Federal Register / Vol. 77, No. 54 / Tuesday, March 20, 2012 / Notices 16295 

63 15 U.S.C. 78f(b). 

64 15 U.S.C. 78f(b)(5). 

65 15 U.S.C. 78s(b)(3)(A). 

66 17 CFR 240.19b–4(f)(6). 

67 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

than 180 days following the effective 

date. 

Basis—The Exchange believes the 

proposed rule change is consistent with 

the Act and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.63 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 64 requirements that the rules of 

an exchange be designed to promote just 

and equitable principles of trade, to 

prevent fraudulent and manipulative 

acts, to remove impediments to and to 

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 proposed rule 

change will prevent fraudulent and 

manipulative acts and protect investors 

and the public interest by continuing to 

prohibit Members from engaging in 

deceptive and other abusive 

telemarketing acts or practices. 

Additionally, the proposed rule change 

removes impediments to and perfects 

the mechanism for a free and open 

market and a national market system, 

because it provides consistency among 

telemarketing rules of national 

securities exchanges and FINRA, 

therefore making it easier for investors 

to comply with these rules. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

ISE 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 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not significantly affect the 

protection of investors or the public 

interest, does not impose any significant 

burden on competition, and, by its 

terms, does not become operative for 30 

days from the date on which it was 

filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) 65 of the Act and Rule 19b– 

4(f)(6) 66 thereunder. The Exchange 

provided the Commission with 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 the proposed 

rule change. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission 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 the proposed rule change, 

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 

No. SR–ISE–2012–11 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–2012–11. 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 

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 such 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–2012–11 and should be 

submitted on or before April 10, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.67

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–6619 Filed 3–19–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66597; File No. SR–ISE– 

2012–17] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Amend Certain Transaction 

Fees 

March 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 March 1, 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 certain 

transaction fees. 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. 


srobinson on DSK4SPTVN1PROD with NOTICES
16296 Federal Register / Vol. 77, No. 54 / Tuesday, March 20, 2012 / Notices 

3Options classes subject to maker/taker fees are 

identified by their ticker symbol on the Exchange’s 

Schedule of Fees. 

4See Exchange Act Release Nos. 65021 (August 

3, 2011), 76 FR 48933 (August 9, 2011) (SR–ISE– 

2011–45); and 65550 (October 13, 2011), 76 FR 

64984 (October 19, 2011) (SR–ISE–2011–65). 

5See Exchange Act Release No. 65724 (November 

10, 2011), 76 FR 71413 (November 17, 2011) (SR– 

ISE–2011–72). 

6See Exchange Act Release Nos. 66084 (January 

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

2011–84); and 66392 (February 14, 2012), 77 FR 

10016 (February 21, 2012) (SR–ISE–2012–06). 

7The term ‘‘Market Makers’’ refers to 

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

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

8A Market Maker Plus is an ISE Market Maker 

who is on the National Best Bid or National Best 

Offer 80% of the time for series trading between 

$0.03 and $5.00 (for options whose underlying 

stock’s previous trading day’s last sale price was 

less than or equal to $100) and between $0.10 and 

$5.00 (for options whose underlying stock’s 

previous trading day’s last sale price was greater 

than $100) in premium in each of the front two 

expiration months and 80% of the time for series 

trading between $0.03 and $5.00 (for options whose 

underlying stock’s previous trading day’s last sale 

price was less than or equal to $100) and between 

$0.10 and $5.00 (for options whose underlying 

stock’s previous trading day’s last sale price was 

greater than $100) in premium across all expiration 

months in order to receive the rebate. The Exchange 

determines whether a Market Maker qualifies as a 

Market Maker Plus at the end of each month by 

looking back at each Market Maker’s quoting 

statistics during that month. If at the end of the 

month, a Market Maker meets the Exchange’s stated 

criteria, the Exchange rebates $0.10 per contract for 

transactions executed by that Market Maker during 

that month. The Exchange provides Market Makers 

a report on a daily basis with quoting statistics so 

that Market Makers can determine whether or not 

they are meeting the Exchange’s stated criteria. 

9A Customer (Professional) is a person who is not 

a broker/dealer and is not a Priority Customer. 

10A Non-ISE Market Maker, or Far Away Market 

Maker (‘‘FARMM’’), is a market maker as defined 

in Section 3(a)(38) of the Securities Exchange Act 

of 1934, as amended (‘‘Exchange Act’’), registered 

in the same options class on another options 

exchange. 

11A Priority Customer is defined in ISE Rule 

100(a)(37A) as a person or entity that is not a 

broker/dealer in securities, and does not place more 

than 390 orders in listed options per day on average 

during a calendar month for its own beneficial 

account(s). 

12A 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 

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 

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 Exchange currently assesses per 

contract transaction charges and credits 

to market participants that add or 

remove liquidity from the Exchange 

(‘‘maker/taker fees’’) in a number of 

options classes (the ‘‘Select Symbols’’).3

The Exchange’s maker/taker fees are 

applicable to regular and complex 

orders executed in the Select Symbols. 

The maker/taker fees for complex orders 

in the Select Symbols also apply to all 

symbols that are in the Penny Pilot 

program.4 The Exchange also currently 

assesses maker/taker fees for complex 

orders in symbols that are in the Penny 

Pilot program but are not a Select 

Symbol (Non-Select Penny Pilot 

Symbols) 5 and for complex orders in all 

symbols that are not in the Penny Pilot 

Program (‘‘Non-Penny Pilot Symbols’’).6

For complex orders in the Select 

Symbols, the Exchange currently 

charges a ‘‘taker’’ fee of: (i) $0.32 per 

contract for ISE Market Maker,7 Market 

Maker Plus,8 Firm Proprietary and 

Customer (Professional) 9 orders; and (ii) 

$0.36 per contract for Non-ISE Market 

Maker 10 orders. Priority Customer 11

orders are not charged a ‘‘taker’’ fee for 

complex orders in the Select Symbols. 

For complex orders in these same 

symbols, the Exchange currently charges 

a ‘‘maker’’ fee of: (i) $0.10 per contract 

for ISE Market Maker, Market Maker 

Plus, Firm Proprietary and Customer 

(Professional) orders; and (ii) $0.20 per 

contract for Non-ISE Market Maker 

orders. Priority Customer orders are not 

charged a ‘‘maker’’ fee for complex 

orders in these symbols. 

For complex orders in the Non-Select 

Penny Pilot Symbols, the Exchange 

currently charges a ‘‘taker’’ fee of: (i) 

$0.30 per contract for ISE Market Maker, 

Market Maker Plus, Firm Proprietary 

and Customer (Professional) orders; and 

(ii) $0.35 per contract for Non-ISE 

Market Maker orders. Priority Customer 

orders are not charged a ‘‘taker’’ fee for 

complex orders in the Non-Select Penny 

Pilot Symbols. For complex orders in 

these same symbols, the Exchange 

currently charges a ‘‘maker’’ fee of: (i) 

$0.10 per contract for ISE Market Maker, 

Market Maker Plus, Firm Proprietary 

and Customer (Professional) orders; and 

(ii) $0.20 per contract for Non-ISE 

Market Maker orders. Priority Customer 

orders are not charged a ‘‘maker’’ fee for 

complex orders in these symbols. 

For complex orders in the Non-Penny 

Pilot Symbols, the Exchange currently 

charges a ‘‘taker’’ fee of: (i) $0.60 per 

contract for ISE Market Maker, Firm 

Proprietary and Customer (Professional) 

orders; and (ii) $0.65 per contract for 

Non-ISE Market Maker orders. Priority 

Customer orders are not charged a 

‘‘taker’’ fee for complex orders in the 

Non-Penny Pilot Symbols. For complex 

orders in these same symbols, the 

Exchange currently charges a ‘‘maker’’ 

fee of $0.10 per contract for ISE Market 

Maker, Non-ISE Market Maker, Firm 

Proprietary and Customer (Professional) 

orders. Priority Customer orders are not 

charged a ‘‘maker’’ fee for complex 

orders in these symbols. 

The Exchange now proposes to 

increase the ‘‘taker’’ fee for complex 

orders in the Select Symbols and in the 

Non-Select Penny Pilot Symbols to (i) 

$0.34 per contract for ISE Market Maker, 

Market Maker Plus, Firm Proprietary 

and Customer (Professional) orders; and 

(ii) $0.38 for Non-ISE Market Maker 

orders. With this proposed fee change, 

the Exchange seeks to standardize the 

‘‘taker’’ fee charged for complex orders 

in the Select Symbols and in the NonSelect Penny Pilot Symbols. The 

Exchange also proposes to increase the 

‘‘taker’’ fee for complex orders in the 

Non-Penny Pilot Symbols to (i) $0.70 

per contract for Market Maker, Firm 

Proprietary and Customer (Professional) 

orders; and (ii) $0.75 per contract for 

Non-ISE Market Maker orders. 

Additionally, ISE Market Makers who 

remove liquidity from the complex 

order book by trading with orders that 

are preferenced to them are currently 

charged as follows: (i) In the Select 

Symbols, $0.30 per contract; (ii) in the 

Non-Select Penny Pilot Symbols, $0.28 

per contract; and (iii) in the Non-Penny 

Pilot Symbols, $0.58 per contract. With 

the proposed increase to the ‘‘taker’’ fees 

for complex orders in the Select 

Symbols, the Non-Select Penny Pilot 

Symbols and the Non-Penny Pilot 

Symbols noted above, the Exchange also 

proposes to increase the fee charged to 

ISE Market Makers who remove 

liquidity in these symbols as follows: (i) 

To $0.32 per contract in the Select 

Symbols and in the Non-Select Penny 

Pilot Symbols (thereby, once again, 

standardizing the fee charged to ISE 

Market Makers who remove liquidity 

from the complex order book by trading 

with orders that are preferenced to them 

in both the Select Symbols and the NonSelect Penny Pilot Symbols); and (ii) to 

$0.68 per contract in the Non-Penny 

Pilot Symbols. 

For responses to special orders in the 

Non-Penny Pilot Symbols,12 ISE 


srobinson on DSK4SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 54 / Tuesday, March 20, 2012 / Notices 16297 

Mechanism and Price Improvement Mechanism. 

This fee applies to Market Maker, Non-ISE Market 

Maker, Firm Proprietary and Customer 

(Professional) interest. 

13The Exchange has submitted a separate 

proposed rule change that proposes changes to the 

rebate programs currently in place at the Exchange 

for complex orders and proposes to adopt volumebased tiered rebates for Priority Customer complex 

orders. See SR–ISE–2012–18. 

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

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

16See PHLX Options Trader Alert #2012–14 at 

http://www.nasdaqtrader.com/ 

MicroNews.aspx?id=OTA2012–14. 

17 Id. 

18 Id. 

19See supra note 13. 

currently charges $0.60 per contract for 

Customer (Professional), Firm 

Proprietary and ISE Market Maker 

orders. For Non-ISE Market Maker 

orders, this fee is currently $0.65 per 

contract. The Exchange now proposes to 

increase the fee for responses to special 

orders in the Non-Penny Pilot Symbols 

to $0.70 per contract for Customer 

(Professional Orders), Firm Proprietary 

and ISE Market Maker orders, and to 

$0.75 per contract for Non-ISE Market 

Maker orders. 

The Exchange notes that it currently 

provides rebates that are applicable to 

complex orders in the Select Symbols, 

in the Non-Select Penny Pilot Symbols 

and in the Non-Penny Pilot Symbols. 

The Exchange is not proposing any 

changes to these rebates in this filing.13

With this proposed rule change, the 

Exchange also seeks to increase the 

‘‘taker’’ fee for certain customer orders 

that remove liquidity in the Select 

Symbols. The Exchange currently 

charges a ‘‘taker’’ fee of $0.15 per 

contract for regular, or non-complex, 

Priority Customer orders in the Select 

Symbols, regardless of size. The 

Exchange now proposes to increase the 

‘‘taker’’ fee for regular, or non-complex, 

Priority Customer orders in the Select 

Symbols, regardless of size, from $0.15 

per contract to $0.20 per contract. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Schedule of Fees 

is consistent with Section 6(b) of the 

Exchange Act 14 in general, and furthers 

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

Exchange 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 interact with and respond 

to certain types of orders. 

The Exchange believes that its 

proposal to assess a $0.34 per contract 

‘‘taker’’ fee for ISE Market Maker, 

Market Maker Plus, Firm Proprietary 

and Customer (Professional) orders in 

the Select Symbols and in the NonSelect Penny Pilot Symbols that are 

subject to the Exchange’s maker/taker 

fees is reasonable because the fee is 

within the range of fees assessed by 

other exchanges employing similar 

pricing schemes and in some cases, is 

lower that the fees assessed by other 

exchanges. For example, NASDAQ 

OMX PHLX, Inc. (‘‘PHLX’’) recently 

announced a proposed fee increase to 

$0.37 per contract for removing 

liquidity in complex orders for 

Specialist orders and to $0.38 per 

contract for Firm and Professional 

orders.16 Therefore, while ISE is 

proposing a fee increase for ISE Market 

Maker, Market Maker Plus, Firm 

Proprietary and Customer (Professional) 

orders, the resulting fee remains lower 

than the fee proposed by PHLX for 

similar orders. ISE’s proposed increase 

for Non-ISE Market Maker orders to 

$0.38 per contract will result in both 

exchanges charging a similar rate for 

these orders.17

The Exchange further believes it is 

reasonable and equitable to charge ISE 

Market Maker, Firm Proprietary and 

Customer (Professional) orders a ‘‘taker’’ 

fee of $0.70 per contract ($0.75 per 

contract for Non-ISE Market Maker 

orders) for complex orders in the NonPenny Pilot Symbols because the 

Exchange is seeking to recoup the cost 

associated with paying a rebate of $0.50 

per contract to Priority Customers. The 

Exchange believes it is reasonable and 

equitable to charge ISE Market Maker, 

Firm Proprietary and Customer 

(Professional) orders a fee of $0.70 per 

contract ($0.75 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 [sic] an 

identical fee for taking liquidity in the 

Non-Penny Pilot 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 believes that it is 

reasonable and equitable to provide a 

two cent discount to ISE Market Makers 

on preferenced orders as an incentive 

for them to quote in the Complex Order 

Book. The Exchange notes that PHLX 

currently provides a similar two cent 

discount. Accordingly, ISE Market 

Makers who remove liquidity in the 

Select Symbols and in the Non-Select 

Penny Pilot Symbols from the Complex 

Order Book will be charged $0.32 per 

contract when trading with orders that 

are preferenced to them. ISE Market 

Makers who remove liquidity in the 

Non-Penny Pilot Symbols from the 

Complex Order Book will be charged 

$0.68 per contract when trading with 

orders that are preferenced to them. ISE 

notes that with this proposed fee 

change, the Exchange, while increasing 

this fee, will maintain the same two cent 

differential that is also currently in 

place at PHLX.18

While the Exchange is not proposing 

any change in this filing 19 to the rebates 

that are currently applicable to complex 

orders in the Select Symbols, in the 

Non-Select Penny Pilot Symbols and in 

the Non-Penny Pilot Symbols, the 

Exchange believes that it is reasonable 

and equitable to continue 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 complex order pricing employed 

by the Exchange has proven to be an 

effective pricing mechanism and 

attractive to Exchange participants and 

their customers. The Exchange believes 

that this proposed rule change will 

continue to attract additional complex 

order business while at the same time 

create standardization in complex order 

pricing across symbols that make up the 

majority of the daily volume in options 

trading. 

The Exchange further believes that the 

Exchange’s maker/taker 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 the proposed 

fees are consistent with price 

differentiation that exists today at other 

option exchanges. The Exchange 

operates in a highly competitive market 


srobinson on DSK4SPTVN1PROD with NOTICES
16298 Federal Register / Vol. 77, No. 54 / Tuesday, March 20, 2012 / Notices 

20See PHLX Fee Schedule at http://www.

nasdaqtrader.com/content/marketregulation/

membership/phlx/feesched.pdf. 

21 15 U.S.C. 78s(b)(3)(A)(ii). 

22 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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. 

The Exchange also believes that its 

proposal to assess a $0.20 per contract 

‘‘taker’’ fee for all regular, or noncomplex, Priority Customer orders in 

the Select Symbols is reasonable and 

equitably allocated because the fee is 

within the range of fees assessed by 

other exchanges employing similar 

pricing schemes. The proposed fee is 

substantially lower than the $0.39 per 

contract fee currently charged by PHLX 

for Customer orders that remove 

liquidity in a number of symbols that 

are subject to that exchange’s maker/ 

taker fees.20 Therefore, while ISE is 

proposing a fee increase, the resulting 

fee remains lower than the fee currently 

charged by PHLX. Further, the proposed 

increase will bring this fee closer to the 

fee the Exchange currently charges to 

other market participants that employ a 

similar trading strategy. The Exchange 

also notes, however, that with this 

proposed rule change, the fee charged to 

regular, or non-complex, Priority 

Customer orders will remain lower (as 

it historically has always been) than the 

fee currently charged by the Exchange to 

other market participants. 

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.21 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 rule-comments@

sec.gov. Please include File Number SR– 

ISE–2012–17 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–2012–17. 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– 

2012–17 and should be submitted on or 

before April 10, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–6621 Filed 3–19–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66600; File No. SR–NYSE– 

2012–07] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Implementing 

Certain Changes to the Transaction 

Fees and Credits Within the New York 

Stock Exchange Price List 

March 14, 2012. 

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 March 1, 

2012, New York Stock Exchange LLC 

(‘‘NYSE’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I, II, 

and III 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 Exchange proposing certain 

changes to the transaction fees and 

credits within its Price List, which the 

Exchange proposes to become operative 

on March 1, 2012. The text of the 

proposed rule change is available at the 

Exchange, the Commission’s Public 

Reference Room, and www.nyse.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 


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