Document ID: SEC-2007-1214-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: International Securities Exchange, LLC
Posted Date: 2007-08-30T04:00Z

[Federal Register: August 30, 2007 (Volume 72, Number 168)]
[Notices]               
[Page 50148-50149]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30au07-65]                         

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56315; File No. SR-ISE-2007-58]

 
Self-Regulatory Organizations; International Securities Exchange, 
LLC; Order Approving a Proposed Rule Change Relating to ISEE Select 
Market Data Fees

August 24, 2007.
    On July 6, 2007, the International Securities Exchange, LLC 
(``ISE'' or ``Exchange'') 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 amend its Schedule of Fees to 
adopt a subscription fee for an enhanced sentiment market data 
offering. The proposed rule change was published for comment in the 
Federal Register on July 25, 2007.\3\ The Commission received no 
comments on the proposal. This order approves the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 56093 (July 18, 
2007), 72 FR 40912.
---------------------------------------------------------------------------

I. Description of the Proposal

    The Exchange proposes to offer, to both member and non-member 
subscribers, a data feed that will provide a bulk delivery of ISEE 
Select\TM\ (``ISEE Select'') values.\4\ The existing ISEE Select 
browser application allows a subscriber to access ISEE Select values 
for up to five securities simultaneously; this proposal will allow 
subscribers to access numerous ISEE Select values simultaneously. The 
actual potential number of ISEE Select values accessible by this 
proposed data feed offering can range from one to more than 1,700.
---------------------------------------------------------------------------

    \4\ ISEE Select allows subscribers to identify bullish and 
bearish investor sentiment for nearly any issue traded on the 
Exchange by providing sentiment values for particular indices, 
industry sectors or individual stocks. These values are calculated 
three times per hour.
---------------------------------------------------------------------------

    The ISEE Select data feed will have a flat rate subscription fee 
based on a fixed number of end users that each subscriber allows to 
view the data, as follows: $0.10 Per end user, per month, for a minimum 
of 10,000 end users; $0.10 for each additional end user, per month, up 
to 74,999 end users, in increments of 5,000 end users; $0.084 per end 
user, per month, for redistribution from 75,000 to 199,999 end users, 
in increments of 5,000 end users; and $0.0825 per end user, per month, 
for redistribution to 200,000 or more end users, in minimum increments 
of 5,000 end users. An example of the monthly subscription fee for a 
subscriber with 100,000 end users is as follows:

------------------------------------------------------------------------
                                                Monthly fee  Monthly sub-
         Number of users per increment            per user      total
------------------------------------------------------------------------
10,000........................................         $.10       $1,000
10,001-74,999.................................          .10        6,500
75,000-100,000................................         .084        2,100
                                               -------------------------
    Monthly Total.............................  ...........        9,600
                                               -------------------------
    Average Fee per User......................  ...........         .096
------------------------------------------------------------------------

II. Discussion

    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.\5\ 
Specifically, the Commission finds that the proposal is consistent with 
Section 6(b)(4) of the Act, which requires that an exchange have an 
equitable allocation of reasonable dues, fees, and other charges among 
its members and other persons using its facilities. This proposed rule 
change will diversify ISEE Select offerings by allowing members and 
non-members to subscribe to a data feed of ISEE Select values at a flat 
rate subscription fee for redistribution to their customers. Further, 
we note that the fees are identical for members and non-members. As 
with other ISEE Select

[[Page 50149]]

products,\6\ this offering is purely optional; it is not necessary to 
subscribe to this service to trade options on the ISE.
---------------------------------------------------------------------------

    \5\ 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).
    \6\ See, e.g., Securities Exchange Act Release No. 54704 
(November 3, 2006), 71 FR 65859 (November 9, 2006) (SR-ISE-2006-44).
---------------------------------------------------------------------------

III. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule change (SR-ISE-2007-58) is approved.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
 [FR Doc. E7-17162 Filed 8-29-07; 8:45 am]

BILLING CODE 8010-01-P