Federal Register / Vol. 72, No. 92 / Monday, May 14, 2007 / Notices 27159 

9 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)(ii). 

4 17 CFR 240.19b–4(f)(2). 

5See Securities Exchange Act Release No. 53828 

(May 18, 2006) (order exempting self-regulatory 

organizations (‘‘SROs’’) from compliance with the 

Allocation Amendment until April 1, 2007). 

6 15 U.S.C. 78f(b)(4). 

No. SR–CBOE–2007–39 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 

No. SR–CBOE–2007–39. 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 at 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 No. 

SR–CBOE–2007–39 and should be 

submitted on or before June 4, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–9179 Filed 5–11–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55722; File No. SR–ISE–

2007–24] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change and Amendments No. 1 and 2 

Thereto Relating to Market Data 

Revenue Rebates 

May 8, 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 April 11, 

2007, the International Securities 

Exchange, LLC (‘‘Exchange’’ or ‘‘ISE’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which items 

have been substantially prepared by the 

Exchange. The Exchange filed 

Amendment No. 1 to the proposed rule 

change on April 23, 2007, and 

Amendment No. 2 on May 3, 2007. The 

ISE filed this proposed rule change 

which establishes dues, fees or other 

charges among its members pursuant to 

Section 19(b)(3)(A)(ii) of the Act 3 and 

Rule 19b–4(f)(2) 4 thereunder, and, as 

such, it has become effective upon filing 

with the Commission. 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 ISE is proposing to amend its 

Schedule of Fees relating to its sharing 

of market data revenues. The text of the 

proposed rule change is available at the 

ISE, the Commission’s Public Reference 

Room, and http://www.iseoptions.com/ 

legal/proposed_rule_changes.asp. 

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 

The purpose of this proposed rule 

change is to amend the Exchange’s 

Schedule of Fees to clarify that while 

the Exchange will continue to rebate 

back to Equity Electronic Access 

Members (‘‘EAMs’’) fifty percent (50%) 

of its market data revenues, it will now 

do so based on the Allocation 

Amendment of Regulation NMS enacted 

under the Act—i.e., allocated by quoting 

shares and trading shares.5 The 

Exchange will be retroactively applying 

this formula to market data revenues 

rebated back to Equity EAMs as of April 

1, 2007. 

Currently, the ISE rebates back fifty 

percent (50%) of the market data 

revenue received by the Exchange to 

Equity EAMs that are the liquidity 

providers on trades executed in the 

displayed market. The Allocation 

Amendment of Regulation NMS 

modifies the existing formulas for 

allocating revenues to the SRO 

participants, namely, introducing: (1) 

‘‘Quoting Shares’’—the allocation of 

revenues based on the extent to which 

automated quotations displayed by 

SROs equal the national best bid or offer 

in NMS stocks; and (2) implementing a 

new calculation method for allocating 

revenue based on ‘‘Trade Shares.’’

Under this new formula fifty percent 

(50%) of revenues will be allocated for 

Quoting Shares and fifty percent (50%) 

will be allocated for Trading Shares. 

Accordingly, the Exchange seeks to 

continue to rebate back to the Equity 

EAMs fifty percent (50%) of market data 

revenue the Exchange receives, but to 

allocate rebates based on this new 

formula—i.e., the ISE will rebate to 

Equity EAMs, on a symbol basis, fifty 

percent (50%) of the Trading Share 

revenue received for that symbol and 

fifty percent (50%) of the Quoting Share 

revenue for that symbol. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

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

have an equitable allocation of 

reasonable dues, fees, and other charges 


pwalker on PROD1PC71 with NOTICES
27160 Federal Register / Vol. 72, No. 92 / Monday, May 14, 2007 / Notices 

7 15 U.S.C. 78s(b)(3)(A)(ii). 

8 17 CFR 240.19, 240.19b–4(f)(2). 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Amendment No. 1 replaces and supersedes the 

original filing in its entirety. 

4Amendment No. 2 conforms a single category in 

the annual fee chart for Derivative Securities 

Products in the purpose section with the Fee 

Schedule; and amends the purpose section to reflect 

that an additional issuer listed a series of 

Investment Company Units on the Exchange on 

March 28, 2007. 

among its members and other persons 

using its facilities. 

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 become effective upon filing with 

the Commission pursuant to Section 

19(b)(3)(A)(ii) of the Act 7 and Rule 19b–

4(f)(2) thereunder,8 in that the proposed 

rule change establishes or changes a 

member due, fee, or other charge 

imposed by the self-regulatory 

organization. At any time within 60 

days of the filing of the proposed rule 

change, the Commission may summarily 

abrogate such rule change if it appears 

to the Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

No. SR–ISE–2007–24 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–2007–24. 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–2007–24 and should be 

submitted on or before June 4, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–9178 Filed 5–11–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55720; File No. SR–

NYSEArca–2007–22] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change and Amendment Nos. 1 

and 2 Thereto Relating to Listing and 

Annual Fees for Derivative Securities 

Products and Closed-End Funds 

May 7, 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 

27, 2007, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or the ‘‘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 NYSE Arca. 

On May 1, 2007, NYSEArca filed 

Amendment No. 1 to the proposed rule 

change.3 On May 3, 2007, NYSEArca 

filed Amendment No. 2 to the proposed 

rule change.4 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 

NYSE Arca, through its wholly owned 

subsidiary NYSE Arca Equities, Inc. 

(‘‘NYSE Arca Equities’’), is proposing to 

amend its Schedule of Fees and Charges 

(‘‘Fee Schedule’’) to revise the listing 

fees applicable to Derivative Securities 

Products, Closed-End Funds and 

Structured Products listed on NYSE 

Arca, L.L.C. (‘‘NYSE Arca 

Marketplace’’), the equities facility of 

NYSE Arca Equities. The Exchange also 

proposes related modifications to the 

Fee Schedule. The text of the proposed 

rule change is available at NYSE Arca, 

the Commission’s Public Reference 

Room, and http://www.nysearca.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, 

NYSE Arca 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. NYSE 

Arca 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 

NYSE Arca has determined to revise 

the listing fees specifically applicable to 

Derivative Securities Products (or 


pwalker on PROD1PC71 with NOTICES