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3890 Federal Register / Vol. 72, No.

17 / Friday, January 26, 2007 / Notices

SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s C. Self-Regulatory Organization’s


COMMISSION Statement of the Purpose of, and Statement on Comments on the
Statutory Basis for, the Proposed Rule Proposed Rule Change Received From
[Release No. 34–55144; File No. SR–ISE– Change Members, Participants or Others
2007–05] 1. Purpose The Exchange has not solicited, and
does not intend to solicit, comments on
Self-Regulatory Organizations; On January 5, 2006, the ISE initiated this proposed rule change. The
International Securities Exchange, a system change to identify to a DMM Exchange has not received any
LLC; Notice of Filing and Immediate the identity of the firm entering a unsolicited written comments from
Effectiveness of Proposed Rule Directed Order. The ISE filed this members or other interested parties.
Change Relating to Directed Orders system change on a pilot basis under
System Change III. Date of Effectiveness of the
Section 19(b)(3)(A) of the Act and Rule Proposed Rule Change and Timing for
January 22, 2007. 19b–4(f)(5) thereunder 6 so that it would Commission Action
Pursuant to Section 19(b)(1) of the be effective while the Commission
Because the foregoing proposed rule
Securities Exchange Act of 1934 (the considered a separate proposed rule
change effects a change in an existing
‘‘Act’’),1 and Rule 19b–4 thereunder,2 change filed under Section 19(b)(2) of
order entry or trading system that (i)
notice is hereby given that on January the Act to amend the ISE’s rules to does not significantly affect the
18, 2007, the International Securities reflect the system change on a protection of investors or the public
Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) permanent basis (the ‘‘Permanent Rule interest; (ii) does not impose any
filed with the Securities and Exchange Change’’).7 The pilot currently expires significant burden on competition; and
Commission (‘‘Commission’’) the on January 31, 2007, 8 but the (iii) does not have the effect of limiting
proposed rule change as described in Commission has not yet taken action access to or availability of the system, it
Items I, II, and III below, which Items with respect to the Permanent Rule has become effective pursuant to
have been substantially prepared by the Change. Accordingly, the Exchange Section 19(b)(3)(A)(iii) of the Act 10 and
ISE. The proposed rule change has been proposes to extend the pilot until July Rule 19b–4(f)(5) thereunder.11
filed by the ISE as effecting a change in 31, 2007, so that the system change will At any time within 60 days of the
an existing order-entry or trading system remain in effect while the Commission filing of such proposed rule change, the
pursuant to Section 19(b)(3)(A) of the continues to evaluate the Permanent Commission may summarily abrogate
Act,3 and Rule 19b–4(f)(5) thereunder,4 Rule Change.9 such rule change if it appears to the
which renders the proposal effective Commission that such action is
2. Statutory Basis
upon filing with the Commission. The necessary or appropriate in the public
Commission is publishing this notice to The Exchange believes that the basis interest, for the protection of investors,
solicit comments on the proposed rule under the Act is found in Section or otherwise in furtherance of the
change from interested persons. 6(b)(5), in that the propose rule change purposes of the Act.
I. Self-Regulatory Organization’s is designed to promote just and IV. Solicitation of Comments
Statement of the Terms of Substance of equitable principles of trade, remove
Interested persons are invited to
the Proposed Rule Change impediments to and perfect the
submit written data, views, and
mechanisms of a free and open market
The ISE is proposing to extend the arguments concerning the foregoing,
and a national market system and, in
pilot period for the system change that including whether the proposed rule
general, to protect investors and the
identifies to a Directed Market Maker change is consistent with the Act.
public interest. Extension of the pilot
(‘‘DMM’’) the identity of the firm Comments may be submitted by any of
program will allow the Exchange to
entering a Directed Order until July 31, the following methods:
continue operating under the pilot
2007.5 while the Commission considers the Electronic Comments
II. Self-Regulatory Organization’s Permanent Rule Change. • Use the Commission’s Internet
Statement of the Purpose of, and B. Self-Regulatory Organization’s comment form (http://www.sec.gov/
Statutory Basis for, the Proposed Rule rules/sro.shtml); or
Statement on Burden on Competition
Change • Send an e-mail to rule-
The Exchange believes that the comments@sec.gov. Please include File
In its filing with the Commission, the
proposed rule change does not impose No. SR–ISE–2007–05 on the subject
ISE included statements concerning the
any burden on competition that is not line.
purpose of, and basis for, the proposed
rule change and discussed any necessary or appropriate in furtherance Paper Comments
comments it received on the proposed of the purposes of the Act.
• Send paper comments in triplicate
rule change. The text of these statements to Nancy M. Morris, Secretary,
6 Securities Exchange Act Release No. 53104 (Jan.
may be examined at the places specified Securities and Exchange Commission,
11, 2006), 71 FR 3142 (Jan. 19, 2006) (Notice of
in Item IV below. The ISE has prepared Filing and Immediate Effectiveness for SR–ISE– Station Place, 100 F Street, NE.,
summaries, set forth in Sections A, B, 2006–02). Washington, DC 20549–1090.
and C below, of the most significant 7 Securities Exchange Act Release No. 53103 (Jan.
All submissions should refer to File
aspects of such statements. 11, 2006), 71 FR 3144 (Jan. 19, 2006) (Notice of
Number SR-ISE–2007–05. This file
Filing for SR–ISE–2006–01).
8 Securities Exchange Act Release No. 54542 number should be included on the
1 15 U.S.C. 78s(b)(1).
subject line if e-mail is used. To help the
sroberts on PROD1PC70 with NOTICES

(Sept. 29, 2006), 71 FR 59170 (Oct. 6, 2006) (Notice


2 17 CFR 240.19b–4. of Filing and Immediate Effectiveness for SR–ISE– Commission process and review your
3 15 U.S.C. 78s(b)(3)(A).
2006–57).
4 17 CFR 240.19b–4(f)(5). 9 The ISE anticipated that extension of the pilot
comments more efficiently, please use
5 The Commission has changed this date from might be necessary and included this in the filing
10 15 U.S.C. 78s(b)(3)(A)(iii).
January 31, 2007 to July 31, 2007 to conform it to for the initial pilot. See supra note 6, at footnote
the date in the Form 19b–4 filed by ISE. 5. 11 17 CFR 19b-4(f)(5).

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Federal Register / Vol. 72, No. 17 / Friday, January 26, 2007 / Notices 3891

only one method. The Commission will 4(f)(2) 4 thereunder, as establishing or With the instant proposed rule
post all comments on the Commission’s changing a member due, fee, or other change, Nasdaq proposes to reduce the
Internet Web site (http://www.sec.gov/ charge, which renders the proposed rule per trade fee for the Service to $0.025,
rules/sro.shtml). Copies of the change effective upon filing with the and cap the per month total Service fee
submission, all subsequent Commission. The Commission is per clearing firm at $7,500. Nasdaq
amendments, all written statements publishing this notice to solicit believes that these fee reductions will
with respect to the proposed rule comments on the proposed rule change ensure that Nasdaq’s charges for risk
change that are filed with the from interested persons. management services remain
Commission, and all written competitive with charges of other
communications relating to the I. Self-Regulatory Organization’s providers of similar services.
proposed rule change between the Statement of the Terms of Substance of
the Proposed Rule Change 2. Statutory Basis
Commission and any person, other than
those that may be withheld from the Nasdaq proposes to reduce the fees Nasdaq believes that the proposed
public in accordance with the charged for Nasdaq’s Risk Management rule change is consistent with the
provisions of 5 U.S.C. 552, will be Service (‘‘Service’’). Nasdaq will provisions of Section 6 of the Act,6 in
available for inspection and copying in implement the proposed rule change general, and with Section 6(b)(4) of the
the Commission’s Public Reference immediately. The text of the proposed Act,7 in particular, in that it provides for
Room. Copies of such filing also will be rule change is available at Nasdaq, the equitable allocation of reasonable
available for inspection and copying at http://www.nasdaq.com, and the dues, fees and other charges among
the principal office of the ISE. All Commission’s Public Reference Room. members and issuers and other persons
comments received will be posted using any facility or system which
without change; the Commission does II. Self-Regulatory Organization’s Nasdaq operates or controls.
not edit personal identifying Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule B. Self-Regulatory Organization’s
information from submissions. You Statement on Burden on Competition
should submit only information that Change
you wish to make available publicly. All Nasdaq does not believe that the
In its filing with the Commission, proposed rule change will result in any
submissions should refer to File Nasdaq included statements concerning
Number SR–ISE–2007–05 and should be burden on competition that is not
the purpose of and basis for the necessary or appropriate in furtherance
submitted on or before February 16, proposed rule change and discussed any
2007. of the purposes of the Act, as amended.
comments it received on the proposed
For the Commission, by the Division of rule change. The text of these statements C. Self-Regulatory Organization’s
Market Regulation, pursuant to delegated may be examined at the places specified Statement on Comments on the
authority.12 in Item IV below. Nasdaq has prepared Proposed Rule Change Received From
Florence E. Harmon, summaries, set forth in sections A, B, Members, Participants, or Others
Deputy Secretary. and C below, of the most significant Written comments were neither
[FR Doc. E7–1230 Filed 1–25–07; 8:45 am] aspects of such statements. solicited nor received.
BILLING CODE 8011–01–P
A. Self-Regulatory Organization’s III. Date of Effectiveness of the
Statement of the Purpose of, and Proposed Rule Change and Timing for
SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule Commission Action
COMMISSION Change The foregoing proposed rule change
[Release No. 34–55131; File No. SR– 1. Purpose has become effective upon filing with
NASDAQ–2006–066] the Commission pursuant to Section
The Service provides clearing brokers 19(b)(3)(A)(ii) of the Act 8 and Rule 19b–
Self-Regulatory Organizations; The with a view of their correspondents’ 4(f)(2) thereunder,9 in that the proposed
NASDAQ Stock Market LLC; Notice of trading activity, notification when pre- rule change establishes or changes a
Filing and Immediate Effectiveness of set trading limits have been breached member due, fee, or other charge
Proposed Rule Change To Reduce and the ability to prevent certain trades imposed by the self-regulatory
Risk Management Service Fees from locking in and clearing when the organization. At any time within 60
pre-set limits have been exceeded. days of the filing of the proposed rule
January 19, 2007. Currently, Nasdaq imposes a fee on change, the Commission may summarily
Pursuant to Section 19(b)(1) of the clearing firms that use the Service of abrogate such rule change if it appears
Securities Exchange Act of 1934 $17.25 per month for each to the Commission that such action is
(‘‘Act’’)1 and Rule 19b–4 thereunder,2 correspondent executing broker necessary or appropriate in the public
notice is hereby given that on December monitored by Nasdaq, and a per-trade interest, for the protection of investors,
29, 2006, The NASDAQ Stock Market fee of $0.035.5 The total amount of or otherwise in furtherance of the
LLC (‘‘Nasdaq’’) filed with the Securities Service fees per month for an individual purposes of the Act.
and Exchange Commission clearing firm is currently capped at
(‘‘Commission’’) the proposed rule IV. Solicitation of Comments
$10,000.
change as described in Items I, II, and Interested persons are invited to
III below, which Items have been 4 17 CFR 240.19b–4(f)(2). submit written data, views and
prepared by Nasdaq. Nasdaq filed the 5 This fee amount is incorrectly reflected in arguments concerning the foregoing,
proposal pursuant to Section Nasdaq’s rules as $0.0035 per trade, as the result of including whether the proposed rule
sroberts on PROD1PC70 with NOTICES

19(b)(3)(A)(ii) of the Act 3 and Rule 19b– an inadvertent error occurring when the fee change is consistent with the Act.
schedule at issue was transferred into the Nasdaq
12 17
rule book as part of Nasdaq’s exchange registration
CFR 200.30–3(a)(12). process. At all relevant times, Nasdaq has imposed
6 15 U.S.C. 78f.
1 15 U.S.C. 78s(b)(1). 7 15 U.S.C. 78f(b)(4).
the specific Commission-approved fee rate of
2 17 CFR 240.19b–4. 8 15 U.S.C. 78s(b)(3)(A)(ii).
$0.035 per trade level, which is now being reduced
3 15 U.S.C. 78s(b)(3)(A)(ii). to $0.025 with the instant proposed rule change. 9 17 CFR 240.19b–4(f)(2).

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