
• Use the Commission’s Internet Number SR–ISE–2007–70 and should be
options on the Nasdaq-100 Index
comment form (http://www.sec.gov/ submitted on or before September 12,
Tracking Stock (‘‘QQQQ’’) (‘‘Pilot
rules/sro.shtml); or 2007.
Program’’). The text of the proposed rule
For the Commission, by the Division of change is available at ISE, the
13 17 CFR 240.19b–4(f)(6)(iii). Market Regulation, pursuant to delegated
authority.18 Commission’s Public Reference Room,
14 Id.
15 Id. Florence E. Harmon,
and http://www.ise.com.
16 Seesupra note 7. Deputy Secretary.
17 Forpurposes only of waiving the 30-day [FR Doc. E7–16524 Filed 8–21–07; 8:45 am] 1 15 U.S.C. 78s(b)(1).
operative delay, the Commission has considered the
impact of the proposed rule on efficiency, BILLING CODE 8010–01–P 2 17 CFR 240.19b–4.
competition, and capital formation. See 15 U.S.C. 3 15 U.S.C. 78s(b)(3)(A).
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47106 Federal Register / Vol. 72, No. 162 / Wednesday, August 22, 2007 / Notices
II. Self-Regulatory Organization’s prepared summaries, set forth in contracts and for options on QQQQs.5
Statement of the Purpose of, and Sections A, B, and C below, of the most The Pilot Program, after being extended
Statutory Basis for, the Proposed Rule significant aspects of such statements. on prior occasions,6 is set to expire on
Change September 1, 2007.7 Specifically, the
A. Self-Regulatory Organization’s
In its filing with the Commission, ISE Statement of the Purpose of, and Pilot Program increased the applicable
included statements concerning the Statutory Basis for, the Proposed Rule position and exercise limits for equity
purpose of and basis for the proposed Change options and options on the QQQQ to the
rule change and discussed any following levels:
comments it received on the proposed 1. Purpose
rule change. The text of these statements The Pilot Program provides for an
may be examined at the places specified increase to the standard position and
in Item IV below. The Exchange has exercise limits for equity option
Current equity option contract limit 8 Pilot program equity option contract limit
13,500 25,000
22,500 50,000
31,500 75,000
60,000 200,000
75,000 250,000
Current QQQQ option contract limit Pilot program QQQQ option contract limit
300,000 900,000
The purpose of the proposed rule B. Self-Regulatory Organization’s 4(f)(6)(iii) 15 permits the Commission to
change is to extend the Pilot Program for Statement on Burden on Competition designate a shorter time if such action
an additional six-month period, until The proposed rule change does not is consistent with the protection of
March 1, 2008. The Exchange believes impose any burden on competition. investors and the public interest. The
that extending the Pilot Program for this Exchange has requested that the
additional period is warranted due to C. Self-Regulatory Organization’s Commission waive the 30-day operative
Statement on Comments on the
the positive feedback from members and delay. The Commission believes that
Proposed Rule Change Received From
for the reasons cited in the original rule waiving the 30-day operative delay is
Members, Participants, or Others
filing that proposed the adoption of the consistent with the protection of
Pilot Program.9 Additionally, the The Exchange has not solicited, and investors and in the public interest
Exchange represents that it has not does not intend to solicit, comments on because it will allow the Pilot Program
experienced any problems or difficulties this proposed rule change. The to continue uninterrupted. For this
relating to the Pilot Program since its Exchange has not received any reason, the Commission designates that
unsolicited written comments from
inception. For these reasons, the the proposed rule change become
members or other interested parties.
Exchange requests that the Commission operative immediately.16
extend the Pilot Program until March 1, III. Date of Effectiveness of the At any time within 60 days of the
2008. Proposed Rule Change and Timing for filing of the proposed rule change, the
Commission Action
2. Statutory Basis Commission may summarily abrogate
Because the forgoing rule change does such rule change if it appears to the
The Exchange believes that its not: (1) Significantly affect the Commission that such action is
proposal is consistent with Section 6(b) protection of investors or the public necessary or appropriate in the public
of the Act 10 in general, and furthers the interest; (2) impose any significant interest, for the protection of investors,
objective of Section 6(b)(5) of the Act 11 burden on competition; and (3) become or otherwise in furtherance of the Act.
in particular, in that it is designed to operative for 30 days after the date of
promote just and equitable principles of this filing, or such shorter time as the IV. Solicitation of Comments
trade and to protect investors and the Commission may designate, it has
become effective pursuant to Section Interested persons are invited to
public interest. submit written data, views, and
19(b)(3)(A) of the Act 12 and Rule 19b–
4(f)(6) thereunder.13 arguments concerning the foregoing,
5 See Securities Exchange Act Release No. 51295
A proposed rule change filed under including whether the proposed rule
(March 2, 2005), 70 FR 11292 (March 8, 2005) (SR–
ISE–2005–14) (‘‘Pilot Program Notice’’). 19b–4(f)(6) normally may not become change is consistent with the Act.
6 See Securities Exchange Act Release Nos. 54335 operative prior to 30 days after the date Comments may be submitted by any of
(August 18, 2006), 71 FR 50954 (August 28, 2006) of filing.14 However, Rule 19b– the following methods:
(SR–ISE–2006–47); 53345 (February 22, 2006), 71
FR 10579 (March 1, 2006) (SR–ISE–2006–10); and 12 15 U.S.C. 78s(b)(3)(A).
52265 (August 15, 2005), 70 FR 48996 (August 22, 13 17 CFR 240.19b–4(f)(6).
2005) (SR–ISE–2005–39). 14 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
7 See Securities Exchange Act Release No. 55311 Commission. ISE has satisfied the five-day pre-
19b–4(f)(6)(iii) requires that a self-regulatory filing requirement.
jlentini on PROD1PC65 with NOTICES
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Federal Register / Vol. 72, No. 162 / Wednesday, August 22, 2007 / Notices 47107
[FR Doc. E7–16527 Filed 8–21–07; 8:45 am] in Sections A, B and C below, of the maintaining a strong correlation
between the market price and the
BILLING CODE 8010–01–P
1 15 U.S.C. 78s(b)(1). indicative value, as investors will be
2 15 U.S.C. 78a. unlikely to pay more than the indicative
17 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. value in the open market if they can
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