The International Securities Exchange, LLC (ISE) filed with the Securities and Exchange Commission a proposed rule change which would extend the pilot period for the system change that identifies to a Directed Market Maker (DMM) the identity of the firm entering a “directed order.”

On January 5, 2006, the ISE initiated a system change to identify to a DMM the identity of the firm entering a directed order. The pilot expired on January 31, 2007. The ISE filed a separate system change on a pilot basis so that it is effective while the SEC is considering a separate proposed rule change to reflect the system change on a permanent basis (the Permanent Rule Change). The SEC has not taken any action with respect to the Permanent Rule Change. While the SEC continues to evaluate the Permanent Rule Change, the ISE proposes to extend the pilot until July 31, 2007.