Document ID: SEC-2012-1555-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: International Securities Exchange, LLC
Posted Date: 2012-09-20T04:00Z

[Federal Register Volume 77, Number 183 (Thursday, September 20, 2012)]
[Notices]
[Pages 58424-58428]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-23178]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67859; File No. SR-ISE-2012-72]

Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change To Amend the Exchange's Schedule of Fees Regarding Complex Order 
Rebates

September 14, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the

[[Page 58425]]

``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on September 4, 2012, the International Securities Exchange, LLC (the 
``Exchange'' or the ``ISE'') 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The ISE is proposing to amend its Schedule of Fees. 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 currently assesses per contract transaction fees and 
provides rebates to market participants that add or remove liquidity 
from the Exchange (``maker/taker fees and rebates'') in a number of 
options classes (the ``Select Symbols'').\3\ The Exchange's maker/taker 
fees and rebates are applicable to regular and complex orders executed 
in the Select Symbols and in the Special Non-Select Penny Pilot 
Symbols.\4\ The Exchange also currently assesses maker/taker fees and 
rebates for complex orders in symbols that are in the Penny Pilot 
program but are not a Select Symbol (``Non-Select Penny Pilot 
Symbols'') \5\ and for complex orders in all symbols that are not in 
the Penny Pilot Program (``Non-Penny Pilot Symbols'').\6\
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    \3\ Options classes subject to maker/taker fees and rebates are 
identified by their ticker symbol on the Exchange's Schedule of 
Fees.
    \4\ See Exchange Act Release Nos. 67201 (June 14, 2012), 77 FR 
37082 (June 20, 2012) (SR-ISE-2012-49); and 67627 (August 9, 2012), 
77 FR 49046 (August 15, 2012) (SR-ISE-2012-70).
    \5\ See Exchange Act Release No. 65724 (November 10, 2011), 76 
FR 71413 (November 17, 2011) (SR-ISE-2011-72).
    \6\ See Exchange Act Release Nos. 66084 (January 3, 2012), 77 FR 
1103 (January 9, 2012) (SR-ISE-2011-84); 66392 (February 14, 2012), 
77 FR 10016 (February 21, 2012) (SR-ISE-2012-06); 66961 (May 10, 
2012), 77 FR 28914 (May 16, 2012) (SR-ISE-2012-38); and 67400 (July 
11, 2012), 77 FR 42036 (July 17, 2012) (SR-ISE-2012-63).
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    The purpose of this proposed rule change is to amend the rebate 
tiers and increase the rebate levels for complex orders in options on 
the Select Symbols, the Non-Select Penny Pilot Symbols, the Non-Penny 
Pilot Symbols and in options on one Select Symbol--SPY--which has a 
distinct rebate tier and amount. The Exchange believes this proposed 
rule change will enhance the Exchange's competitive position and 
incentivize Members to increase the amount of Priority Customer complex 
orders that they send to the Exchange in these symbols.
    In the Select Symbols, the Exchange currently provides a base 
rebate of $0.34 per contract, per leg, for Priority Customer complex 
orders when these orders trade with non-Priority Customer complex 
orders in the complex order book. Additionally, Members can earn a 
higher rebate amount by achieving certain average daily volume (ADV) 
thresholds on a month-to-month basis. The current ADV threshold for the 
base tier is 0-74,999 Priority Customer complex contracts. The Exchange 
proposes to lower this threshold to 0-39,999 Priority Customer complex 
contracts and the base rebate of $0.34 per contract, per leg, will now 
apply to this tier. With the adoption of a new base tier, what was 
previously the base tier is now the second tier. The ADV threshold for 
this tier was previously 0-74,999 Priority Customer complex contracts. 
The Exchange proposes to amend this threshold so that it is now 40,000-
74,999 Priority Customer complex contracts. The rebate amount for this 
tier was previously $0.34 per contract, per leg. The Exchange proposes 
to increase the rebate for this tier to $0.36 per contract, per leg. 
With the adoption of a new base tier, what was previously the second 
tier is now the third tier. The ADV threshold for this tier was 
previously 75,000-124,999 Priority Customer complex contracts. The 
Exchange is not proposing any change to the ADV threshold for this 
tier. The rebate amount for this tier was previously $0.36 per 
contract, per leg. The Exchange proposes to increase the rebate for 
this tier to $0.37 per contract, per leg. With the adoption of a new 
base tier, what was previously the third tier is now the fourth tier. 
The ADV threshold for this tier was previously 125,000-249,999 Priority 
Customer complex contracts. The Exchange proposes to amend this 
threshold by lowering the top end of the range so that it is now 
125,000-224,999 Priority Customer complex orders. The rebate amount for 
this tier was previously $0.37 per contract, per leg. The Exchange 
proposes to increase the rebate for this tier to $0.38 per contract, 
per leg. Finally, with the adoption of a new base tier, what was 
previously the fourth tier is now the fifth tier. The ADV threshold for 
this tier was previously 250,000 or more Priority Customer complex 
contracts. The Exchange proposes to amend this threshold by lowering it 
so that it is now 225,000 or more Priority Customer complex contracts. 
The rebate amount for this tier was previously $0.38 per contract, per 
leg. The Exchange proposes to increase the rebate for this tier to 
$0.39 per contract, per leg. The highest rebate amount achieved by the 
Member for the current calendar month applies retroactively to all 
Priority Customer complex order contracts that trade with non-Priority 
Customer complex orders in the complex order book executed by the 
Member during such calendar month.
    In the Non-Select Penny Pilot Symbols, the Exchange currently 
provides a base rebate of $0.33 per contract, per leg, for Priority 
Customer complex orders when these orders trade with non-Priority 
Customer complex orders in the complex order book. Additionally, 
Members can earn a higher rebate amount by achieving certain ADV 
thresholds on a month-to-month basis. The current ADV threshold for the 
base tier is 0-74,999 Priority Customer complex contracts. The Exchange 
proposes to lower this threshold to 0-39,999 Priority Customer complex 
contracts and the base rebate of $0.33 per contract, per leg, will now 
apply to this tier. With the adoption of a new base tier, what was 
previously the base tier is now the second tier. The ADV threshold for 
this tier was previously 0-74,999 Priority Customer complex contracts. 
The Exchange proposes to amend this threshold so that it is now 40,000-
74,999 Priority Customer complex contracts. The rebate amount for this 
tier was previously

[[Page 58426]]

$0.33 per contract, per leg. The Exchange proposes to increase the 
rebate for this tier to $0.34 per contract, per leg. With the adoption 
of a new base tier, what was previously the second tier is now the 
third tier. The ADV threshold for this tier was previously 75,000-
124,999 Priority Customer complex contracts. The Exchange is not 
proposing any change to the ADV threshold for this tier. The rebate 
amount for this tier was previously $0.34 per contract, per leg. The 
Exchange proposes to increase the rebate for this tier to $0.36 per 
contract, per leg. With the adoption of a new base tier, what was 
previously the third tier is now the fourth tier. The ADV threshold for 
this tier was previously 125,000-249,999 Priority Customer complex 
contracts. The Exchange proposes to amend this threshold by lowering 
the top end of the range so that it is now 125,000-224,999 Priority 
Customer complex orders. The rebate amount for this tier was previously 
$0.36 per contract, per leg. The Exchange proposes to increase the 
rebate for this tier to $0.37 per contract, per leg. Finally, with the 
adoption of a new base tier, what was previously the fourth tier is now 
the fifth tier. The ADV threshold for this tier was previously 250,000 
or more Priority Customer complex contracts. The Exchange proposes to 
amend this threshold by lowering it so that it is now 225,000 or more 
Priority Customer complex contracts. The rebate amount for this tier 
was previously $0.37 per contract, per leg. The Exchange proposes to 
increase the rebate for this tier to $0.38 per contract, per leg. The 
highest rebate amount achieved by the Member for the current calendar 
month applies retroactively to all Priority Customer complex order 
contracts that trade with non-Priority Customer complex orders in the 
complex order book executed by the Member during such calendar month.
    In the Non-Penny Pilot Symbols, the Exchange currently provides a 
base rebate of $0.66 per contract, per leg, for Priority Customer 
complex orders when these orders trade with non-Priority Customer 
complex orders in the complex order book. Additionally, Members can 
earn a higher rebate amount by achieving certain ADV thresholds on a 
month-to-month basis. The current ADV threshold for the base tier is 0-
74,999 Priority Customer complex contracts. The Exchange proposes to 
lower this threshold to 0-39,999 Priority Customer complex contracts 
and the base rebate of $0.66 per contract, per leg, will now apply to 
this tier. With the adoption of a new base tier, what was previously 
the base tier is now the second tier. The ADV threshold for this tier 
was previously 0-74,999 Priority Customer complex contracts. The 
Exchange proposes to amend this threshold so that it is now 40,000-
74,999 Priority Customer complex contracts. The rebate amount for this 
tier was previously $0.66 per contract, per leg. The Exchange proposes 
to increase the rebate for this tier to $0.70 per contract, per leg. 
With the adoption of a new base tier, what was previously the second 
tier is now the third tier. The ADV threshold for this tier was 
previously 75,000-124,999 Priority Customer complex contracts. The 
Exchange is not proposing any change to the ADV threshold for this 
tier. The rebate amount for this tier was previously $0.70 per 
contract, per leg. The Exchange proposes to increase the rebate for 
this tier to $0.74 per contract, per leg. With the adoption of a new 
base tier, what was previously the third tier is now the fourth tier. 
The ADV threshold for this tier was previously 125,000-249,999 Priority 
Customer complex contracts. The Exchange proposes to amend this 
threshold by lowering the top end of the range so that it is now 
125,000-224,999 Priority Customer complex orders. The rebate amount for 
this tier was previously $0.74 per contract, per leg. The Exchange 
proposes to increase the rebate for this tier to $0.76 per contract, 
per leg. Finally, with the adoption of a new base tier, what was 
previously the fourth tier is now the fifth tier. The ADV threshold for 
this tier was previously 250,000 or more Priority Customer complex 
contracts. The Exchange proposes to amend this threshold by lowering it 
so that it is now 225,000 or more Priority Customer complex contracts. 
The rebate amount for this tier was previously $0.76 per contract, per 
leg. The Exchange proposes to increase the rebate for this tier to 
$0.77 per contract, per leg. The highest rebate amount achieved by the 
Member for the current calendar month applies retroactively to all 
Priority Customer complex order contracts that trade with non-Priority 
Customer complex orders in the complex order book executed by the 
Member during such calendar month.
    Finally, in SPY, the Exchange currently provides a base rebate of 
$0.36 per contract, per leg, for Priority Customer complex orders when 
these orders trade with non-Priority Customer complex orders in the 
complex order book. Additionally, Members can earn a higher rebate 
amount by achieving certain ADV thresholds on a month-to-month basis. 
The current ADV threshold for the base tier is 0-74,999 Priority 
Customer complex contracts. The Exchange proposes to lower this 
threshold to 0-39,999 Priority Customer complex contracts and the base 
rebate of $0.36 per contract, per leg, will now apply to this tier. 
With the adoption of a new base tier, what was previously the base tier 
is now the second tier. The ADV threshold for this tier was previously 
0-74,999 Priority Customer complex contracts. The Exchange proposes to 
amend this threshold so that it is now 40,000-74,999 Priority Customer 
complex contracts. The rebate amount for this tier was previously $0.36 
per contract, per leg. The Exchange proposes to increase the rebate for 
this tier to $0.37 per contract, per leg. With the adoption of a new 
base tier, what was previously the second tier is now the third tier. 
The ADV threshold for this tier was previously 75,000-124,999 Priority 
Customer complex contracts. The Exchange is not proposing any change to 
the ADV threshold for this tier. The rebate amount for this tier was 
previously $0.37 per contract, per leg. The Exchange proposes to 
increase the rebate for this tier to $0.38 per contract, per leg. With 
the adoption of a new base tier, what was previously the third tier is 
now the fourth tier. The ADV threshold for this tier was previously 
125,000-249,999 Priority Customer complex contracts. The Exchange 
proposes to amend this threshold by lowering the top end of the range 
so that it is now 125,000-224,999 Priority Customer complex orders. The 
rebate amount for this tier was previously $0.38 per contract, per leg. 
The Exchange proposes to increase the rebate for this tier to $0.39 per 
contract, per leg. Finally, with the adoption of a new base tier, what 
was previously the fourth tier is now the fifth tier. The ADV threshold 
for this tier was previously 250,000 or more Priority Customer complex 
contracts. The Exchange proposes to amend this threshold by lowering it 
so that it is now 225,000 or more Priority Customer complex contracts. 
The rebate amount for this tier was previously $0.39 per contract, per 
leg. The Exchange proposes to increase the rebate for this tier to 
$0.40 per contract, per leg. The highest rebate amount achieved by the 
Member for the current calendar month applies retroactively to all 
Priority Customer complex order contracts that trade with non-Priority 
Customer complex orders in the complex order book executed by

[[Page 58427]]

the Member during such calendar month.
    Further, the Exchange currently provides a base rebate of $0.06 per 
contract, per leg, for Priority Customer complex orders in all symbols 
traded on the Exchange (excluding SPY) when these orders trade against 
quotes or orders in the regular orderbook. In order to enhance the 
Exchange's competitive position and to incentivize Members to increase 
the amount of Priority Customer complex orders that they send to the 
Exchange, the Exchange has volume-based tiers similar to the volume-
based tiers currently in place for complex orders that trade with non-
Priority Customer complex orders in the complex order book. The current 
ADV threshold for the base tier is 0-74,999 Priority Customer complex 
contracts. The Exchange proposes to lower this threshold to 0-39,999 
Priority Customer complex contracts and the base rebate of $0.06 per 
contract, per leg, will now apply to this tier. With the adoption of a 
new base tier, what was previously the base tier is now the second 
tier. The ADV threshold for this tier was previously 0-74,999 Priority 
Customer complex contracts. The Exchange proposes to amend this 
threshold so that it is now 40,000-74,999 Priority Customer complex 
contracts. The rebate amount for this tier was previously $0.06 per 
contract, per leg. The Exchange proposes to increase the rebate for 
this tier to $0.07 per contract, per leg. With the adoption of a new 
base tier, what was previously the second tier is now the third tier. 
The ADV threshold for this tier was previously 75,000-124,999 Priority 
Customer complex contracts. The Exchange is not proposing any change to 
the ADV threshold for this tier. The rebate amount for this tier was 
previously $0.07 per contract, per leg. The Exchange proposes to 
increase the rebate for this tier to $0.08 per contract, per leg. With 
the adoption of a new base tier, what was previously the third tier is 
now the fourth tier. The ADV threshold for this tier was previously 
125,000-249,999 Priority Customer complex contracts. The Exchange 
proposes to amend this threshold by lowering the top end of the range 
so that it is now 125,000-224,999 Priority Customer complex orders. The 
rebate amount for this tier was previously $0.08 per contract, per leg. 
The Exchange proposes to increase the rebate for this tier to $0.09 per 
contract, per leg. Finally, with the adoption of a new base tier, what 
was previously the fourth tier is now the fifth tier. The ADV threshold 
for this tier was previously 250,000 or more Priority Customer complex 
contracts. The Exchange proposes to amend this threshold by lowering it 
so that it is now 225,000 or more Priority Customer complex contracts. 
The rebate amount for this tier was previously $0.09 per contract, per 
leg. The Exchange proposes to increase the rebate for this tier to 
$0.10 per contract, per leg. The highest rebate amount achieved by the 
Member for the current calendar month applies retroactively to all 
Priority Customer complex order contracts that trade with non-Priority 
Customer complex orders in the complex order book executed by the 
Member during such calendar month.
    For SPY, the Exchange currently provides a base rebate of $0.07 per 
contract, per leg, for Priority Customer complex orders traded on the 
Exchange when these orders trade against quotes or orders in the 
regular orderbook. The current ADV threshold for the base tier is 0-
74,999 Priority Customer complex contracts. The Exchange proposes to 
lower this threshold to 0-39,999 Priority Customer complex contracts 
and the base rebate of $0.07 per contract, per leg, will now apply to 
this tier. With the adoption of a new base tier, what was previously 
the base tier is now the second tier. The ADV threshold for this tier 
was previously 0-74,999 Priority Customer complex contracts. The 
Exchange proposes to amend this threshold so that it is now 40,000-
74,999 Priority Customer complex contracts. The rebate amount for this 
tier was previously $0.07 per contract, per leg. The Exchange proposes 
to increase the rebate for this tier to $0.08 per contract, per leg. 
With the adoption of a new base tier, what was previously the second 
tier is now the third tier. The ADV threshold for this tier was 
previously 75,000-124,999 Priority Customer complex contracts. The 
Exchange is not proposing any change to the ADV threshold for this 
tier. The rebate amount for this tier was previously $0.08 per 
contract, per leg. The Exchange proposes to increase the rebate for 
this tier to $0.09 per contract, per leg. With the adoption of a new 
base tier, what was previously the third tier is now the fourth tier. 
The ADV threshold for this tier was previously 125,000-249,999 Priority 
Customer complex contracts. The Exchange proposes to amend this 
threshold by lowering the top end of the range so that it is now 
125,000-224,999 Priority Customer complex orders. The rebate amount for 
this tier was previously $0.09 per contract, per leg. The Exchange 
proposes to increase the rebate for this tier to $0.10 per contract, 
per leg. Finally, with the adoption of a new base tier, what was 
previously the fourth tier is now the fifth tier. The ADV threshold for 
this tier was previously 250,000 or more Priority Customer complex 
contracts. The Exchange proposes to amend this threshold by lowering it 
so that it is now 225,000 or more Priority Customer complex contracts. 
The rebate amount for this tier was previously $0.10 per contract, per 
leg. The Exchange proposes to increase the rebate for this tier to 
$0.11 per contract, per leg. The highest rebate amount achieved by the 
Member for the current calendar month applies retroactively to all 
Priority Customer complex order contracts that trade with non-Priority 
Customer complex orders in the complex order book executed by the 
Member during such calendar month.
    Finally, to incentivize members to trade in the Exchange's various 
auction mechanisms, the Exchange currently provides a per contract 
rebate to those contracts that do not trade with the contra order in 
the Exchange's Facilitation Mechanism and Solicited Order Mechanism, 
except when they trade against pre-existing orders and quotes, and to 
those contracts that do not trade with the contra order in the, Price 
Improvement Mechanism. For the Facilitation and Solicited Order 
Mechanisms, the rebate is currently $0.15 per contract. For the Price 
Improvement Mechanism, the rebate is currently $0.25 per contract. 
These rebates will continue to apply.
    The Exchange is not proposing any other changes in this filing.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Schedule of 
Fees is consistent with Section 6(b) of the Exchange Act \7\ in 
general, and furthers the objectives of Section 6(b)(4) of the Exchange 
Act \8\ in particular, in that it is an equitable allocation of 
reasonable dues, fees and other charges among Exchange members and 
other persons using its facilities. The impact of the proposal upon the 
net fees paid by a particular market participant will depend on a 
number of variables, most important of which will be its propensity to 
interact with and respond to certain types of orders.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that it is reasonable and equitable to 
provide rebates for Priority Customer complex orders when these orders 
trade with Non-Priority Customer complex orders

[[Page 58428]]

in the complex order book because paying a rebate would continue to 
attract additional order flow to the Exchange and create liquidity in 
the symbols that are subject to the rebate, which the Exchange believes 
ultimately will benefit all market participants who trade on ISE. The 
Exchange has already established a volume-based incentive program, and 
is now merely proposing to adopt an additional tier and increase the 
rebate amounts in that program. The Exchange believes that the proposed 
rebates are competitive with rebates provided by other exchanges and 
are therefore reasonable and equitably allocated to those members that 
direct orders to the Exchange rather than to a competing exchange.
    The Exchange also believes that it is reasonable and equitable to 
provide rebates for Priority Customer complex orders when these orders 
trade against quotes or orders in the regular orderbook. Again, the 
Exchange has already established a volume-based incentive program, and 
is now merely proposing to adopt an additional tier and increase the 
rebate amounts in that program. The Exchange believes paying these 
rebates would also attract additional order flow to the Exchange.
    The Exchange believes that the proposed fee change will generally 
allow the Exchange and its Members to better compete for order flow and 
thus enhance competition. Specifically, the Exchange believes that its 
proposal, which, among other things, adopts a lower base level, and 
lowers the highest ADV threshold, so Members can qualify for rebates, 
is reasonable as it will encourage Members to increase the amount of 
Priority Customer complex orders that they send to the Exchange instead 
of sending this order flow to a competing exchange. The Exchange 
believes that with the proposed amended tiers, which provides for 
additional volume thresholds, more Members are now likely to qualify 
for higher rebates.
    The complex order pricing employed by the Exchange has proven to be 
an effective pricing mechanism and attractive to Exchange participants 
and their customers. The Exchange believes that this proposed rule 
change will continue to attract additional complex order business in 
the symbols that are subject of this proposed rule change.
    The Exchange believes that the proposed rebates are fair, equitable 
and not unfairly discriminatory because they are consistent with price 
differentiation and fee structures that exists today at other option 
exchanges. The Exchange operates in a highly competitive market in 
which market participants can readily direct order flow to another 
exchange if they deem rebate levels at a particular exchange to be low. 
With this proposed rebate change, the Exchange believes it remains an 
attractive venue for market participants to trade complex orders.

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)(A)(ii) of the Act.\9\ At any time within 60 days of the filing 
of such proposed rule change, the Commission summarily may temporarily 
suspend 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. If the Commission takes such action, the Commission shall 
institute proceedings to determine whether the proposed rule should be 
approved or disapproved.
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    \9\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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-2012-72 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-2012-72. 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-2012-72 and should be 
submitted on or before October 11, 2012.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-23178 Filed 9-19-12; 8:45 am]
BILLING CODE 8011-01-P