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###### Securities and Exchange Commission

          - [Release No. 34-74528; File No. SR-ISE-2015-10]

                    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 March 13, 2015, 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, II, and III below, which items have been prepared by the self-regulatory organization. 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 proposes to amend the Schedule of Fees to expand low latency Ethernet fees to non-members. 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.[3] 

## 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 charges an Ethernet fee for its four different Ethernet connection options, which is $1,000 per month for a 1 Gigabit (“Gb”) connection, $4,500 per month for a 10 Gb connection, $8,000 per month for a 10 Gb low latency connection, and $15,000 per month for a 40 Gb low latency connection. These Ethernet connectivity options provide access to both the ISE and the ISE's sister exchange, ISE Gemini, LLC (“ISE Gemini”).[4]                                          While the 1 Gb and 10 Gb Ethernet fees apply to both members and non-members, the 10 Gb low latency and 40 Gb low latency fees apply only to members. The Exchange now proposes to amend the Schedule of Fees to apply the low latency Ethernet fee to non-members as well. The Exchange designates this filing to become effective on March 16, 2015.                

#### 2. Statutory Basis

                    The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,[5]                                          in general, and Section 6(b)(4) of the Act,[6]                                          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. The Exchange believes that it is reasonable, equitable, and not unfairly discriminatory to extend the low latency Ethernet fees to non-members. Market participants that establish connectivity to the Exchange will continue to pay the same fee based on the Ethernet options that they choose, and there will be no discrimination between the fees charged for members and non-members. While these low latency connections will likely continue to be of primary interest to Exchange members, the Exchange believes that these options should be available to interested non-members as well. Furthermore, the Exchange notes that the proposed rule change does not modify the fees applicable to these premium low latency Ethernet options, which will remain at their current                           ( print page 15652)                        levels. The low latency Ethernet fees described in this filing remain consistent with the Exchange's connectivity costs, including costs for software and hardware enhancements, and resources dedicated to development, quality assurance, and support.                

### B. Self-Regulatory Organization's Statement on Burden on Competition

                    In accordance with Section 6(b)(8) of the Act,[7]                                          the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change amends the Schedule of Fees to apply low latency Ethernet fees to non-members in addition to members, and is not intended to have any competitive effect. The Exchange operates in a highly competitive market in which market participants can readily direct their order flow to competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed fee changes reflect this competitive environment.                

### 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 Act [8]                                          and subparagraph (f)(2) of Rule 19b-4 thereunder,[9]                                          because it establishes a due, fee, or other charge imposed by ISE.                

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 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 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-2015-10                      on the subject line. 

### Paper Comments

    - Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

                    All submissions should refer to File Number SR-ISE-2015-10. 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 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-2015-10 and should be submitted by April 14, 2015.                

                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.[10] 

Jill M. Peterson,

Assistant Secretary.

# Footnotes

1.                             15 U.S.C. 78s(b)(1).                    
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2.                             17 CFR 240.19b-4.                    
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3.                             The text of the proposed rule change is marked to show changes made by ISE-2015-11.                    
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4.                             Market participants pay the same fees regardless of whether they choose to connect to both exchanges or solely to the ISE.                    
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5.                             15 U.S.C. 78f.                    
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6.                             15 U.S.C. 78f(b)(4).                    
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7.                             15 U.S.C. 78f(b)(8).                    
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8.                             15 U.S.C. 78s(b)(3)(A)(ii).                    
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9.                             17 CFR 240.19b-4(f)(2).                    
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10.                                 17 CFR 200.30-3(a)(12).                        
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[FR Doc. 2015-06623 Filed 3-23-15; 8:45 am]

BILLING CODE 8011-01-P