Document ID: SEC-2015-0969-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: International Securities Exchange, LLC
Posted Date: 2015-06-10T04:00Z

[Federal Register Volume 80, Number 111 (Wednesday, June 10, 2015)]
[Notices]
[Page 33001]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-14131]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75104; File No. SR-ISE-2014-24]

Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Designation of Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change To Modify the Opening Process

June 4, 2015.
    On November 19, 2014, International Securities Exchange, LLC 
(``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 modify the manner in which the Exchange's 
trading system opens trading at the beginning of the day and after 
trading halts and to codify certain existing functionality within the 
trading system regarding opening and reopening of options classes 
traded on the Exchange. The proposed rule change was published for 
comment in the Federal Register on December 10, 2014.\3\ On January 23, 
2015, the Commission extended the time period within which to approve 
the proposed rule change, disapprove the proposed rule change, or 
institute proceedings to determine whether to disapprove the proposed 
rule change, to March 10, 2015.\4\ On March 10, 2015, the Commission 
instituted proceedings under section 19(b)(2)(B) of the Act \5\ to 
determine whether to approve or disapprove the proposed rule change.\6\ 
On May 13, 2015, the Commission received a letter from the Exchange 
responding to the Order Instituting Proceedings.\7\ The Commission 
received one other comment letter on the proposed rule change.\8\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 73736 (December 4, 
2014), 79 FR 73354.
    \4\ See Securities Exchange Act Release No. 74126 (January 23, 
2015), 80 FR 4953 (January 29, 2015).
    \5\ 15 U.S.C. 78s(b)(2)(B).
    \6\ See Securities Exchange Act Release No. 74465 (March 10, 
2015), 80 FR 13660 (March 16, 2015) (``Order Instituting 
Proceedings'').
    \7\ See Letter to Brent J. Fields, Secretary, Commission, from 
Mike Simon, Secretary and General Counsel, dated May 13, 2015 (``ISE 
Letter'').
    \8\ See Letter to Brent J. Fields, Secretary, Commission, from 
Benjamin Londergan, Head of Options Trading and Technology, 
Convergex Execution Solutions LLC, dated June 1, 2015.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act provides that proceedings to determine 
whether to disapprove a proposed rule change must be concluded within 
180 days of the date of publication of notice of the filing of the 
proposed rule change.\9\ The time for conclusion of the proceedings may 
be extended for up to 60 days if the Commission determines that a 
longer period is appropriate and publishes the reasons for such 
determination.\10\ The 180th day for this filing is June 8, 2015.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2)(B)(ii)(I).
    \10\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).
---------------------------------------------------------------------------

    The Commission is extending the time period for Commission action 
on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the proposed rule change so that it has sufficient time to consider the 
comment letters and take action on the Exchange's proposed rule change.
    Accordingly, pursuant to section 19(b)(2)(B)(ii)(II) of the Act 
\11\ and for the reasons stated above, the Commission designates August 
7, 2015, as the date by which the Commission should either approve or 
disapprove the proposed rule change (File No. SR-ISE-2014-24).
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).
    \12\ 17 CFR 200.30-3(a)(57).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-14131 Filed 6-9-15; 8:45 am]
 BILLING CODE 8011-01-P