27034 Federal Register / Vol. 75, No. 92 / Thursday, May 13, 2010 / Notices 

5 15 U.S.C. 78s(b)(3)(A). 

6 17 CFR 240.19b–4(f)(2). 

7 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3This fee filing relates to the trading facility 

operated by ISE and not EDGA Exchange, Inc. and 

EDGX Exchange, Inc. Direct Edge ECN LLC (EDGA 

and EDGX) will cease to operate in its capacity as 

an electronic communications network following 

the commencement of operations of EDGA 

Exchange, Inc. and EDGX Exchange, Inc. as national 

securities exchanges. 

4References to ISE Members in this filing refer to 

DECN Subscribers who are ISE Members. 

allocation of reasonable dues, fees and 

other charges among its members and 

other persons using its facilities. In 

particular, the proposed rule change 

will serve as an incentive for EAMs and 

their sponsored customers to use 

PrecISE as an additional trading tool on 

their trading desks. 

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) of 

the Act 5 and Rule 19b–4(f)(2) 6

thereunder. 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–2010–35 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–ISE–2010–35. 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 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 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–2010–35 and should be 

submitted by June 3, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–11399 Filed 5–12–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62051; File No. SR–ISE– 

2010–38] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Order 

Granting Accelerated Approval to a 

Proposed Rule Change Relating to the 

Amounts That Direct Edge ECN, in Its 

Capacity as an Introducing Broker for 

Non-ISE Members, Passes Through to 

Such Non-ISE Members 

May 6, 2010. 

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 April 30, 

2010, the International Securities 

Exchange, LLC (the ‘‘Exchange’’ or the 

‘‘ISE’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change as described 

in Items I and II below, which Items 

have been prepared by the selfregulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons, and is 

approving the proposal on an 

accelerated basis. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to modify the 

amounts that Direct Edge ECN 

(‘‘DECN’’), in its capacity as an 

introducing broker for non-ISE 

Members, passes through to such nonISE Members. 

The text of the proposed rule change 

is available on the Exchange’s Internet 

website at http://www.ise.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 

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 III 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 

DECN, a facility of ISE, operates two 

trading platforms, EDGX and EDGA.3

The changes made pursuant to SR–ISE– 

2010–37 became operative on May 1, 

2010. On April 30, 2010, the ISE filed 

for immediate effectiveness a proposed 

rule change to amend Direct Edge ECN’s 

(‘‘DECN’’) fee schedule for ISE 

Members 4 to: (i) Change the rates for 


sroberts on DSKD5P82C1PROD with NOTICES
Federal Register / Vol. 75, No. 92 / Thursday, May 13, 2010 / Notices 27035 

5 In SR–ISE–2010–37, the Exchange amended the 

routing rates to certain away market centers 

associated with the removal of liquidity from EDGA 

and EDGX in securities priced less than $1.00. For 

orders in securities priced less than $1.00 that are 

routed to Nasdaq BX in Tapes A & C securities and 

that remove liquidity, orders were charged the 

Exchange’s standard routing charge for securities 

less than $1.00 (0.30% of the total dollar value of 

the transaction, both on EDGA and EDGX). As a 

result of a decrease in fees by Nasdaq OMX when 

removing liquidity in securities priced less than 

$1.00, the Exchange amended its fee schedule in 

order to charge 0.10% of the total dollar value of 

the transaction (instead of 0.30%) when orders were 

routed to Nasdaq BX in Tapes A & C securities and 

removed liquidity. This has been indicated by 

footnote number 3 on the existing ‘‘C’’ flag. A 

conforming amendment has also been made to the 

fee schedule to append footnote number 3 to 

indicate an exception to the standard rate (0.30% 

of dollar value) for routing liquidity in securities 

priced less than $1.00. See Nasdaq OMX Equity 

Trader Alert, #2010–27 (April 19, 2010) (‘‘Firms will 

be charged 0.10% (i.e., 10 basis points) of the total 

dollar value of the transaction when removing 

liquidity in stocks with prices below $1.00’’). 

Additionally, in SR–ISE–2010–37, the Exchange 

amended its fee schedule to charge 0.20% of the 

total dollar value of the transaction when orders are 

routed to Nasdaq and remove liquidity in securities 

on all Tapes, or orders are routed to Nasdaq using 

the INET order type and remove liquidity in 

securities on all Tapes. (The INET order type 

sweeps the EDGA or EDGX book and removes 

liquidity from Nasdaq, if the order is marketable, or 

posts on Nasdaq, if the order is non-marketable.) 

This has been indicated by footnote number 3 being 

appended to the existing ‘‘J,’’ ‘‘L,’’ and ‘‘2’’ flags. A 

conforming amendment has also been made to the 

fee schedule to append footnote number 3 to 

indicate an exception to the standard rate (0.30% 

of dollar value) for routing liquidity in securities 

priced less than $1.00. 

The Exchange believes that this rate change will 

seek to incentivize the removal of liquidity from 

EDGA and EDGX in securities priced less than 

$1.00 that are routed to certain away market 

centers. 

6There was no rebate for adding liquidity on 

EDGX in securities priced less than $1.00. In SR– 

ISE–2010–37, the Exchange re-introduced a rebate 

of $0.00003 per share for orders that add liquidity 

to EDGX in securities priced less than $1.00. The 

Exchange believes that this rebate was appropriate 

as it represented 30% of the minimum price 

increment for securities priced less than $1.00 

($0.0001) and effectively aligned the rebate with 

access fee caps under Regulation NMS. The Access 

Rule of Regulation NMS limits the fees any trading 

center can charge, or allow to be charged, for 

accessing its protected quotations, both displayed 

and reserve size, to no more than $0.003 per share. 

See Rule 610(c) of Regulation NMS, Securities and 

Exchange Act Release No. 51808 (June 9, 2005), 70 

FR 37496 (June 29, 2005). 

7The Exchange’s fee schedule provided Members 

can qualify for a rebate of $0.0031 per share for all 

liquidity posted on EDGX if they add or route at 

least 5,000,000 shares of average daily volume prior 

to 9:30 a.m. or after 4 p.m. (includes all flags except 

6) and add a minimum of 50,000,000 shares of 

average daily volume on EDGX in total, including 

during both market hours and pre and post-trading 

hours. In SR–ISE–2010–37, effective May 1, 2010, 

the Exchange increased this rebate to $0.0032 per 

share to further incentivize posting liquidity to 

EDGX. In addition, the higher rebate also resulted, 

in part, from lower administrative costs associated 

with higher volume. 

8The NYSE recently announced changes, 

effective May 2010, that it will increase the fee for 

removing liquidity in Tape A securities to $0.0021 

per share (from 0.0018 per share) and increase the 

rebate for trading in Tape A securities to $0.0013 

per share (from $0.0010 per share). In SR–ISE– 

2010–37, Flag D, which indicates orders that are 

routed or re-routed to NYSE, and remove liquidity, 

was amended to reflect the charge of $0.0021 per 

share. A conforming amendment was also made to 

Flag F (routed to NYSE, adds liquidity) to increase 

the rebate to $0.0013 per share. Footnote 3 was 

amended to reflect NYSE’s fee change for trading 

in securities with a per share price below $1.00 

(from $0.0018 per share to $0.0021 per share). In 

addition, the ‘‘Q’’ flag, which denotes an order type 

(ROUC) that routes to the NYSE, was increased 

from $0.0015 per share to $0.0018 per share on 

EDGA and EDGX to reflect the increase. 

9 15 U.S.C. 78f. 

10 15 U.S.C. 78f(b)(4). 

11The text of the proposed rule change is 

available on ISE’s Web site at http://www.ise.com, 

on the Commission’s Web site at http:// 

www.sec.gov, at ISE, and at the Commission’s 

Public Reference Room. 

routing in securities priced less than 

$1.00 to certain away market centers; 5

(ii) reintroduce the rebate on securities 

priced less than $1.00 that add liquidity 

to EDGX; 6 (iii) increase the rebate for 

Members meeting the Ultra Tier; 7 and 

(iv) pass through rebates/fees from other 

market centers.8 The changes made 

pursuant to SR–ISE–2010–37 became 

operative on May 1, 2010. 

In its capacity as a member of ISE, 

DECN currently serves as an introducing 

broker for the non-ISE Member 

subscribers of DECN to access EDGX 

and EDGA. DECN, as an ISE Member 

and introducing broker, receives rebates 

and is assessed charges from DECN for 

transactions it executes on EDGX or 

EDGA in its capacity as introducing 

broker for non-ISE Members. Since the 

amounts of such rebates and charges 

were changed pursuant to SR–ISE– 

2010–37, DECN wishes to make 

corresponding changes to the amounts it 

passes through to non-ISE Member 

subscribers of DECN for which it acts as 

introducing broker. As a result, the per 

share amounts that non-ISE Member 

subscribers receive and are charged will 

be the same as the amounts that ISE 

Members receive and are charged. 

ISE is seeking accelerated approval of 

this proposed rule change, as well as an 

effective date of May 1, 2010. ISE 

represents that this proposal will ensure 

that both ISE Members and non-ISE 

Members (by virtue of the pass-through 

described above) will in effect receive 

and be charged equivalent amounts and 

that the imposition of such amounts 

will begin on the same May 1, 2010 start 

date. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,9

in general, and furthers the objectives of 

Section 6(b)(4),10 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. In 

particular, this proposal will ensure that 

dues, fees and other charges imposed on 

ISE Members are equitably allocated to 

both ISE Members and non-ISE 

Members (by virtue of the pass-through 

described above). 

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. 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 

Number SR–ISE–2010–38 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–2010–38. 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,11 all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 


sroberts on DSKD5P82C1PROD with NOTICES
27036 Federal Register / Vol. 75, No. 92 / Thursday, May 13, 2010 / Notices 

12 In approving this proposal, the Commission has 

considered its impact on efficiency, competition, 

and capital formation. 15 U.S.C 78c(f). 13 15 U.S.C. 78f(b)(4). 

14 Id. 

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

16 17 CFR 200.30–3(a)(12). 

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 

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–2010–38 and should be 

submitted on or before June 3, 2010. 

IV. Commission’s Findings and Order 

Granting Accelerated Approval of 

Proposed Rule Change 

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.12 Specifically, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(4) 13 of the Act, which requires that 

the rules of a national securities 

exchange provide for the equitable 

allocation of reasonable dues, fees, and 

other charges among members and 

issuers and other persons using its 

facilities. 

As described more fully above, ISE 

recently amended DECN’s fee schedule 

for ISE Members pursuant to SR–ISE– 

2010–37 (the ‘‘Member Fee Filing’’). The 

fee changes made pursuant to the 

Member Fee Filing became operative on 

May 1, 2010. DECN receives rebates and 

is charged fees for transactions it 

executes on EGDX or EDGA in its 

capacity as an introducing broker for its 

non-ISE member subscribers. The 

current proposal, which will apply 

retroactively to May 1, 2010, will allow 

DECN to pass through the revised 

rebates and fees to the non-ISE member 

subscribers for which it acts an 

introducing broker. The Commission 

finds that the proposal is consistent 

with the Act because it will provide 

rebates and charge fees to non-ISE 

member subscribers that are equivalent 

to those established for ISE member 

subscribers in the Member Fee Filing.14

ISE has requested that the 

Commission find good cause for 

approving the proposed rule change 

prior to the thirtieth day after 

publication of notice of filing thereof in 

the Federal Register. As discussed 

above, the proposal will allow DECN to 

pass through to non-ISE member 

subscribers the revised rebate and fees 

established for ISE member subscribers 

in the Member Fee Filing, resulting in 

equivalent rebates and fees for ISE 

member and non-member subscribers. 

In addition, because the proposal will 

apply the revised rebates and fees 

retroactively to May 1, 2010, the revised 

rebates and fees will have the same 

effective date, thereby promoting 

consistency in the DECN’s fee schedule. 

Accordingly, the Commission finds 

good cause, pursuant to Section 19(b)(2) 

of the Act, for approving the proposed 

rule change prior to the thirtieth day 

after the date of publication of notice of 

filing thereof in the Federal Register. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,15 that the 

proposed rule change (SR–ISE–2010–38) 

be, and hereby is, approved on an 

accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–11398 Filed 5–12–10; 8:45 am] 

BILLING CODE 8010–01–P 

SOCIAL SECURITY ADMINISTRATION 

Agency Information Collection 

Activities: Proposed Request and 

Comment Request 

The Social Security Administration 

(SSA) publishes a list of information 

collection packages requiring clearance 

by the Office of Management and 

Budget (OMB) in compliance with 

Public Law (Pub. L.) 104–13, the 

Paperwork Reduction Act of 1995, 

effective October 1, 1995. This notice 

includes revisions and extensions of 

OMB-approved information collections 

and a collection in use without an OMB 

number. 

SSA is soliciting comments on the 

accuracy of the agency’s burden 

estimate; the need for the information; 

its practical utility; ways to enhance its 

quality, utility, and clarity; and ways to 

minimize burden on respondents, 

including the use of automated 

collection techniques or other forms of 

information technology. Mail, e-mail, or 

fax your comments and 

recommendations on the information 

collection(s) to the OMB Desk Officer 

and SSA Reports Clearance Director to 

the following addresses or fax numbers. 

(OMB), Office of Management and 

Budget, Attn: Desk Officer for SSA, 

Fax: 202–395–6974, E-mail address: 

OIRA_Submission@omb.eop.gov. 

(SSA), Social Security Administration, 

DCBFM, Attn: Director, Center for 

Reports Clearance, 1333 Annex 

Building, 6401 Security Blvd., 

Baltimore, MD 21235, Fax: 410–965– 

0454, E-mail address: 

OPLM.RCO@ssa.gov. 

I. The information collections below 

are pending at SSA. SSA will submit 

them to OMB within 60 days from the 

date of this notice. To be sure we 

consider your comments, we must 

receive them no later than July 12, 2010. 

Individuals can obtain copies of the 

collection instruments by calling the 

SSA Director for Reports Clearance at 

410–965–0454 or by writing to the 

above e-mail address. 

1. Request to Be Selected as a Payee— 

20 CFR 404.2010–404.2055, 416.601– 

416.665—0960–0014. An individual 

applying to be a representative payee for 

a Social Security or Supplemental 

Security Income (SSI) recipient 

completes Form SSA–11–BK. SSA 

obtains information from applicant 

payees regarding their relationship to 

the beneficiary, personal qualifications, 

concern for the beneficiary’s well-being, 

and intended use of benefits if 

appointed as payee. 

The respondents are individuals, 

private sector businesses and 

institutions, and state and local 

government institutions and agencies. 

Type of Request: Revision of an OMBapproved information collection. 


sroberts on DSKD5P82C1PROD with NOTICES