Federal Register / Vol. 73, No. 15 / Wednesday, January 23, 2008 / Notices 4035 

95The Exchange has represented that it will 

provide the Commission with statistics regarding 

the UPIP for those classes included in the Penny 

Pilot. See BSE Letter, supra note 5, at 8. 96See Notice, supra note 3. 97See, e.g., BSE clarifies that: The definition of 

an Eligible Order does not include ‘‘fill or kill’’

orders; the UPIP auction will only be available for 

certain classes of options as determined from timeto-time by BOX; the cancellation of the UPIP Order 

will result in the cancellation of the related 

Improvement Orders and the UPIP auction itself; 

any unexecuted portion of an Improvement Order 

will be cancelled; time priority will prevail between 

a Proprietary Improvement Order and an 

Improvement Order submitted by an Executing 

Participant; and in the instance when a UPIP is 

concluded, only time priority will be granted to an 

order on the BOX Book that executes against the 

remaining portion of a UPIP Order if that order has 

been placed for the same beneficial account as an 

Improvement Order in the UPIP auction. 

98See, e.g., BSE revises the proposal to apply its 

NBBO trade-through filter at the conclusion of the 

UPIP auction. 

99See, e.g., BSE revises the proposal to provide 

that: In no circumstances will the orders for a nonmarket maker broker-dealer account of an Options 

Participant be executed before a Public Customer or 

non-BOX Options Participant at the same price in 

the UPIP; and it will be conduct inconsistent with 

just and equitable principles of trade for (1) any 

Options Participant to enter Unrelated Orders into 

BOX for the purpose of disrupting or manipulating 

any UPIP auction, including purposely causing 

premature termination or (2) for an Executing 

Participant to directly or indirectly enter, modify, 

or cancel quotes or orders on BOX for the purpose 

of disrupting, prematurely terminating or 

manipulating any Improvement Auction. 

100 15 U.S.C. 78s(b)(2). 

101 15 U.S.C. 78s(b)(2). 

102 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)(2). 

5For 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 January 15, 2008, the 

date on which the Exchange filed Amendment No. 

1. See 15 U.S.C. 78s(b)(3)(C). 

6See Securities Exchange Act Release No. 55899 

(June 12, 2007), 72 FR 33794 (June 19, 2007) (SR–

ISE–2007–30). 

BSE’s initiative designed to allow 

trading in penny increments.95

J. Acceleration of Proposed Rule Change 

as Amended 

The Commission finds good cause to 

approve the proposal prior to the 

thirtieth day after the proposal was 

published for comment in the Federal 

Register. The proposed rule change, as 

modified by Amendment No. 1, was 

published for full notice and 

comment.96 The Commission believes 

that the changes made in Amendment 

No. 3 generally strengthen the proposal. 

In Amendment No. 3, BSE made several 

changes to clarify its rules,97 respond to 

commenters,98 and comply with the 

requirements of the Act.99 The 

Commission believes that it has 

received and fully considered 

substantial, meaningful comments with 

respect to the BSE’s proposal, as 

amended, and that Amendment No. 3 

does not raise issues that warrant 

further delay. For these reasons, the 

Commission finds good cause, 

consistent with section 19(b)(2) of the 

Act,100 to grant accelerated approval of 

the proposed rule change, as amended. 

V. Conclusion 

It is therefore ordered, pursuant to 

section 19(b)(2) of the Act,101 that the 

proposed rule change (SR–BSE–2006–

16), as amended, be, and it hereby is, 

approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.102

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–1037 Filed 1–22–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–57153; File No. SR–ISE–

2008–04] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change, as Modified by Amendment 

No. 1 Thereto, Relating to Fee Waiver 

January 15, 2008. 

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 January 2, 

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 substantially prepared by ISE. 

ISE has designated this proposal as one 

establishing or changing a due, fee, or 

other charge applicable only to a 

member under Section 19(b)(3)(A) of the 

Act,3 and Rule 19b–4(f)(2) thereunder,4

which renders the proposal effective 

upon filing with the Commission. On 

January 15, 2008, ISE submitted 

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 

ISE is proposing a one-time waiver of 

the annual renewal fee for Registered 

Representatives. 

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 

ISE 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 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 ISE Rules 601, 602, and 

603, members are required to 

electronically file a Uniform 

Application for Securities Industry 

Registration or Transfer (Form U4) with 

the Web CRD System operated by the 

Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) when 

registering, transferring, or terminating a 

registered person. Pursuant to the 

Exchange’s Schedule of Fees, members 

pay fees related to these U4 filings, 

which are collected by FINRA on behalf 

of the Exchange. In particular, members 

are assessed an annual renewal fee of 

$55 for each Registered Representative. 

The purpose of this rule filing is to 

grant a one-time waiver of the $55 

annual renewal fee for Registered 

Representatives for 2008. The Exchange 

updated its rules regarding its 

registration requirements in June 2007,6

which resulted in some members 

registering a substantial number of 

representatives with the Exchange for 

the first time in the later part of 2007. 

Specifically, the Exchange initially 

requested that members comply with 

the revised registration requirements by 

no later than October 31, 2007, but 

subsequently extended this date until 

January 31, 2008. Because the 2008 

annual renewal fee is assessed based on 

the number of Registered 

Representatives a member has registered 

with the ISE on the Web CRD system at 

the beginning of 2008, any member that 

registered its representatives prior to the 

end of 2007 would be assessed the 

annual renewal fee for each Registered 

Representative, whereas those firms that 

waited until after January 1, 2008 to 

register their representatives would not 


ebenthall on PROD1PC69 with NOTICES
4036 Federal Register / Vol. 73, No. 15 / Wednesday, January 23, 2008 / Notices 

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

8 15 U.S.C. 78f(b)(4). 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(2). 11 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)(5). 

incur the 2008 annual renewal fee. In 

effect, assessing the 2008 annual 

renewal fee would penalize those 

members that complied with the 

Exchange’s registration requirements 

more timely. The Exchange therefore 

believes it is appropriate to waive the 

2008 annual renewal fee for all 

members. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,7

in general, and furthers the objectives of 

Section 6(b)(4) of the Act,8 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 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 rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 9 and Rule 19b–4(f)(2) 10

thereunder because it establishes or 

changes a due, fee, or other charge 

imposed by the Exchange. 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–2008–04 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–2008–04. 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 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–

2008–04 and should be submitted on or 

before February 12, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–1011 Filed 1–22–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–57156; File No. SR–NYSE–

2007–120] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

NYSE Rules 13, 60, and 1000 To Allow 

for the Automatic Execution of GQuotes in the Display Book 

January 15, 2008. 

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 

24, 2007, the New York Stock Exchange 

LLC (‘‘NYSE’’ 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 

NYSE. The proposed rule change has 

been filed by the NYSE as effecting a 

change in an existing order-entry or 

trading system pursuant to Section 

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

4(f)(5) 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 NYSE proposes to amend NYSE 

Rules 13 and 1000 to allow for the 

automatic execution of G-Quotes in the 

Display Book (the ‘‘Display Book’’). 

The Exchange is also seeking to make 

conforming changes to NYSE Rule 60. 

The text of the proposed rule change is 

available on the Exchange’s Web site 

(http://www.nyse.com), at 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 

NYSE 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 NYSE has 


ebenthall on PROD1PC69 with NOTICES