30986 Federal Register / Vol. 73, No. 104 / Thursday, May 29, 2008 / Notices 

6 In approving this amendment, the Commission 

has considered its impact on efficiency, 

competition, and capital formation. See U.S.C. 

78c(f). 

7 15 U.S.C. 78k–1. 

8 17 CFR 242.608(b)(4). 

9The Commission notes that the options 

exchanges need not submit proposed rule changes 

for Commission approval in order to implement this 

initiative to mitigate quote traffic. See supra note 

5. 

10 15 U.S.C. 78k–1. 

11 17 CFR 242.608(b)(4). 

12 17 CFR 200.30–3(a)(29). 

time to expiration are converted to a 

conventional expiration symbol, 

generally when they have less than nine 

months to expiration. 

By agreeing to a uniform time frame 

for the introduction of new LEAP series, 

the Participants to the OLPP intend to 

mitigate the number of option series 

available for trading during certain 

times of the year. The Participants to the 

OLPP intend that this will in turn lessen 

the rate of increase in quote traffic, 

because quotes will not be generated in 

the not-yet-available series. 

In 2007, if this proposal had been in 

effect, the industry would have 

eliminated one and a half billion 

(1,500,000,000) quotes over the three 

months of June, July, and August, out of 

just less than 100 billion quotes over all, 

for a savings of 1.5%. The affected 

series, however, generated less than 

three million (3,000,000) contracts 

traded in the same period, out of more 

than seven hundred eighty million 

(780,000,000) contracts total industry 

volume, or approximately .38%. The 

exchanges agree that the benefit from 

reduced quoting levels greatly exceeds 

the small cost in missed business. 

Previously, in an order dated 

September 8, 1999, as confirmed in a 

letter from the Director of the Division 

of Market Regulation dated September 

13, 2000, the Commission directed the 

then-current options exchanges to act 

jointly to develop strategies to address 

overall capacity concerns. 

The amendment also grants authority 

to the Participants to the OLPP to 

coordinate the date of introduction of 

new LEAP classes, so as to provide the 

least disruption on the options industry 

by having the flexibility to avoid 

holidays, expiration periods, and 

industry wide tests which are scheduled 

from time to time. 

III. Discussion 

After careful consideration, the 

Commission finds that the proposed 

amendment to the OLPP is consistent 

with the requirements of the Act and the 

rules and regulations thereunder.6 In 

particular, the Commission finds that 

the proposed amendment is consistent 

with the provisions of Section 11A of 

the Act 7 and Rule 608 of Regulation 

NMS thereunder,8 in that it is 

appropriate in the public interest, for 

the protection of investors and the 

maintenance of fair and orderly markets. 

Specifically, the Commission believes 

that by adopting a uniform time frame 

for the introduction of new LEAP series 

on equity option classes, options on 

ETFs, and options on TIRs, the options 

exchanges will reduce the number of 

option series available for trading 

during certain times of the year, and 

thus may reduce increases in the 

options quote rate because market 

participants will not be submitting 

quotes in the not-yet-available LEAP 

series. In addition, the Commission 

finds that it is appropriate to put 

Amendment No. 1 into effect summarily 

upon publication of this notice on a 

temporary basis. The Commission 

believes that such action is appropriate 

in the public interest, for the protection 

of investors, and the maintenance of fair 

and orderly markets because it will 

allow the options exchanges to 

implement the initiative to reduce quote 

message traffic beginning immediately.9

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether proposed 

Amendment No. 1 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 

Numbers 4–443 in 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 

Numbers 4–443. These file numbers 

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 

Section, 100 F Street, NE., Washington, 

DC 20549–1090 on 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 Exchanges. 

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 4–443 and should be submitted 

on or before June 19, 2008. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 11A of the Act,10 and Rule 608 

thereunder 11 that proposed 

Amendment No. 1 be, and it hereby is, 

approved on a temporary basis until 

September 19, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Nancy M. Morris, 

Secretary. 

[FR Doc. E8–11930 Filed 5–28–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

In the Matter of: e.Spire 

Communications, Inc., Empire of 

Carolina, Inc., Genfinity Corp. GSI 

Securitization Ltd. 

(n/k/a GSI Securitization, Inc.), 

Interliant, Inc. (n/k/a I Successor 

Corp.), Namibian Minerals Corp., Nix 

Co., Ltd. (n/k/a Global Energy 

Resources, Inc.) Number Nine Visual 

Technology Corp. (n/k/a International 

Precious Minerals Group, Inc.) NVID 

International, Inc., Oncor, Inc., and 

USCI, Inc.; Order of Suspension of 

Trading 

May 27, 2008. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of e.Spire 

Communications, Inc., including but not 

limited to its debt securities, because it 


jlentini on PROD1PC65 with NOTICES
Federal Register / Vol. 73, No. 104 / Thursday, May 29, 2008 / Notices 30987 

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

2 17 CFR 240.19b–4. 3See Securities Exchange Act Release No. 57632 

(April 8, 2008), 73 FR 20079. 4See letter from Lisa J. Fall, General Counsel, 

Boston Options Exchange (‘‘BOX’’), to Nancy M. 

Morris, Secretary, Commission, dated May 14, 2007 

(‘‘BOX Comment’’). 

5See Securities Exchange Act Release No. 50819 

(December 8, 2004), 69 FR 75093 (December 15, 

2004) (approving rules implementing the PIM). 

6See ISE Rule 723(b)(1). 

7See BOX Comment, supra note 4. 

8 Id. at 1 and 5. 

9 Id. at 4. 

10 In approving this proposed rule change the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

formation. 15 U.S.C. 78c(f). 

11 15 U.S.C. 78f. 

12 15 U.S.C. 78f(b)(5). 

has not filed any periodic reports since 

the period ended September 30, 2001. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Empire of 

Carolina, Inc. because it has not filed 

any periodic reports since the period 

ended September 30, 2000. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Genfinity 

Corp. because it has not filed any 

periodic reports since the period ended 

December 31, 2000. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of GSI 

Securitization Ltd. (n/k/a GSI 

Securitization, Inc.) because it has not 

filed any periodic reports since the 

period ended September 30, 2003. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Interliant, 

Inc. (n/k/a I Successor Corp.) because it 

has not filed any periodic reports since 

the period ended December 31, 2002. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Namibian 

Minerals Corp. because it has not filed 

any periodic reports since the period 

ended March 31, 2001. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Nix Co., 

Ltd. (n/k/a Global Energy Resources, 

Inc.) because it has not filed any 

periodic reports since the period ended 

December 31, 1999. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Number 

Nine Visual Technology Corp. (n/k/a 

International Precious Minerals Group, 

Inc.) because it has not filed any 

periodic reports since the period ended 

October 2, 1999. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of NVID 

International, Inc. because it has not 

filed any periodic reports since the 

period ended June 30, 2001. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Oncor, Inc. 

because it has not filed any periodic 

reports since the period ended June 30, 

1999. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of USCI, Inc. 

because it has not filed any periodic 

reports since the period ended June 30, 

2001. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of the above-listed 

companies. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the 

securities of the above-listed companies, 

including but not limited to the debt 

securities of e.Spire Communications, 

Inc., is suspended for the period from 

9:30 a.m. EDT on May 27, 2008, through 

11:59 p.m. EDT on June 9, 2008. 

By the Commission. 

Florence Harmon, 

Acting Secretary. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 08–1307 Filed 5–27–08; 11:37 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–57847; File No. SR–ISE–

2008–29] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Order Approving Proposed Rule 

Change Relating to the Price 

Improvement Mechanism 

May 21, 2008. 

I. Introduction 

On March 20, 2008, the International 

Securities Exchange, LLC (‘‘ISE’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to allow members to enter orders 

into the Price Improvement Mechanism 

(‘‘PIM’’) at a price that matches the 

national best bid or offer (‘‘NBBO’’) 

when the ISE market is inferior to the 

NBBO. The proposed rule change was 

published for comment in the Federal 

Register on April 14, 2008.3 The 

Commission received one comment 

letter regarding the proposal.4 This 

order approves the proposed rule 

change. 

II. Description of the Proposal 

The PIM currently allows certain ISE 

members to enter two-sided orders 

(‘‘Crossing Transaction’’) for execution 

at a price that improves upon the 

NBBO.5 The customer side of these 

orders is then exposed to other members 

to give them an opportunity to 

participate in the trade at the proposed 

cross price or better. The Exchange 

proposes to extend the application of 

the PIM to permit a member to enter an 

order (‘‘Agency Order’’) into the PIM at 

a price that is equal to the NBBO when 

the ISE’s best bid or offer (‘‘ISE BBO’’) 

is inferior to the NBBO. When the ISE 

BBO equals the NBBO, the member will 

continue to be required to enter a price 

at least one cent better than the NBBO.6

The Commission received one 

comment letter regarding the proposed 

rule change.7 The commenter expresses 

concern that ISE’s proposal would lead 

to greater rates of internalization and 

reduced amounts of price improvement 

being made available to public 

customers on ISE, especially to small 

orders under 50 contracts.8 The 

commenter further believes that the 

proposal would reduce the incentive for 

market participants to quote at the 

NBBO on ISE.9

III. Discussion and Commission 

Findings 

After carefully considering the 

proposal and the comment submitted, 

the Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 

a national securities exchange 10 and, in 

particular, the requirements of section 6 

of the Act.11 Specifically, the 

Commission finds that the proposed 

rule change is consistent with section 

6(b)(5) of the Act,12 which requires, 

among other things, that the rules of a 

national securities exchange be 

designed to promote just and equitable 

principles of trade, remove 

impediments to and perfect the 

mechanisms of a free and open market 

and a national market system and, in 


jlentini on PROD1PC65 with NOTICES