[Federal Register Volume 66, Number 122 (Monday, June 25, 2001)]
[Notices]
[Page 33731]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-15945]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-44453; File No. SR-ISE-01-03]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Order Granting Approval to Proposed Rule Change Relating to Market 
Maker Block Transactions

June 20, 2001.
    On January 12, 2001, the International Securities Exchange 
(``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 permit market makers to enter block-size orders 
into the ISE's Block Order mechanism.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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    The proposed rule change was published for comment in the Federal 
Register on February 8, 2001.\3\ The Commission received no comments on 
the proposal.
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    \3\ See Securities Exchange Act Release No. 43290 (February 2, 
2001), 66 FR 9613.
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    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 \4\ and, in 
particular, the requirements of Section 6 of the Act \5\ and the rules 
and regulations thereunder. The Commission finds specifically that the 
proposed rule change is consistent with Section 6(b)(5) of the Act \6\ 
because it allows ISE market makers to participate in the Block Order 
Mechanism to the same extent as Electronic Access Members and thus to 
more easily hedge or liquidate positions resulting from their market 
making activities on the ISE.
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    \4\ In approving this proposed rule change, the Commission notes 
that it has considered the proposed rule's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f.
    \6\ 15 U.S.C. 78f(b)(5).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (File No. SR-ISE-01-03) be, and 
it hereby is, approved.

    \7\ 16 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-15945 Filed 6-22-01; 8:45 am]
BILLING CODE 8010-01-M