32528 Federal Register / Vol. 75, No. 109 / Tuesday, June 8, 2010 / Notices 

10 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. 

5On June 1, 2010, in SR–ISE–2010–55, the 

Exchange increased the ‘‘Q’’ flag from $0.0018 to 

$0.0020 per share to more closely reflect the costs 

of removing liquidity from the NYSE. By way of 

background, on May 1, 2010, in SR–ISE–2010–37, 

the Exchange amended the fees for orders that 

either route or re-route to the NYSE in response to 

an increase in NYSE’s fee for removing liquidity to 

$0.0021 per share (from $0.0018 per share). As part 

of that amendment, 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. 

See Securities Exchange Act Release No. 62050 

(May 6, 2010), 75 FR 27029 (May 13, 2010) (SR– 

ISE–2010–37). 

6 15 U.S.C. 78f. 

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

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–13766 Filed 6–7–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62206; File No. SR–ISE– 

2010–56] 

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 

June 2, 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 May 28, 

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 

Web site at 

http://www.ise.com, on the 

Commission’s Internet Web site at 

http://www.sec.gov, at ISE, 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 

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

On May xx, [sic] 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 pass through charges from 

other market centers.5 The changes 

made pursuant to SR–ISE–2010–55 

became operative on June 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 charges were changed 

pursuant to SR–ISE–2010–55, DECN 

wishes to make corresponding changes 

to the amounts it passes through to nonISE Member subscribers of DECN for 

which it acts as introducing broker. As 

a result, the per share amounts that nonISE 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 an 

effective date of June 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 be 

charged equivalent amounts and that 

the imposition of such amounts will 

begin on the same June 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,6

in general, and furthers the objectives of 

Section 6(b)(4),7 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 


emcdonald on DSK2BSOYB1PROD with NOTICES
Federal Register / Vol. 75, No. 109 / Tuesday, June 8, 2010 / Notices 32529 

8 In approving this proposal, the Commission has 

considered its impact on efficiency, competition, 

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

9 15 U.S.C. 78f(b)(4). 

10 15 U.S.C. 78s(b)(2). 

11 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–ISE–2010–56 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–2010–56. 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, 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–2010–56 and should be 

submitted on or before June 29, 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.8 Specifically, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(4) 9 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– 

2010–55 (the ‘‘Member Fee Filing’’). The 

fee change made pursuant to the 

Member Fee Filing became operative on 

June 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 

beginning on June 1, 2010, will allow 

DECN to pass through the revised fee 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 

charge fees to non-ISE member 

subscribers that are equivalent to those 

established for ISE member subscribers 

in the Member Fee Filing. 

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 fee established 

for ISE member subscribers in the 

Member Fee Filing, resulting in 

equivalent fees for ISE member and nonmember subscribers. In addition, 

because the proposal will apply the 

revised fee beginning on June 1, 2010, 

the revised 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,10 that the 

proposed rule change (SR–ISE–2010–56) 

is approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–13767 Filed 6–7–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62209; File No. SR– 

NYSEArca–2010–42] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Arca, Inc. Amending Rule 6.82 

June 2, 2010. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on May 18, 

2010, NYSE Arca, Inc. (‘‘NYSE Arca’’ or 

the ‘‘Exchange’’) 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 Exchange proposes to amend 

Rule 6.82 by revising the minimum 

financial requirements of Lead Market 

Makers. The text of the proposed rule 

change is below. Proposed new 

language is italicized; proposed 

deletions are in brackets: 

Rules of NYSE Arca, Inc. 

* * * * * 

Rule 6.82. Lead Market Makers 

(a)–(b) No Change 

(c) Obligations of Lead Market 

Makers: 

Each LMM must meet the following 

obligations: 

(1)–(11) No Change 

(12) Maintain a cash or liquid asset 

position of at least $1,000,000. 

[$350,000, plus $25,000 for each issue 

over 8 issues that has been allocated to 

the LMM.] In the event that two or more 

LMMs are associated with each other 

and deal for the same LMM account, 

this requirement will apply to such 

LMMs collectively, rather than to each 

LMM individually; 

(13)–(14) No Change 

(d)–(h) No Change 

* * * * * 


emcdonald on DSK2BSOYB1PROD with NOTICES