69974 Federal Register / Vol. 79, No. 226 / Monday, November 24, 2014 / Notices 

73 15 U.S.C. 78f(b)(5). 

74 Id. 

75 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 3See Supplementary Material .02(a) to Rule 504. 

4See Supplementary Material .02 to Rule 504. 

5See Supplementary Material .12 to Rule 504. 

6 Id. 

7See Rule 504(g). 

8 Id. The term ‘‘primary market’’ is defined in ISE 

Rule 100(a)(37) as the principal market in which an 

underlying security is traded. 

commencement of trading on the 

Exchange. 

(11) The Fund will include 

appropriate risk disclosure in its 

offering documents, which will be 

available on the Commission’s Web site 

and on the Fund’s Web site, 

www.realityshares.com. 

This approval order is based on all of 

the Exchange’s representations, 

including those set forth above and in 

the Notice, and the Exchange’s 

description of the Fund. 

For the foregoing reasons, the 

Commission finds that the proposed 

rule change, as modified by 

Amendments No. 1 and No. 2 thereto, 

is consistent with Section 6(b)(5) of the 

Act 73 and the rules and regulations 

thereunder applicable to a national 

securities exchange. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,74 that the 

proposed rule change (SR–Nasdaq– 

2014–038), as modified by Amendments 

No. 1 and No. 2 thereto, be, and it 

hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.75

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27711 Filed 11–21–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73633; File No. SR–ISE– 

2014–52] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing of Proposed Rule 

Change Regarding the Short Term 

Option Series Program 

November 18, 2014. 

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 

November 6, 2014 the International 

Securities Exchange, LLC (the 

‘‘Exchange’’ or the ‘‘ISE’’) filed with the 

Securities and Exchange Commission 

the proposed rule change, as described 

in Items I, II, and III 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The ISE proposes to amend its rules 

governing the Short Term Option Series 

Program to extend current $0.50 strike 

price intervals in non-index options to 

short term options with strike prices 

less than $100. 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. 

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 proposes to amend its 

rules governing the Short Term Option 

Series Program to introduce finer strike 

price intervals for certain short term 

options. In particular, the Exchange 

proposes to amend Supplementary 

Material .12 to Rule 504 to extend $0.50 

strike price intervals in non-index 

options to short term options with strike 

prices less than $100 instead of the 

current $75. This proposed change is 

intended to eliminate gapped strikes 

between $75 and $100 that result from 

conflicting strike price parameters 

under the Short Term Option Series and 

$2.50 Strike Price Programs as described 

in more detail below. 

Under the ISE’s rules, the Exchange 

may list short term options in up to fifty 

option classes in addition to option 

classes that are selected by other 

securities exchanges that employ a 

similar program under their respective 

rules.3 On any Thursday or Friday that 

is a business day, the Exchange may list 

short term option series in designated 

option classes that expire at the close of 

business on each of the next five Fridays 

that are business days and are not 

Fridays in which monthly or quarterly 

options expire.4 These short term option 

series trade in $0.50, $1, or $2.50 strike 

price intervals depending on the strike 

price and whether the option trades in 

dollar increments in the related monthly 

expiration.5 Specifically, short term 

options in non-index option classes 

admitted to the Short Term Options 

Series Program currently trade in: (1) 

$0.50 intervals [sic] for strike prices less 

than $75, or for option classes that trade 

in one dollar increments in the related 

monthly expiration option; (2) $1 

intervals [sic] for strike prices that are 

between $75 and $150; and (3) $2.50 

intervals [sic] for strike prices above 

$150.6

The ISE also operates a $2.50 Strike 

Price Program that permits the Exchange 

to select up to sixty options classes on 

individual stocks to trade in $2.50 strike 

price intervals, in addition to option 

classes selected by other securities 

exchanges that employ a similar 

program under their respective rules.7

Monthly expiration options in classes 

admitted to the $2.50 Strike Price 

Program trade in $2.50 intervals where 

the strike price is (1) greater than $25 

but less than $50; or (2) between $50 

and $100 if the strikes are no more than 

$10 from the closing price of the 

underlying stock in its primary market 

on the preceding day.8 These strike 

price parameters conflict with strike 

prices allowed for short term options as 

dollar strikes between $75 and $100 

otherwise allowed under the Short Term 

Option Series Program may be within 

$0.50 of strikes listed pursuant to the 

$2.50 Strike Price Program. In order to 

remedy this conflict, the Exchange 

proposes to extend the $0.50 strike price 

intervals currently allowed for short 

term options with strike prices less than 

$75 to short term options with strike 

prices less than $100. With this 

proposed change, short term options in 

non-index option classes will trade in: 

(1) $0.50 intervals [sic] for strike prices 

less than $100, or for option classes that 

trade in one dollar increments in the 

related monthly expiration option; (2) 

$1 intervals [sic] for strike prices that 

are between $100 and $150; and (3) 

$2.50 intervals [sic] for strike prices 

above $150. 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 226 / Monday, November 24, 2014 / Notices 69975 

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

10 15 U.S.C. 78f(b)(5). 11See Supplementary Material .02(e) to Rule 504. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder that 

are applicable to a national securities 

exchange, and, in particular, with the 

requirements of Section 6(b) of the Act.9

In particular, the proposal is consistent 

with Section 6(b)(5) of the Act,10

because is 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 

general, to protect investors and the 

public interest. 

During the month prior to expiration, 

the Exchange is permitted to list related 

monthly option contracts in the 

narrower strike price intervals available 

for short term option series.11 After 

transitioning to short term strike price 

intervals, however, monthly options 

that trade in $2.50 intervals between 

$50 and $100 under the $2.50 Strike 

Price Program, trade with dollar strikes 

between $75 and $150. Due the overlap 

of $1 and $2.50 intervals, the Exchange 

cannot list certain dollar strikes between 

$75 and $100 that conflict with the prior 

$2.50 strikes. For example, if the 

Exchange initially listed monthly 

options on ABC with $75, $77.50, and 

$80 strikes, the Exchange could list the 

$76 and $79 strikes when these 

transition to short term intervals. The 

Exchange would not be permitted to list 

the $77 and $78 strikes, however, as 

these are $0.50 away from the $77.50 

strike already listed on the Exchange. 

This creates gapped strikes between $75 

and $100, where investors are not able 

to trade otherwise allowable dollar 

strikes on the Exchange. Similarly, these 

conflicting strike price parameters 

create issues for investors who want to 

roll their positions from monthly to 

weekly expirations. In the example 

above, for instance, an investor that 

purchased a monthly ABC option with 

a $77.50 strike price would not be able 

to roll that position into a later short 

term expiration with the same strike 

price as that strike is unavailable under 

current Short Term Option Series 

Program rules. Permitting $0.50 

intervals for short term options up to 

$100 would remedy both of these issues 

as strikes allowed under the $2.50 Strike 

Price Program would not conflict with 

the finer $0.50 strike price interval. 

The Short Term Option Series 

Program has been well-received by 

market participants and the Exchange 

believes that introducing finer strike 

price intervals for short term options 

with strike prices between $75 and 

$100, and thereby eliminating the 

gapped strikes described above, will 

benefit these market participants by 

giving them more flexibility to closely 

tailor their investment and hedging 

decisions. 

With regard to the impact of this 

proposal on system capacity, the 

Exchange has analyzed its capacity and 

represents that it and the Options Price 

Reporting Authority (‘‘OPRA’’) have the 

necessary systems capacity to handle 

any potential additional traffic 

associated with this proposed rule 

change. The Exchange believes that its 

members will not have a capacity issue 

as a result of this proposal. The 

Exchange also represents that it does not 

believe this expansion will cause 

fragmentation of liquidity. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange 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. To the 

contrary, the Exchange believes that the 

proposed rule change will result in 

additional investment options and 

opportunities to achieve the investment 

objectives of market participants seeking 

efficient trading and hedging vehicles, 

to the benefit of investors, market 

participants, and the marketplace in 

general. 

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 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(a) By order approve or disapprove 

such proposed rule change, or 

(b) institute proceedings to determine 

whether the proposed rule change 

should be 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–2014–52 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–2014–52. 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 

10:00 a.m. and 3:00 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– 

2014–52 and should be submitted on or 

before December 15, 2014. 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
69976 Federal Register / Vol. 79, No. 226 / Monday, November 24, 2014 / Notices 

12 17 CFR 200.30–3(a)(12). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27709 Filed 11–21–14; 8:45 am] 

BILLING CODE 8011–01–P 

OFFICE OF THE UNITED STATES 

TRADE REPRESENTATIVE 

Notice of Meeting of the Industry Trade 

Advisory Committee on Small and 

Minority Business (ITAC–11) 

AGENCY: Office of the United States 

Trade Representative. 

ACTION: Notice of a Partially Open 

Meeting. 

SUMMARY: The Industry Trade Advisory 

Committee on Small and Minority 

Business (ITAC–11) will hold a meeting 

on Monday, December 8, 2014. The 

meeting will be open to the public from 

1:00 p.m. to 3:30 p.m. 

DATES: The meeting is scheduled for 

December 8, 2014, unless otherwise 

notified. 

ADDRESSES: The meeting will be held at 

the U.S. Department of Commerce, 1401 

Constitution Avenue NW., Room 1412, 

Washington, DC 20230. 

FOR FURTHER INFORMATION CONTACT: 

Laura Hellstern, DFO for ITAC–11 at 

(202) 482–3222, Department of 

Commerce, 1401 Constitution Avenue 

NW., Washington, DC 20230. 

SUPPLEMENTARY INFORMATION: The open 

agenda topics to be discussed are the 

Export-Import Bank Reauthorization 

and the International Trade 

Administration’s Trade Barrier 

Reduction Efforts for U.S. Businesses. 

Luis Jimenez, 

Acting Assistant U.S. Trade Representative, 

for Intergovernmental Affairs and Public 

Engagement. 

[FR Doc. 2014–27735 Filed 11–21–14; 8:45 am] 

BILLING CODE 3290–F5–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Agency Information Collection 

Activities: Requests for Comments; 

Clearance of Renewed Approval of 

Information Collection: Commercial 

Space Transportation Reusable 

Launch Vehicle and Reentry Licensing 

Regulation 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice and request for 

comments. 

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995, FAA 

invites public comments about our 

intention to request the Office of 

Management and Budget (OMB) 

approval to renew an information 

collection. The Federal Register Notice 

with a 60-day comment period soliciting 

comments on the following collection of 

information was published on 

September 9, 2014. The information is 

used to determine if applicants satisfy 

requirements for obtaining a launch 

license to protect the public from risks 

associated with reentry operations from 

a site not operated by or situated on a 

Federal launch range. 

DATES: Written comments should be 

submitted by December 24, 2014. 

ADDRESSES: Interested persons are 

invited to submit written comments on 

the proposed information collection to 

the Office of Information and Regulatory 

Affairs, Office of Management and 

Budget. Comments should be addressed 

to the attention of the Desk Officer, 

Department of Transportation/FAA, and 

sent via electronic mail to oira_

submission@omb.eop.gov, or faxed to 

(202) 395–6974, or mailed to the Office 

of Information and Regulatory Affairs, 

Office of Management and Budget, 

Docket Library, Room 10102, 725 17th 

Street NW., Washington, DC 20503. 

Public Comments Invited: You are 

asked to comment on any aspect of this 

information collection, including (a) 

Whether the proposed collection of 

information is necessary for FAA’s 

performance; (b) the accuracy of the 

estimated burden; (c) ways for FAA to 

enhance the quality, utility and clarity 

of the information collection; and (d) 

ways that the burden could be 

minimized without reducing the quality 

of the collected information. The agency 

will summarize and/or include your 

comments in the request for OMB’s 

clearance of this information collection. 

FOR FURTHER INFORMATION CONTACT: 

Kathy DePaepe at (405) 954–9362, or by 

email at: Kathy.DePaepe@faa.gov. 

SUPPLEMENTARY INFORMATION: 

OMB Control Number: 2120–0643. 

Title: Commercial Space 

Transportation Reusable Launch 

Vehicle and Reentry Licensing 

Regulation. 

Form Numbers: There are no FAA 

forms associated with this collection. 

Type of Review: Renewal of an 

information collection. 

Background: The Federal Register 

Notice with a 60-day comment period 

soliciting comments on the following 

collection of information was published 

on September 9, 2014 (79 FR 53507). 

The data is necessary for a U.S. citizen 

to apply for and obtain a reusable 

launch vehicle (RLV) mission license or 

a reentry license for activities by 

commercial or non-federal entities (that 

are not done by or for the U.S. 

Government) as defined and required by 

51 U.S.C. 509, as amended. The 

information is needed to demonstrate to 

the FAA Office of Commercial Space 

Transportation (FAA/AST) that the 

proposed activity meets applicable 

public safety, national security, and 

foreign policy interests of the United 

States. 

Respondents: Approximately 6 

applicants. 

Frequency: Information is collected 

on occasion. 

Estimated Average Burden per 

Response: 5,000 hours. 

Estimated Total Annual Burden: 

30,000 hours. 

Issued in Washington, DC, on November 

18, 2014. 

Yvette Landers, 

Manager, IT Strategy, Policy, & Business 

Planning Division, ASP–100. 

[FR Doc. 2014–27802 Filed 11–21–14; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Agency Information Collection 

Activities: Requests for Comments; 

Clearance of Renewed Approval of 

Information Collection: General 

Operating and Flight Rules 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice and request for 

comments. 

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995, FAA 

invites public comments about our 

intention to request the Office of 

Management and Budget (OMB) 

approval to renew an information 

collection. The Federal Register Notice 

with a 60-day comment period soliciting 

comments on the following collection of 

information was published on 

September 3, 2014. Part A of Subtitle VII 

of the Revised Title 49 U.S.C. authorizes 

the issuance of regulations governing 

the use of navigable airspace. 

Information is collected to determine 

compliance with Federal regulations. 

Respondents are individual airmen, 

state or local governments, and 

businesses. 


asabaliauskas on DSK5VPTVN1PROD with NOTICES