Federal Register / Vol. 72, No. 36 / Friday, February 23, 2007 / Notices 8219 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 19b–4(f). 

8 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(6). 

5 In Amendment No. 1, the Exchange more clearly 

identifies the text it proposes to add to its Schedule 

of Fees, adds an explanation of certain of that 

proposed new language, and clarifies its description 

of the proposed discount. 

6See Securities Exchange Act Release Nos. 53532 

(March 21, 2006), 71 FR 15501 (March 28, 2006) 

(SR–ISE–2005–56) (Notice of Filing of Proposed 

Rule Change to Establish Fees for Enhanced 

Sentiment Market Data); 53756 (May 3, 2006), 71 FR 

27526 (May 11, 2006) (SR–ISE–2005–56) (Order 

Approving Proposed Rule Change to Establish Fees 

for Enhanced Sentiment Market Data) (‘‘Initial 

Filing’’). 

its costs in providing a faster form of 

connectivity by members to the 

Exchange. 

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) 

of the Act 6 and paragraph (f) of Rule 

19b–4 7 thereunder. At any time within 

60 days of the filing of such proposed 

rule change, the Commission may 

summarily abrogate such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

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 rulecomments@sec.gov. Please include File 

No. SR–ISE–2007–04 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–ISE–2007–04. 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. 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–2007–04 and should be 

submitted on or before March 16, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–3069 Filed 2–22–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55288; File No. SR–ISE–

2007–09] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change, and Amendment No. 1 

Thereto, To Establish Fee Discounts 

for Its Enhanced Sentiment Market 

Data Offering 

February 13, 2007. 

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 January 

26, 2007, 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 and II below, which Items have 

been substantially prepared by the ISE. 

The Exchange filed the proposal 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(6) thereunder,4

which renders the proposal effective 

upon filing with the Commission. On 

February 9, 2007, the Exchange 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend its 

Schedule of Fees to adopt a discounted 

fee for a multi-product subscription of 

its enhanced sentiment market data 

offering (‘‘ISEE SelectTM’’). The text of 

the proposed rule change is available at 

the Exchange, on the Exchange’s Web 

site at http://www.iseoptions.com/legal/ 

proposed_rule_changes.asp, 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 

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 aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Pursuant to a filing previously 

approved by the Commission, the 

Exchange currently sells on a 

subscription basis, to both members and 

non-members, ISEE Select.6 ISEE Select 


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8220 Federal Register / Vol. 72, No. 36 / Friday, February 23, 2007 / Notices 

7http://www.iseoptions.com/marketplace/ 

statistics/sentiment_index.asp. 

8When the Commission published the Initial 

Filing, the Marketing Alliance program was known 

as the ISE Broker Marketing Alliance, and 

participation in it was limited to broker-dealers. 

Following the launch of the ISEE Select market data 

offering, and in response to the interest the 

Exchange received from many non-broker-dealers 

wishing to participate in the Marketing Alliance 

program, the Exchange subsequently expanded the 

program by eliminating its limitation to only 

broker-dealers. See Securities Exchange Act Release 

Nos. 54508 (September 26, 2006) 71 FR 58459 

(October 3, 2006) (SR–ISE–2006–44) (Notice of 

Filing of Proposed Rule Change to Expand the 

Broker Marketing Alliance to Include Non-BrokerDealers with Regard to Enhanced Sentiment Market 

Data Offering); 54704 (November 3, 2006), 71 FR 

65859 (November 9, 2006) (SR–ISE–2006–44) 

(Order Approving Proposed Rule Change to Expand 

the Broker Marketing Alliance to Include NonBroker-Dealers with Regard to Enhanced Sentiment 

Market Data Offering). 

9 In addition, Rule 19b–4(f)(6) requires a selfregulatory organization to give the Commission 

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 of the proposed rule 

change, or such shorter time as designated by the 

Commission. The ISE satisfied this requirement. 

10See Securities Exchange Act Release Nos. 

54508 and 54704, supra at n.8. 

is based on the ISE Sentiment Index, 

or ISEE, a calculation that represents 

an overall view of market sentiment. 

The ISEE provides an intra-day picture 

of how investors view stock prices by 

assessing customers’ option trading 

activity. Unlike the traditional put/call 

ratio, which makes no distinction 

between customer, market maker or firm 

transactions, the ISEE measures only 

opening long customer transactions on 

the ISE. The ISE updates the current 

ISEE value hourly during market hours 

and posts it for free on its Web site.7

Pursuant to the Initial Filing, ISEE 

Select allows subscribers to identify 

bullish and bearish investor sentiment 

for nearly any issue traded on the 

Exchange using the same formula that is 

used for the ISEE calculation. Where the 

ISEE is a single value for the overall 

market sentiment, ISEE Select provides 

specific information to allow an end 

user to retrieve a sentiment value for an 

individual symbol via a user-defined 

query tool. In addition to the userdefined query tool, ISE also offers a predefined scanning tool that combs the 

market for sentiment levels that meet 

pre-defined parameters. ISEE Select 

provides sentiment values for particular 

indices, industry sectors or individual 

stocks and is calculated three times per 

hour versus only one time per hour for 

the ISEE. 

ISEE Select is currently available to 

on-line investors on a subscription basis 

as follows: (i) 100 user-defined queries 

for $11.95 per month; (ii) 200 userdefined queries for $14.95 per month; 

(iii) unlimited user-defined queries for 

$19.95 per month; and (iv) unlimited 

pre-defined queries for $11.95 per 

month. ISEE Select is also offered by 

third-parties that participate in the 

Exchange’s Marketing Alliance 

program.8 Customers of participating 

third-parties are able to take advantage 

of a discounted price for the same four 

subscription levels. The discounted 

rates for these subscribers are as follows: 

(i) 100 user-defined queries for $9.95 

per month; (ii) 200 user-defined queries 

for $11.95 per month; (iii) unlimited 

user-defined queries for $15.95 per 

month; and (iv) unlimited pre-defined 

queries for $9.95 per month. 

The Exchange now proposes to offer 

to both member and non-member 

subscribers the following multi-product 

discounted subscription fees: $24.95 per 

month for customers who subscribe 

directly through ISE to both the 

unlimited pre-defined query and either 

200 user-defined queries or unlimited 

user-defined queries; or $19.95 per 

month for customers of the Marketing 

Alliance program partners that 

subscribe to both the unlimited predefined query and either 200 userdefined queries or unlimited userdefined queries. The Exchange notes 

that the multi-product discounts noted 

above are an actual reduction of the 

actual subscription fees for the products 

to which they apply. If not for the multiproduct discount that is proposed in 

this filing, for on-line subscribers 

directly through the ISE, these fees 

would be (i) $26.90 per month for 

subscribers to both unlimited predefined queries and 200 user-defined 

queries, or (ii) $31.90 per month for 

subscribers to both unlimited predefined queries and unlimited userdefined queries. For customers of the 

Marketing Alliance program partners, if 

not for the multi-product discount, 

these fees would be (i) $21.90 per month 

for subscribers to both unlimited predefined queries and 200 user-defined 

queries, or (ii) $25.90 per month for 

subscribers to both unlimited predefined queries and unlimited userdefined queries. Finally, the Exchange 

notes that the addition of the word 

‘‘user-defined’’ to its Schedule of Fees is 

a clarifying change and not a 

substantive one. The enhanced 

sentiment market data offering that is 

currently sold by the Exchange consists 

of both a user-defined query tool and a 

pre-defined query tool. The purpose for 

adding the word ‘‘user-defined’’ is to 

differentiate it from the ‘‘pre-defined’’

query tool. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(4), that an exchange 

have an equitable allocation of 

reasonable dues, fees and other charges 

among its members and other persons 

using its facilities. In particular, the 

proposed rule filing will provide both 

members and non-members a multiproduct discount for subscription to 

ISEE Select. 

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 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the forgoing rule change does 

not: (1) Significantly affect the 

protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) become 

operative for 30 days after the date of 

this filing, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act and Rule 19b–

4(f)(6) thereunder.9

A proposed rule change filed under 

19b–4(f)(6) normally may not become 

operative prior to 30 days after the date 

of filing. However, Rule 19b–4(f)(6)(iii) 

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has 

requested that the Commission waive 

the 30-day operative delay. 

Prior to approving the current fee 

structure for ISEE Select, the 

Commission solicited comments from 

interested people, and no comments 

were received.10 The Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest because such waiver would 

allow for immediate implementation of 

the proposed fee discount for this 

product, which is available to both 

members and non-members of the 

Exchange alike. In addition, this 

proposed rule change presents no novel 

issues. For these reasons, the 

Commission designates the proposed 


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Federal Register / Vol. 72, No. 36 / Friday, February 23, 2007 / Notices 8221 

11For the purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

12 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b-4. 

3 15 U.S.C. 78s(b)(3)(A)(i). 

4 17 CFR 240.19b-4(f)(1). 

5See Securities Exchange Act Release No. 55160 

(January 24, 2007), 72 FR 4202 (January 30, 2007) 

(File No. S7–10–04). 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(5). 

rule change to be effective and operative 

upon filing with the Commission.11

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. 

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 rulecomments@sec.gov. Please include File 

Number SR–ISE–2007–09 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–2007–09. 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. 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–2007–09 and should be 

submitted on or before March 16, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–3075 Filed 2–22–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55309; File No. SR-ISE–

2007–11] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating To Delay in the 

Implementation of the Trading Phase 

Date of Regulation NMS 

February 16, 2007. 

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 February 

5, 2007, 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 substantially prepared by the 

ISE. The ISE has designated this 

proposal as one constituting a stated 

policy, practice, or interpretation with 

respect to the meaning, administration, 

or enforcement of an existing rule under 

Section 19(b)(3)(A)(i) of the Act,3 and 

Rule 19b-4(f)(1) thereunder,4 which 

renders the proposal effective upon 

filing with the Commission. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The ISE is proposing to remove the 

reference to ‘‘February 5, 2007’’ from its 

rules based upon the delay in the 

implementation of the Trading Phase 

Date of Regulation NMS under the Act. 

The text of the proposed rule change is 

available at ISE, the Commission’s 

Public Reference Room, and http:// 

www.ise.com. 

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 aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Based upon the delay in the 

implementation of the Trading Phase 

Date of Regulation NMS,5 the Exchange 

is proposing to revise rule language to 

incorporate this delay. 

2. Statutory Basis 

The ISE believes that the proposed 

rule change is consistent with 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.6

Specifically, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 7 requirements that 

the rules of an exchange be designed to 

promote just and equitable principles of 

trade, serve to remove impediments to 

and perfect the mechanism for a free 

and open market and a national market 

system, and, in general, to protect 

investors and the public interest. In 

particular, the Exchange believes that 

this filing will provide investors with 

more flexibility in entering orders and 

receiving executions of such orders. 

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. 


cprice-sewell on PROD1PC61 with NOTICES