10016 Federal Register / Vol. 77, No. 34 / Tuesday, February 21, 2012 / Notices 

26 Id., p.5. 

27 15 U.S.C. 78s(b)(3)(A)(ii). 

28 17 CFR 240.19b–4(f)(2). 

29 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

share (or more than twice as much as 

paid to ordinary members) when adding 

liquidity in shares of less active 

securities under certain specified 

circumstances.26 The payment by CHX 

of a much smaller Clearing Submission 

Fee Credit to its Institutional Brokers 

would appear to be well within the 

scope of this precedent. The Exchange 

also notes that the entry of clearing 

submissions pursuant to Article 21, 

Rule 6(a), which gives rise to the 

Clearing Submission Fee, is limited to 

Institutional Brokers. Since only 

Institutional Brokers can engage in the 

activity which results in Clearing 

Submission Fees, there would be no 

purpose served in offering a financial 

incentive which is based upon the 

generation of those fees to nonInstitutional Brokers. For these reasons, 

the Exchange believes that the proposed 

Clearing Submission Fee Credit 

represents a lawful payment which is 

distributed in a manner which is 

reasonable and not unfairly 

discriminatory. 

B. Self-Regulatory Organization’s 

Statement of 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. The 

Exchange believes that payment of a 

Clearing Submission Fee Credit to the 

Clearing Broker based on activity 

handled by it will incent Institutional 

Brokers to utilize the Exchange’s 

systems and services in forwarding nonCHX trades to NSCC, rather than using 

alternative mechanisms such as 

correspondent clearing or Nasdaq’s ACT 

system. 

C. Self-Regulatory Organization’s 

Statement on Comments Regarding the 

Proposed Rule Changes Received From 

Members, Participants or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Changes and Timing for 

Commission Action 

The proposed rule change is to take 

effect pursuant to Section 19(b)(3)(A)(ii) 

of the Act 27 and subparagraph (f)(2) of 

Rule 19b–4 thereunder 28 because it 

establishes or changes a due, fee or 

other charge applicable to the 

Exchange’s members and non-members, 

which renders the proposed rule change 

effective upon filing. 

At any time within 60 days of the 

filing of the 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. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposal 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 rulecomments@sec.gov. Please include File 

Number SR–CHX–2012–05 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 No. 

SR–CHX–2012–05. 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 changes 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 on official business 

days between the hours of 10 a.m. and 

3 p.m. Copies of such filing will also be 

available for inspection and copying at 

the principal office of the CHX. 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–CHX–2012–05 and should be 

submitted on or before March 13, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.29

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–3899 Filed 2–17–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66392; File No. SR–ISE– 

2012–06] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to Fees for Certain 

Complex Orders Executed on the 

Exchange 

February 14, 2012. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the ’’ 

Exchange Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on January 31, 2012, the International 

Securities Exchange, LLC (the 

‘‘Exchange’’ or the ‘‘ISE’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. 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 amend fees 

for certain complex orders executed on 

the Exchange. 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 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 77, No. 34 / Tuesday, February 21, 2012 / Notices 10017 

3See Securities Exchange Act Release No. 66084 

(January 3, 2012), 77 FR 1103 (January 9, 2012) (SR– 

ISE–2011–84) (‘‘NDX/RUT Fee Filing’’). 

4The term ‘‘Professional Order’’ means an order 

that is for the account of a person or entity that is 

not a Priority Customer. See ISR [sic] Rule 

100(a)(37C). 

5The term ‘‘Non-ISE Market Maker’’ means a 

market maker as defined in Section 3(a)(38) of the 

Securities Exchange Act of 1934 (the ‘‘Act’’) 

registered in the same options class on another 

options exchange. See Schedule of Fees, page 4. 

6The term ‘‘market makers’’ refers to 

‘‘Competitive Market Makers’’ and ‘‘Primary Market 

Makers’’ collectively. See ISE Rule 100(a)(25). 

7The Select Symbols are identified by their ticker 

symbol on the Exchange’s Schedule of Fees. 8See Securities Exchange Act Release No. 65548 

(October 13, 2011), 76 FR 64980 (October 19, 2011) 

(SR–ISE–2011–39). 9See Securities Exchange Act Release No. 65958 

(December 15, 2011), 76 FR 79236 (December 21, 

2011) (SR–ISE–2011–81). 10See note 1 [sic]. 11A response to a special order is any contra-side 

interest submitted after the commencement of an 

auction in the Exchange’s Facilitation Mechanism, 

Solicited Order Mechanism, Block Order 

Mechanism and Price Improvement Mechanism. 

This fee applies to Market Maker, Non-ISE Market 

Maker, Firm Proprietary and Customer 

(Professional) interest. 

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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this proposed rule 

change is to amend fees charged by the 

Exchange for complex orders in all 

symbols that are not in the Penny Pilot 

Program (‘‘Non-Penny Pilot Symbols’’). 

The fee change proposed herein is 

similar to fees the Exchange recently 

adopted for complex orders in two of 

the most actively-traded index option 

products, the NASDAQ 100 Index 

option (‘‘NDX’’) and the Russell 2000 

Index option (‘‘RUT’’).3 This fee change, 

however, differs from the NDX/RUT Fee 

Filing in that the fees proposed herein 

are lower than those adopted for 

complex orders in NDX and RUT. With 

this proposed rule change, the fees 

proposed below for Non-Penny Pilot 

Symbols shall now also apply to NDX 

and RUT as each of those symbols are 

Non-Penny Pilot Symbols. 

For trading in Non-Penny Pilot 

Symbols, for both regular and complex 

orders, the Exchange currently charges 

$0.20 per contract for firm proprietary 

orders and Customer (Professional 

Orders),4 and $0.45 per contract for 

Non-ISE Market Maker 5 orders. ISE 

market maker orders 6 in Non-Penny 

Pilot Symbols are subject to a sliding 

scale, ranging from $0.01 per contract to 

$0.18 per contract, depending on the 

amount of overall volume traded by a 

market maker during a month. Market 

makers also currently pay a payment for 

order flow (PFOF) fee of $0.65 per 

contract when trading against Priority 

Customers. Priority Customer orders are 

not charged for trading in Non-Penny 

Pilot Symbols. 

The Exchange currently assesses a per 

contract transaction fee to market 

participants that add or remove 

liquidity in the Complex Order Book 

(‘‘maker/taker fees’’) in symbols that are 

in the Penny Pilot Program. Included 

therein is a subset of 101 symbols that 

are assessed a slightly higher taker fee 

(the ‘‘Select Symbols’’).7 Additionally, 

pursuant to SEC approval which allows 

market makers to enter quotations for 

complex order strategies in the Complex 

Order Book,8 the Exchange recently 

adopted maker/taker fees and rebates for 

orders in the following three symbols: 

XOP, XLB and EFA.9 And, as noted 

above, the Exchange most recently 

adopted new fees for complex orders in 

NDX and RUT.10

The Exchange now proposes to extend 

its maker/taker pricing structure to 

complex orders in all Non-Penny Pilot 

Symbols. Specifically, for Customer 

(Professional Orders), firm proprietary 

and ISE market maker orders, ISE 

proposes to adopt a ‘‘make’’ fee of $0.10 

per contract and a ‘‘take’’ fee of $0.60 

per contract. For Non-ISE Market Maker 

orders, ISE proposes to adopt a ‘‘make’’ 

fee of $0.10 per contract and a ‘‘take’’ 

fee of $0.65 per contract. As Priority 

Customers are not charged for trading in 

Non-Penny Pilot Symbols, no fee will 

apply to Priority Customer complex 

orders. 

For crossing complex orders in NonPenny Pilot Symbols, i.e., orders 

executed in the Exchange’s Facilitation 

Mechanism, Solicited Order 

Mechanism, Block Order Mechanism 

and Price Improvement Mechanism, and 

for Qualified Contingent Cross orders, 

the Exchange currently charges a fee of 

$0.20 per contract. The Exchange 

proposes to continue charging a fee of 

$0.20 per contract for crossing complex 

orders in the Non-Penny Pilot Symbols. 

The Exchange currently does not charge 

Priority Customers for crossing complex 

orders executed in the Non-Penny Pilot 

Symbols. The Exchange proposes to 

continue not charging Priority 

Customers for crossing complex orders 

executed in the Non-Penny Pilot 

Symbols. For responses to special 

complex orders,11 ISE proposes to adopt 

a fee of $0.60 per contract for Customer 

(Professional Orders), firm proprietary 

and ISE market maker orders. For NonISE Market Maker orders, ISE proposes 

to adopt a fee of $0.65 per contract for 

responses to special complex orders in 

the Non-Penny Pilot Symbols. Priority 

Customers will not be assessed a fee 

when responding to special complex 

orders. 

A number of Non-Penny Pilot 

Symbols are index options that are 

traded on the Exchange pursuant to 

license agreements for which the 

Exchange charges license surcharges. 

The Exchange charges the following 

license surcharges for all orders other 

than Priority Customer orders: $0.02 per 

contract for options on NXTQ; $0.05 per 

contract for options on FUM, HSX, 

POW, TNY and WMX; $0.10 per 

contract for options on BKX, MFX, MID, 

MSH, SML and UKX; $0.15 per contract 

for options on RMN, RUI, RUT and 

MVR; and $0.22 per contract for options 

on NDX and MNX. The license 

surcharge fees, which are charged by the 

Exchange to defray the licensing costs, 

are charged in addition to the 

transaction fees noted above. Because of 

competitive pressures in the industry, 

Priority Customer orders are not charged 

these surcharge fees, while Professional 

Orders are subject to the fee. For clarity, 

the Exchange is proposing to restate 

these surcharges in the notes applicable 

to complex orders in Non-Penny Pilot 

Symbols. 

For Priority Customer complex orders 

in symbols that are in the Penny Pilot 

program, the Exchange currently 

provides a per contract rebate when 

these orders trade with non-Priority 

Customer orders in the Complex Order 

Book. The Exchange proposes to extend 

this rebate incentive for the Non-Penny 

Pilot Symbols. As such, the Exchange 

proposes to adopt a rebate of $0.50 per 

contract for Priority Customer complex 

orders in the Non-Penny Pilot Symbols 

when these orders trade with nonPriority Customer orders in the Complex 

Order Book. 

Additionally, the Exchange currently 

provides ISE market makers with a two 

cent discount when trading against 

orders that are preferenced to them. The 

Exchange proposes to extend this 

discount for preferenced complex orders 

in the Non-Penny Pilot Symbols. 

Accordingly, ISE market makers who 

remove liquidity in the Non-Penny Pilot 

Symbols from the Complex Order Book 

will be charged $0.58 per contract when 

trading with orders that are preferenced 

to them. 

With the proposed migration of the 

Non-Penny Pilot Symbols to the 

Exchange’s complex order maker/taker 

pricing structure, the Exchange 

mstockstill on DSK4VPTVN1PROD with NOTICES

10018 Federal Register / Vol. 77, No. 34 / Tuesday, February 21, 2012 / Notices 

12See Securities Exchange Act Release No. 64270 

(April 8, 2011), 76 FR 20754 (April 13, 2011) (SR– 

ISE–2011–13). 

13See Securities Exchange Act Release Nos. 

65087 (August 10, 2011), 76 FR 50783 (August 16, 

2011) (SR–ISE–2011–47); 65583 (October 18, 2011), 

76 FR 65555 (October 21, 2011) (SR–ISE–2011–68); 

65705 (November 8, 2011), 76 FR 70789 (November 

15, 2011) (SR–ISE–2011–70); 65898 (December 6, 

2011), 76 FR 77279 (December 12, 2011) (SR–ISE– 

2011–78); and 66169 (January 17, 2012), 77 FR 3295 

(January 23, 2012) (SR–ISE–2012–01). 

14 15 U.S.C. 78f(b). 

15 15 U.S.C. 78f(b)(4). 16See note 7. 

proposes to no longer charge a PFOF fee 

for complex orders in these symbols. 

The cancellation fee, however, which 

only applies to Priority Customer 

orders, will continue to apply. 

The Exchange also notes that: 

• Fees for orders in Non-Penny Pilot 

Symbols executed in the Exchange’s 

Facilitation, Solicited Order, Price 

Improvement and Block Order 

Mechanisms are applied to contracts 

that are part of the originating or contra 

order. 

• Complex orders in Non-Penny Pilot 

Symbols executed in the Facilitation 

and Solicited Order Mechanisms are 

charged fees only for the leg of the trade 

consisting of the most contracts. 

• As noted above, the PFOF fees will 

not be collected for complex orders in 

the Non-Penny Pilot Symbols. 

• As noted above, the cancellation 

fee, which only applies to Priority 

Customer orders, will continue to apply 

to the Non-Penny Pilot Symbols. 

• The Exchange currently has a fee 

cap, with certain exclusions, applicable 

to transactions executed in a member’s 

proprietary account. The cap also 

applies to crossing transactions for the 

account of entities affiliated with a 

member. The Exchange also has a 

service fee applicable to all QCC and 

non-QCC transactions that are eligible 

for the fee cap.12 This fee cap will 

continue to apply to executions of 

complex orders in the Non-Penny Pilot 

Symbols. 

• The Exchange currently has tiered 

rebates to encourage members to submit 

greater number of QCC orders and 

Solicitation orders to the Exchange. 

Once a member reaches a certain 

volume threshold in QCC orders and/or 

Solicitation orders during a month, the 

Exchange provides a rebate to that 

member for all of its QCC and 

Solicitation traded contracts for that 

month.13 These tiered rebates will 

continue to apply. 

• The license surcharge noted above 

will continue to apply to all orders 

except for Priority Customer orders in 

the Non-Penny Pilot Symbols. 

With this proposed rule change, all 

non-customer orders will be assessed 

similar fees, thus eliminating the gap 

that currently exists between market 

makers and non-market makers when 

trading complex orders today. The 

proposed fees are consistent with the 

fees and rates of payment for order flow 

commonly applied to symbols that are 

not part of the Penny Pilot program. At 

the proposed levels, ISE market makers 

will in fact see their fees lowered 

compared to current levels, which 

include a transaction fee and a $0.65 per 

contract PFOF fee, while at the same 

time equitably distributing the costs of 

attracting complex orders. The 

Exchange’s maker/taker fees and rebates 

for complex orders in Penny Pilot 

Symbols has proven to be an effective 

method of attracting order flow to the 

Exchange. The Exchange believes that 

extending its maker/taker fees and 

rebates for complex orders to the NonPenny Pilot Symbols will assist the 

Exchange in increasing its market share 

in these symbols. The Exchange believes 

this proposed rule change will also 

serve to enhance the Exchange’s 

competitive position and enable it to 

attract additional complex order volume 

in these symbols. 

The Exchange also proposes to make 

a non-substantive, clarifying change in 

footnote 3 on page 18 of the Schedule 

of Fees, footnote 11 on page 19 of the 

Schedule of Fees and footnote 2 on page 

21 of the Schedule of Fees by replacing 

the word ‘non-customer’ with ‘nonPriority Customer’ to accurately reflect 

that the rebate referenced in these three 

footnotes are payable when Priority 

Customer complex orders trade with 

non-Priority Customer orders in the 

Complex Order Book. 

The Exchange proposes to make these 

fee changes operative on February 1, 

2012. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Schedule of Fees 

is consistent with Section 6(b) of the 

Act 14 in general, and furthers the 

objectives of Section 6(b)(4) of the Act 15

in particular, in that it is an equitable 

allocation of reasonable dues, fees and 

other charges among Exchange members 

and other persons using its facilities. 

The impact of the proposal upon the net 

fees paid by a particular market 

participant will depend on a number of 

variables, most important of which will 

be its propensity to add or remove 

liquidity in the Non-Penny Pilot 

Symbols in the Complex Order Book. 

Further, with this proposed rule change, 

and in an effort to standardize fees for 

complex orders, the Exchange is 

adopting fees that are lower than those 

previously adopted for two other NonPenny Pilot Symbols, i.e., NDX and 

RUT. Approval of this proposed rule 

change will result in complex orders in 

the Non-Penny Pilot Symbols, including 

NDX and RUT, being charged the same 

fees. 

The Exchange believes it is reasonable 

and equitable to charge all market 

participants (except Priority Customers) 

trading in complex orders in Non-Penny 

Pilot Symbols a standardized ‘make’ fee 

of $0.10 per contract. The Exchange 

currently charges a standardized ‘make’ 

fee of $0.32 per contract for complex 

orders in certain symbols when these 

orders trade against Priority Customer 

orders.16 The Exchange further believes 

it is reasonable and equitable to charge 

ISE market maker, firm proprietary and 

Customer (Professional) orders a ‘take’ 

fee of $0.60 per contract ($0.65 per 

contract for Non-ISE Market Maker 

orders) for complex orders in NonPenny Pilot Symbols in order to 

equitably distribute the cost of attracting 

order flow (similar to PFOF). The 

Exchange believes it is reasonable and 

equitable to charge ISE market maker, 

firm proprietary and Customer 

(Professional) orders a fee of $0.60 per 

contract ($0.65 per contract for Non-ISE 

Market Maker orders) when such 

members are responding to special 

orders because a response to a special 

order is akin to taking liquidity, thus the 

Exchange is proposing to adopt an 

identical fee for taking liquidity in these 

symbols. The Exchange has historically 

maintained a differential in the fees it 

charges ISE market makers from those it 

charges to Non-ISE Market Makers. The 

Exchange believes it is reasonable and 

equitable to treat these two groups of 

market participants differently because 

each has different commitments and 

obligations to the Exchange. ISE market 

makers, in particular, have quoting 

obligations and pay the Exchange nontransaction fees. Non-ISE Market Makers 

do not have any such obligations or 

financial commitments. 

The Exchange further believes it is 

reasonable and equitable for the 

Exchange to charge a fee of $0.20 per 

contract for complex orders in the NonPenny Pilot Symbols executed in the 

Exchange’s various auctions and for 

Qualified Contingent Cross orders 

because these fees are identical to the 

fees the Exchange currently charges for 

similar orders in the symbols that are 

subject to the Exchange’s maker/taker 

fees. 

Additionally, the Exchange believes 

its proposed fees remain competitive 

with fees charged by other exchanges 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 77, No. 34 / Tuesday, February 21, 2012 / Notices 10019 

17See BOX Fee Schedule, Sections 4 and 7. 18 15 U.S.C. 78s(b)(3)(A)(ii). 19 17 CFR 200.30–3(a)(12). 

and are therefore reasonable and 

equitably allocated to those members 

that opt to direct orders to the Exchange 

rather than to a competing exchange. 

For example, the $0.60 per contract 

complex order ‘take’ fee in Non-Penny 

Pilot Symbols proposed by the 

Exchange for market maker, firm 

proprietary and Customer (Professional) 

orders remains considerably lower than 

that charged by the Boston Options 

Exchange (‘‘BOX’’). For a similar order, 

BOX charges both a transaction fee, 

which ranges anywhere from $0.13 per 

contract to $0.25 per contract, and a fee 

for adding liquidity in non-Penny Pilot 

classes of $0.65 per contract, for an ‘allin’ rate of $0.90 or more per contract.17

The Exchange believes that it is 

reasonable and equitable to provide a 

rebate for Priority Customer complex 

orders when these orders trade with 

non-Priority Customer 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 this rebate and is now 

proposing to extend the rebate for the 

Non-Penny Pilot Symbols, which the 

Exchange believes will attract greater 

order flow of complex orders in these 

symbols. 

The Exchange also believes that it is 

reasonable and equitable to provide a 

two cent discount to ISE market makers 

on preferenced orders because this will 

provide an incentive for market makers 

to quote in the Complex Order Book. 

The complex order pricing employed 

by the Exchange has proven to be an 

effective pricing mechanism and 

attractive to members and their 

customers. The Exchange believes that 

adopting maker/taker fees and rebates 

for complex orders in the Non-Penny 

Pilot Symbols will attract additional 

complex order business in these 

symbols. The Exchange further believes 

that the proposed fees are not unfairly 

discriminatory because the fee structure 

is consistent with fee structures that 

exist today at other options exchanges. 

Additionally, the Exchange believes that 

the proposed fees are fair, equitable and 

not unfairly discriminatory because they 

are consistent with price differentiation 

that exists today at other option 

exchanges. The Exchange believes it 

remains an attractive venue for market 

participants to trade complex orders as 

its fees remain competitive with those 

charged by other exchanges for similar 

trading strategies. The Exchange 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to another 

exchange if they deem fee levels at a 

particular exchange to be excessive. 

With this proposed fee change, the 

Exchange believes it remains an 

attractive venue for market participants 

to trade complex orders. 

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 

Exchange 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 Exchange Act.18 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 Exchange 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 Exchange 

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 rulecomments@sec.gov. Please include File 

Number SR–ISE–2012–06 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–2012–06. 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, on official 

business days between the hours of 10 

a.m. and 3 p.m. 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– 

2012–06 and should be submitted on or 

before March 13, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–3859 Filed 2–17–12; 8:45 am] 

BILLING CODE 8011–01–P 

mstockstill on DSK4VPTVN1PROD with NOTICES