Document ID: SEC-2012-1556-0001
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 58432-58433]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-23180]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67865; File No. SR-ISE-2012-22]

Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Designation of Longer Period for Commission Action on 
Proceedings To Determine Whether To Disapprove Proposed Rule Change, as 
Modified by Amendment No. 1, To Add an Index Option Product for Trading 
on the Exchange

September 14, 2012.
    On March 9, 2012, the International Securities Exchange, LLC 
(``Exchange'' or ``ISE'') 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 list and trade options on the 
ISE Max SPY Index. The proposed rule change was published for comment 
in the Federal Register on March 22, 2012.\3\ The Commission initially 
received three comment letters on the proposed rule change.\4\ On May 
1, 2012, the Commission extended the time period for Commission action 
to June 20, 2012.\5\ On May 4, 2012, the Exchange submitted a response 
to the comment letters \6\ and filed Amendment No. 1 to the proposed 
rule change. The Commission subsequently received three additional 
comment letters \7\ and a second response letter from the Exchange.\8\ 
On June 20, 2012, the Commission instituted proceedings to determine 
whether to disapprove the proposed rule change, as modified by

[[Page 58433]]

Amendment No. 1.\9\ The Commission thereafter received six comment 
letters \10\ and two response letters from the Exchange.\11\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 66614 (March 16, 
2012), 77 FR 16883.
    \4\ See letters to Elizabeth M. Murphy, Secretary, Commission, 
from Janet McGinness, EVP & Corporate Secretary, NYSE Euronext, 
dated April 2, 2012; Kenneth M. Vittor, Executive Vice President and 
General Counsel, McGraw-Hill Companies, Inc., dated April 11, 2012; 
and Edward T. Tilly, President and Chief Operating Officer, Chicago 
Board Options Exchange, Incorporated (``CBOE''), dated April 13, 
2012.
    \5\ See Securities Exchange Act Release No. 66889 (May 1, 2012), 
77 FR 26812 (May 7, 2012).
    \6\ See letter to Elizabeth M. Murphy, Secretary, Commission, 
from Michael J. Simon, Secretary and General Counsel, ISE, dated May 
4, 2012.
    \7\ See letters to Elizabeth M. Murphy, Secretary, Commission, 
from Edward T. Tilly, President and Chief Operating Officer, CBOE, 
dated June 7, 2012; Kenneth M. Vittor, Executive Vice President and 
General Counsel, McGraw-Hill Companies, Inc., dated June 18, 2012; 
and Edward T. Tilly, President and Chief Operating Officer, CBOE, 
dated June 19, 2012.
    \8\ See letter to Elizabeth M. Murphy, Secretary, Commission, 
from Michael J. Simon, Secretary and General Counsel, ISE, dated 
June 15, 2012.
    \9\ See Securities Exchange Act Release No. 67225 (June 20, 
2012), 77 FR 38100 (June 26, 2012) (``Order Instituting 
Proceedings'').
    \10\ See letters to Elizabeth M. Murphy, Secretary, Commission, 
from Christopher Nagy, President, KOR Trading LLC, dated August 6, 
2012; John L. Jacobs, Executive Vice President, NASDAQ OMX Global 
Index Group, NASDAQ OMX Group, Inc., dated August 10, 2012; Kenneth 
M. Vittor, Executive Vice President and General Counsel, McGraw-Hill 
Companies, Inc., dated August 10, 2012; Edward T. Tilly, President 
and Chief Operating Officer, CBOE, dated August 10, 2012; John V. 
O'Hanlon, Dechert LLP, on behalf of the Index Industry Association, 
dated August 10, 2012; and Edward T. Tilly, President and Chief 
Operating Officer, CBOE, dated August 27, 2012.
    \11\ See letters to Elizabeth M. Murphy, Secretary, Commission, 
from Michael J. Simon, Secretary, ISE, dated August 10, 2012 and 
August 27, 2012.
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    Section 19(b)(2) of the Act \12\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the date of publication of notice of filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. The 
proposed rule change was published for notice and comment in the 
Federal Register on March 22, 2012. September 18, 2012 is 180 days from 
that date, and November 17, 2012 is 240 days from that date.
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    \12\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider this proposed 
rule change, the issues raised in the comment letters that have been 
submitted in response to the proposed rule change, including comment 
letters submitted in response to the Order Instituting Proceedings, and 
the Exchange's responses to such comments.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\13\ designates November 17, 2012 as the date by which the 
Commission shall either approve or disapprove the proposed rule change 
(File No. SR-ISE-2012-22).
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    \13\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(57).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-23180 Filed 9-19-12; 8:45 am]
BILLING CODE 8011-01-P