Document ID: SEC-2007-1646-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: International Securities Exchange, LLC
Posted Date: 2007-12-06T05:00Z

[Federal Register: December 6, 2007 (Volume 72, Number 234)]
[Notices]               
[Page 68926-68930]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr06de07-102]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56866; File No. SR-ISE-2007-102]

 
Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Order Granting Accelerated Approval of 
Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Permit 
Trading of Shares of 93 Funds of the ProShares Trust Pursuant to 
Unlisted Trading Privileges

November 29, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on October 25, 2007, the International Securities Exchange, LLC 
(``Exchange'' or ``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 substantially prepared by 
the Exchange. On November 29, 2007, ISE filed Amendment No. 1 to the 
proposed rule change.\3\ This order provides notice of the proposed 
rule change and approves the proposal, as modified by Amendment No. 1, 
on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 supersedes and replaces the original filing 
in its entirety.

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[[Page 68927]]

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to trade shares (``Shares'') of the 93 funds 
identified below (collectively, ``Funds'') of the ProShares Trust 
pursuant to unlisted trading privileges (``UTP'').
    The text of the proposed rule change is available on the Exchange's 
Web site (http://www.ise.com), at the Exchange's principal office, 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, ISE 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 Exchange 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
    ISE proposes to trade pursuant to UTP the Shares of the 93 Funds, 
which are exchange-traded funds (``ETFs''). The Commission has 
previously approved the listing and trading of those ETFs on the 
American Stock Exchange LLC (``Amex''). The Exchange is submitting this 
filing because its current generic listing standards for ETFs do not 
extend to ETFs where the investment objective corresponds to a 
specified multiple of the performance, or the inverse performance, of 
an index that underlies a Fund (each such index is referred to below as 
an ``Underlying Index''), rather than merely mirroring the performance 
of the index. These Shares are currently trading on Amex, NYSE Arca, 
and Nasdaq. The Funds are referred to as Ultra Funds, Short Funds, and 
UltraShort Funds, as described more fully below.
Ultra Funds
    Certain Funds seek daily investment results, before fees and 
expenses, that correspond to twice (200%) the daily performance of the 
Underlying Indexes (``Ultra Funds''). If such a Fund meets its 
objective, the net asset value (``NAV'') \4\ of the Shares of the Fund 
should increase (on a percentage basis) approximately twice as much as 
the Fund's Underlying Index when the prices of the securities in such 
Index increase on a given day, and should lose approximately twice as 
much when such prices decline on a given day. This filing applies to 
the following Ultra Funds:
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    \4\ NAV per Share of each Fund is computed by dividing the value 
of the net assets of such Fund (i.e., the value of its total assets 
less total liabilities) by its total number of Shares outstanding. 
Expenses and fees are accrued daily and taken into account for 
purposes of determining NAV.
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     Four Ultra Funds, the listing and trading of which on Amex 
were approved by the Commission on May 10, 2006: \5\ (1) Ultra S&P 500, 
(2) Ultra Nasdaq-100, (3) Ultra Dow 30, and (4) Ultra S&P Mid-Cap 400; 
and
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    \5\ See Securities Exchange Act Release No. 54040 (June 23, 
2006), 71 FR 37629 (June 30, 2006) (SR-Amex-2006-41). The Commission 
approved the UTP trading of these Funds on NYSE Arca and Nasdaq. See 
Securities Exchange Act Release No. 54045 (June 26, 2006), 71 FR 
37971 (July 3, 2006) (SR-PCX-2005-115); Securities Exchange Act 
Release No. 55353 (February 26, 2007), 72 FR 9802 (March 5, 2007) 
(SR-Nasdaq-2007-011).
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     27 Ultra Funds, the listing and trading of which on Amex 
were approved by the Commission on January 17, 2007: \6\ (1) Ultra 
Russell 2000, (2) Ultra S&P SmallCap 600, (3) Ultra S&P500/Citigroup 
Value, (4) Ultra S&P500/Citigroup Growth, (5) Ultra S&P MidCap 400/
Citigroup Value, (6) Ultra S&P MidCap 400/Citigroup Growth, (7) Ultra 
S&P SmallCap 600/Citigroup Value, (8) Ultra S&P SmallCap 600/Citigroup 
Growth, (9) Ultra Basic Materials, (10) Ultra Consumer Goods, (11) 
Ultra Consumer Services, (12) Ultra Financials, (13) Ultra Health Care, 
(14) Ultra Industrials, (15) Ultra Oil & Gas, (16) Ultra Real Estate, 
(17) Ultra Semiconductors, (18) Ultra Technology, (19) Ultra Utilities, 
(20) Ultra Russell Midcap Index, (21) Ultra Russell Midcap Growth 
Index, (22) Ultra Russell Midcap Value Index, (23) Ultra Russell 1000 
Index, (24) Ultra Russell 1000 Growth Index, (25) Ultra Russell 1000 
Value Index, (26) Ultra Russell 2000 Growth Index, and (27) Ultra 
Russell 2000 Value Index.
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    \6\ See Securities Exchange Act Release No. 55117 (January 17, 
2007), 72 FR 3442 (January 25, 2007) (SR-Amex-2006-101). 
Subsequently, the Commission approved the UTP trading of these Funds 
on NYSE Arca. See Securities Exchange Act Release No. 55125 (January 
18, 2007), 72 FR 3462 (January 25, 2007) (SR-NYSEArca-2007-87) (SR-
NYSEArca-2006-87).
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Short Funds
    ISE also proposes to trade Shares of certain Funds that seek daily 
investment results, before fees and expenses, that correspond to the 
inverse or opposite of the daily performance (-100%) of the Underlying 
Indexes (``Short Funds''). If such a Fund is successful in meeting its 
objective, the NAV of the corresponding Shares should increase 
approximately as much (on a percentage basis) as the respective 
Underlying Index loses when the prices of the securities in the Index 
decline on a given day, or should decrease approximately as much as the 
respective Index gains when prices in the Index rise on a given day. 
This filing applies to the following Short Funds:
     Four Short Funds, the listing and trading of which on Amex 
were approved by the Commission on May 10, 2006: \7\ (1) Short S&P 500, 
(2) Short Nasdaq-100, (3) Short Dow 30, and (4) Short S&P Mid-Cap 400; 
and
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    \7\ See supra note 4.
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     27 Short Funds, the listing and trading of which on Amex 
were approved by the Commission on January 17, 2007: \8\ (1) Short 
Russell 2000, (2) Short S&P SmallCap 600, (3) Short S&P500/Citigroup 
Value, (4) Short S&P500/Citigroup Growth, (5) Short S&P MidCap 400/
Citigroup Value, (6) Short S&P MidCap 400/Citigroup Growth, (7) Short 
S&P SmallCap 600/Citigroup Value, (8) Short S&P SmallCap 600/Citigroup 
Growth, (9) Short Basic Materials, (10) Short Consumer Goods, (11) 
Short Consumer Services, (12) Short Financials, (13) Short Health Care, 
(14) Short Industrials, (15) Short Oil & Gas, (16) Short Real Estate, 
(17) Short Semiconductors, (18) Short Technology, (19) Short Utilities, 
(20) Short Russell Midcap Index, (21) Short Russell Midcap Growth 
Index, (22) Short Russell Midcap Value Index, (23) Short Russell 1000 
Index, (24) Short Russell 1000 Growth Index, (25) Short Russell 1000 
Value Index, (26) Short Russell 2000 Growth Index, and (27) Short 
Russell 2000 Value Index.
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    \8\ See supra note 5.
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UltraShort Funds
    ISE also proposes to trade Shares of certain Funds that seek daily 
investment results, before fees and expenses, that correspond to twice 
the inverse (-200%) of the daily performance of the Underlying Indexes 
(``UltraShort Funds''). If such a Fund is successful in meeting its 
objective, the NAV of the corresponding Shares should increase 
approximately twice as much (on a percentage basis) as the respective 
Underlying Index loses when the prices of the securities in the Index 
decline on a given day, or should decrease approximately twice as much 
as the respective Underlying Index gains when such prices rise on a 
given day. This

[[Page 68928]]

filing applies to the following UltraShort Funds:
     Four UltraShort Funds, the listing and trading of which on 
Amex were approved by the Commission on June 23, 2006: \9\ (1) 
UltraShort S&P 500, (2) UltraShort Nasdaq-100, (3) UltraShort Dow 30, 
and (4) UltraShort S&P Mid-Cap 400; and
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    \9\ See supra note 5.
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     27 UltraShort Funds, the listing and trading of which on 
Amex were approved by the Commission on January 17, 2007: \10\ (1) 
UltraShort Russell 2000, (2) UltraShort S&P SmallCap 600, (3) 
UltraShort S&P500/Citigroup Value, (4) UltraShort S&P500/Citigroup 
Growth, (5) UltraShort S&P MidCap 400/Citigroup Value, (6) UltraShort 
S&P MidCap 400/Citigroup Growth, (7) UltraShort S&P SmallCap 600/
Citigroup Value, (8) UltraShort S&P SmallCap 600/Citigroup Growth, (9) 
UltraShort Basic Materials, (10) UltraShort Consumer Goods, (11) 
UltraShort Consumer Services, (12) UltraShort Financials, (13) 
UltraShort Health Care, (14) UltraShort Industrials, (15) UltraShort 
Oil & Gas, (16) UltraShort Real Estate, (17) UltraShort Semiconductors, 
(18) UltraShort Technology, (19) UltraShort Utilities, (20) UltraShort 
Russell Midcap Index, (21) UltraShort Russell Midcap Growth Index, (22) 
UltraShort Russell Midcap Value Index, (23) UltraShort Russell 1000 
Index, (24) UltraShort Russell 1000 Growth Index, (25) UltraShort 
Russell 1000 Value Index, (26) UltraShort Russell 2000 Growth Index, 
and (27) UltraShort Russell 2000 Value Index.
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    \10\ See id.
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    Access to the current portfolio composition of each Fund is 
currently available through the Trust's Web site (http://www.proshares.com
).\11\ The Underlying Indexes are identified in the 

filings in which Amex proposed to list and trade the Funds (the 
``Original Filings'').\12\ The Original Filings state that Amex would 
disseminate for each Fund on a daily basis by means of Consolidated 
Tape Association (``CTA'') and CQ High Speed Lines information with 
respect to an Indicative Intra-Day Value (``IIV''), quotations for and 
last-sale information concerning the Shares, the recent NAV, the number 
of shares outstanding, and the estimated cash amount and total cash 
amount per Creation Unit. Amex will make available on its Web site the 
daily trading volume, closing price, NAV, and final dividend amounts, 
if any, to be paid for each Fund. The NAV of each Fund is calculated 
and determined each business day at the close of regular trading, 
typically 4 p.m. Eastern Time (``ET''). The NAV would be calculated and 
disseminated at the same time to all market participants.\13\
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    \11\ The Trust's Web site is publicly accessible at no charge 
and contains the following information for each Fund's Shares: (1) 
The prior business day's closing NAV, the reported closing price, 
and a calculation of the premium or discount of such price in 
relation to the closing NAV; (2) data for a period covering at least 
the current and three immediately preceding calendar quarters (or 
the life of a Fund, if shorter) indicating how frequently each 
Fund's Shares traded at a premium or discount to NAV based on the 
daily closing price and the closing NAV, and the magnitude of such 
premiums and discounts; (3) its prospectus and product description; 
and (4) other quantitative information such as daily trading volume. 
The prospectus and/or product description for each Fund would inform 
investors that the Trust's Web site has information about the 
premiums and discounts at which the Fund's Shares have traded.
    \12\ See supra notes 4 and 5.
    \13\ The Original Filings explain that, if the IIV is not 
disseminated as required, Amex would halt trading in the shares of 
the Funds. If Amex halts trading for this reason, then ISE would 
halt trading in the Shares immediately, as set forth in ISE Rule 
2123(e).
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    The Original Filings state that the daily closing index value and 
the percentage change in the daily closing index value for each 
Underlying Index would be publicly available on various Web sites such 
as http://www.bloomberg.com. The Original Filings further state that 

data regarding each Underlying Index is also available from the 
respective index provider to subscribers. According to the Original 
Filings, several independent data vendors package and disseminate index 
data in various value-added formats (including vendors displaying both 
securities and index levels and vendors displaying index levels only).
    The Original Filings state that the value of each Underlying Index 
is updated intra-day on a real-time basis as its individual component 
securities change in price, and the intra-day values of each Underlying 
Index are disseminated at least every 15 seconds throughout Amex's 
trading day by Amex or another organization authorized by the relevant 
Underlying Index provider.
    To provide updated information relating to each Fund for use by 
investors, professionals, and persons wishing to create or redeem 
Shares, Amex disseminates through the facilities of the CTA: (1) 
Continuously throughout Amex's trading day, the market value of a 
Share; and (2) at least every 15 seconds throughout Amex's trading day, 
the IIV as calculated by Amex.
    Shares would trade on ISE from 9:30 a.m. ET until 4:15 p.m. ET. ISE 
would halt trading in the Shares of a Fund under the conditions 
specified in ISE Rules 702, 703, and 2123. The conditions for a halt 
include a regulatory halt by the listing market. UTP trading in the 
Shares will also be governed by provisions of ISE Rule 2123 relating to 
temporary interruptions in the calculation or wide dissemination of the 
IIV or the value of the Underlying Index. Additionally, ISE may cease 
trading the Shares if other unusual conditions or circumstances exist 
which, in the opinion of ISE, makes further dealings on ISE detrimental 
to the maintenance of a fair and orderly market. ISE will also follow 
any procedures with respect to trading halts as set forth in ISE rules.
    The Exchange proposes to amend ISE Rule 2123 to add a subparagraph 
addressing the suitability responsibilities of Equity Electronic Access 
Members (``EAMs'') in recommending these Funds to customers. 
Specifically, proposed Rule 2123(l) would require an Equity EAM to have 
reasonable grounds for believing that the recommendation of any 
transaction for the purchase, sale, or exchange of any of these Funds 
is suitable for its customer. An Equity EAM shall base its 
determination of suitability upon the basis of the information 
furnished by such customer after reasonable inquiry concerning the 
customer's investment objectives, tax status, financial situation, and 
needs, and any other information known by such Equity EAM.
    Prior to the commencement of trading, the Exchange will inform 
Equity EAMs in a Regulatory Information Circular (``RIC'') of the 
special characteristics and risks associated with trading the Shares. 
Specifically, the RIC will discuss the following: (1) The procedures 
for purchases and redemptions of Shares in Creation Unit Aggregations 
(and that Shares are not individually redeemable); (2) proposed ISE 
Rule 2132(l), which imposes a duty of due diligence on Equity EAMs to 
learn the essential facts relating to every customer prior to trading 
the Shares; (3) how information regarding the IIV is disseminated; (4) 
the requirement that Equity EAMs deliver a prospectus to investors 
purchasing newly issued Shares prior to or concurrently with a 
transaction; and (5) trading information.
    In addition, the RIC will reference that the Fund is subject to 
various fees and expenses described in the Registration Statement. The 
RIC will also discuss any exemptive, no-action, and/or interpretive 
relief granted by the Commission from the Act and rules under the Act.

[[Page 68929]]

    The RIC will also disclose that the NAV for the Shares will be 
calculated after 4 p.m. ET each trading day.
    The Exchange intends to utilize its existing surveillance 
procedures applicable to equities to monitor trading in the Shares. The 
Exchange represents that these procedures are adequate to properly 
monitor Exchange trading of the Shares and to deter and detect 
violations of Exchange rules. The Exchange's current trading 
surveillance focuses on detecting securities trading outside their 
normal patterns. When such situations are detected, surveillance 
analysis follows and investigations are opened, where appropriate, to 
review the behavior of all relevant parties for all relevant trading 
violations. Additionally, the Exchange may obtain information via the 
Intermarket Surveillance Group (``ISG'') from other exchanges who are 
members or affiliates of the ISG.\14\ The Exchange also has a general 
policy prohibiting the distribution of material, non-public information 
by employees.
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    \14\ For a list of the current members and affiliate members of 
ISG, see http://www.isgportal.com.

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2. Statutory Basis
    The statutory basis under the Act for this proposed rule change is 
found in Section 6(b)(5),\15\ in that the proposed rule change 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.
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    \15\ 15 U.S.C. 78f(b)(5).
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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 rule-comments@sec.gov. Please include 

File Number SR-ISE-2007-102 on 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 Number SR-ISE-2007-102. 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 inspection and 
copying 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 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-2007-102 and should be 
submitted on or before December 27, 2007.

IV. Commission's Findings and Order Granting Accelerated Approval of 
the Proposed Rule Change

    After careful review, 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.\16\ In particular, the Commission finds that the proposed 
rule change is consistent with Section 6(b)(5) of the Act, which 
requires that an exchange have rules designed, among other things, to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and in general to protect investors and the public 
interest. The Commission believes that this proposal should benefit 
investors by increasing competition among markets that trade the 
Shares.
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    \16\ In approving this rule change, the Commission notes that it 
has considered the proposal's impact on efficiency, competition, and 
capital formation. See 15 U.S.C. 78c(f).
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    In addition, the Commission finds that the proposal is consistent 
with Section 12(f) of the Act,\17\ which permits an exchange to trade, 
pursuant to UTP, a security that is listed and registered on another 
exchange.\18\ The Commission notes that it previously approved the 
listing and trading of the Shares on Amex.\19\ The Commission also 
finds that the proposal is consistent with Rule 12f-5 under the 
Act,\20\ which provides that an exchange shall not extend UTP to a 
security unless the exchange has in effect a rule or rules providing 
for transactions in the class or type of security to which the exchange 
extends UTP. The Exchange has represented that it meets this 
requirement because it deems the Shares to be equity securities, thus 
rendering trading in the Shares subject to the Exchange's existing 
rules governing the trading of equity securities.
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    \17\ 15 U.S.C. 78l(f).
    \18\ Section 12(a) of the Act, 15 U.S.C. 78l(a), generally 
prohibits a broker-dealer from trading a security on a national 
securities exchange unless the security is registered on that 
exchange pursuant to Section 12 of the Act. Section 12(f) of the Act 
excludes from this restriction trading in any security to which an 
exchange ``extends UTP.'' When an exchange extends UTP to a 
security, it allows its members to trade the security as if it were 
listed and registered on the exchange even though it is not so 
listed and registered.
    \19\ See supra notes 5 and 6.
    \20\ 17 CFR 240.12f-5.
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    The Commission further believes that the proposal is consistent 
with Section 11A(a)(1)(C)(iii) of the Act,\21\ which sets forth 
Congress's finding that it is in the public interest and appropriate 
for the protection of investors and the maintenance of fair and orderly 
markets to assure the availability to brokers, dealers, and investors 
of information with respect to quotations for and transactions in 
securities. Quotations for and last-sale information regarding the 
Shares are disseminated through the facilities of the CTA and the 
Consolidated Quotation System. Furthermore, the IIV, updated to reflect 
changes in currency exchange rates, is

[[Page 68930]]

calculated by Amex and published via the facilities of the CTA on a 15-
second delayed basis throughout ISE's trading hours. As mentioned 
above, the Trust's Web site provides information relating to the value 
of the Shares such as the prior business day's closing NAV, the 
reported closing price, and daily trading volume.
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    \21\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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    The Commission also believes that the Exchange's trading halt rules 
are reasonably designed to prevent trading in the Shares when 
transparency is impaired. If the listing market halts trading when the 
IIV is not being calculated or disseminated, the Exchange would halt 
trading in the Shares pursuant to ISE Rule 2123(e).
    The Commission notes that, if the Shares should be delisted by the 
listing exchange, the Exchange would no longer have authority to trade 
the Shares pursuant to this order.
    In support of this proposal, the Exchange has made the following 
representations:
    1. The Exchange believes that its surveillance procedures are 
adequate to properly monitor Exchange trading of the Shares in all 
trading sessions and to deter and detect violations of Exchange rules.
    2. Prior to the commencement of trading, the Exchange would inform 
EAMs in a Regulatory Information Circular of the special 
characteristics and risks associated with trading the Shares.
    3. ISE would require its members to deliver a prospectus or product 
description to investors purchasing the Shares prior to or concurrently 
with a transaction in the Shares.
    This approval order is based on the Exchange's representations.
    The Commission finds good cause for approving this proposal before 
the thirtieth day after the publication of notice thereof in the 
Federal Register. As noted previously, the Commission previously found 
that the listing and trading of the Shares on Amex is consistent with 
the Act and that the trading of the Shares pursuant to UTP by NYSE Arca 
and Nasdaq is consistent with the Act.\22\ The Commission presently is 
not aware of any regulatory issue that should cause it to revisit these 
findings or would preclude the trading of the Shares on the Exchange 
pursuant to UTP. Therefore, accelerating approval of this proposal 
should benefit investors by creating, without undue delay, additional 
competition in the market for the Shares.
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    \22\ See supra at notes 5 and 6.
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V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\23\ that the proposed rule change (SR-ISE-2007-102) as modified by 
Amendment No. 1, be, and hereby is, approved on an accelerated basis.
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    \23\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-23611 Filed 12-5-07; 8:45 am]

BILLING CODE 8011-01-P