Self-Regulatory Organizations; Chicago Board Options Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Systematizing of Orders in the Standard and Poor's Depositary Receipts (“SPDR”) Option Class, 2680-2682 [E5-133]
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2680
Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Notices
RAILROAD RETIREMENT BOARD
Proposed Data Collection Available for
Public Comment and
Recommendations.
Summary: In accordance with the
requirement of Section 3506(c)(2)(A) of
the Paperwork Reduction Act of 1995
which provides opportunity for public
comment on new or revised data
collections, the Railroad Retirement
Board will publish periodic summaries
of proposed data collections.
Comments are invited on: (a) Whether
the proposed information collection is
necessary for the proper performance of
the functions of the agency, including
whether the information has practical
utility; (b) the accuracy of the RRB’s
estimate of the burden of the collection
of the information; (c) ways to enhance
the quality, utility, and clarity of the
information to be collected; and (d)
ways to minimize the burden related to
the collection of information on
respondents, including the use of
automated collection techniques or
other forms of information technology.
Title and Purpose of information
collection: Certification of Termination
of Service and Relinquishment of
Rights: OMB 3220–0016. Under Section
2(e)(2) of the Railroad Retirement Act
(RRA), an age and service annuity,
spouse annuity, or divorced spouse
annuity cannot be paid unless the
Railroad Retirement Board (RRB) has
evidence that the applicant has ceased
railroad employment and relinquished
rights to return to the service of a
railroad employer. The procedure
pertaining to the relinquishment of
rights by an annuity applicant is
prescribed in 20 CFR 216.24. Under
Section 2(f)(6) of the RRA, earnings
deductions are required each month an
annuitant works in certain nonrailroad
employment termed Last Pre-Retirement
Non-Railroad Employment.
Normally, the employee, spouse, or
divorced spouse relinquish rights and
certify that employment has ended as
part of the annuity application process.
However, this is not always the case. In
limited circumstances, the RRB utilizes
Form G–88, Certification of Termination
of Service and Relinquishment of
Rights, to obtain an applicant’s report of
termination of employment and
relinquishment of rights. One response
is required of each respondent.
Responses are required to obtain or
retain benefits. The RRB proposes nonburden impacting editorial, and
clarification changes to Form G–88.
The estimated annual respondent
burden is as follows:
ESTIMATE OF ANNUAL RESPONDENT BURDEN
Annual
responses
Form Nos.
G–88 ..............................................................................................................................................................
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
supporting material, please call the RRB
Clearance Officer at (312) 751–3363 or
send an e-mail request to
Charles.Mierzwa@RRB.GOV. Comments
regarding the information collection
should be addressed to Ronald J.
Hodapp, Railroad Retirement Board, 844
North Rush Street, Chicago, Illinois
60611–2092 or send an e-mail to
Ronald.Hodapp@RRB.GOV. Written
comments should be received within 60
days of this notice.
Charles Mierzwa,
Clearance Officer.
[FR Doc. 05–766 Filed 1–13–05; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Pub. L. 94–409, that the
Securities and Exchange Commission
will hold the following meeting during
the week of January 17, 2005:
A Closed Meeting will be held on
Tuesday, January 18, 2005 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
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14:36 Jan 13, 2005
Jkt 205001
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters may also be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(5), (6), (7), (9)(B), and
(10) and 17 CFR 200.402(a)(5), (6), (7),
9(ii) and (10), permit consideration of
the scheduled matters at the Closed
Meeting.
Commissioner Campos, as duty
officer, voted to consider the items
listed for the closed meeting in closed
session.
The subject matter of the Closed
Meeting scheduled for Tuesday, January
18, 2005, will be:
Formal orders of investigations;
Institution and settlement of injunctive
actions; and
Institution and settlement of
administrative proceedings of an
enforcement nature.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items. For further
information and to ascertain what, if
any, matters have been added, deleted
or postponed, please contact: The Office
of the Secretary at (202) 942–7070.
PO 00000
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3,600
Time
(min)
Burden
(hrs)
6
360
Dated: January 11, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. 05–875 Filed 1–11–05; 4:07 pm]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51006; File No. SR–CBOE–
2005–04]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Inc.; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Systematizing
of Orders in the Standard and Poor’s
Depositary Receipts (‘‘SPDR’’) Option
Class
January 10, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
10, 2005, the Chicago Board Options
Exchange, Inc. (‘‘CBOE’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the CBOE. The
Exchange has filed the proposal as a
1 15
2 17
E:\FR\FM\14JAN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
14JAN1
Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Notices
‘‘non-controversial’’ rule change
pursuant to Section 19(b)(3)(A) of the
Act,3 and Rule 19b–4(f)(6) thereunder,4
which renders the proposal effective
upon filing with the Commission.5 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CBOE proposes to amend its rules
relating to the systematizing of orders in
the Standard and Poor’s Depositary
Receipts (‘‘SPDR’’) option class. The text
of the proposed rule change is below.
Proposed new language is in italics.
CHAPTER VI
*
*
*
*
*
Section B: Member Activities on the
Floor
*
*
*
*
*
Required Order Information
Rule 6.24
(a)(1)–(2) No change.
(a)(3) Orders in Certain Index Option
Classes and the Standard and Poor’s
Depositary Receipts (‘‘SPDR’’) Option
Class. The requirement to systematize
orders as set forth in this Rule shall
commence on March 28, 2005, in the
following option classes: the S&P 500
index option class (SPX), the SPDR
option class, the S&P 100 index option
class (OEX), and the European-style S&P
100 index option class (XEO).
(a)(4) No change.
(b)–(c) No change.
* * * Interpretations and Policies:
.01—.07 No change.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
CBOE included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The Exchange has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
3 15
U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
5 The CBOE asked the Commission to waive the
30-day operative delay. See Rule 19b–4(f)(6)(iii). 17
CFR 240.19b–4(f)(6)(iii).
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14:36 Jan 13, 2005
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2681
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
index), and therefore believes it is
reasonable and appropriate to extend
the requirement to systematize orders in
options on SPDRs until March 28, 2005.
1. Purpose
In connection with the development
of a Consolidated Options Audit Trail
System (‘‘COATS’’), CBOE recently
amended CBOE Rule 6.24 to require that
each order, cancellation of, or change to
an order transmitted to CBOE must be
‘‘systematized’’, in a format approved by
the Exchange, either before it is sent to
the Exchange or upon receipt on the
floor of the Exchange.6 An order is
systematized if: (i) The order is sent
electronically to the Exchange; or (ii) the
order that is sent to the Exchange nonelectronically (e.g., telephone orders) is
input electronically into the Exchange’s
systems contemporaneously upon
receipt on the Exchange, and prior to
representation of the order.
The requirements of CBOE Rule 6.24
to systematize orders commenced on
January 10, 2005 in all option classes
traded on CBOE, except for the S&P 500
index option class (SPX), the S&P 100
index option class (OEX), and the
European-style S&P 100 index option
class (XEO). In these option classes, the
requirement to systematize orders will
commence on March 28, 2005. In its
rule change amending CBOE Rule 6.24,
CBOE noted that the extension until
March 28, 2005, for these option classes
is reasonable and appropriate because
the manner in which these option
classes trade is significantly different
than equity option classes and because
of the trading environment that exists in
these option classes.7
The purpose of this rule filing is to
amend CBOE Rule 6.24 to state that the
requirement to systematize orders in the
S&P Depositary Receipts Trust (‘‘SPDR’’)
option class will commence on March
28, 2005, as it will for SPX, OEX and
XEO options. Options on SPDRs, which
is an exchange-traded fund based on the
S&P 500 index, began trading on CBOE
on January 10, 2005. CBOE anticipates
that options on SPDRs will traded in a
manner similar to SPX options (an
index option based on the S&P 500
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 8 in general, and furthers the
objectives of Section 6(b)(5) of the Act 9
in particular. Specifically, the Exchange
believes the proposed rule change is
consistent with the Section 6(b)(5) 10
because it will enhance CBOE’s audit
trail for orders by incorporating nonelectronic orders into COATS, and will
permit CBOE to reconstruct markets in
a more efficient and effective manner.
6 See Securities Exchange Act Release No. 50996
(January 7, 2005) (SR–CBOE–2004–77).
7 Moreover, CBOE noted in its rule filing that it
initially developed its floor broker workstation
(‘‘FBW’’) to assist its members in complying with
their obligations to systematize orders for COATS.
However, the FBW was designed specifically for
COATS compliance in equity option classes, and
not for use in index option classes. Upon being
advised in late December 2003 that the requirement
to systematize orders also applied to non-equity
option classes, the Exchange actively pursued
developing an alternative technology to utilize in
index option classes.
PO 00000
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Fmt 4703
Sfmt 4703
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has neither solicited
nor received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change: (1)
Does not significantly affect the
protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) does not become operative for 30
days from the date on which it was
filed, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 11 and
Rule 19b–4(f)(6) thereunder.12
A proposed rule change filed under
Rule 19b–4(f)(6) 13 normally does not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange satisfied the five-day prefiling requirement. The Exchange
further requested that the Commission
8 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
10 15 U.S.C. 78(f)(b)(5).
11 15 U.S.C. 78s(b)(3)(A)
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6).
9 15
E:\FR\FM\14JAN1.SGM
14JAN1
2682
Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Notices
waive the 30-day operative delay, as
specified in Rule 19b–4(f)(6)(iii), and
designate the proposed rule change
immediately operative. The Commission
notes that by waiving the operative
period, the Exchange has stated that it
will be able to implement trading in
options on SPDRs expeditiously, which
the Exchange states should serve to
enhance the depth and liquidity of the
SPDR market as well as the products for
which SPDRs or the S&P 500 Index is
the underlying benchmark. For these
reasons, the Commission, consistent
with the protection of investors and the
public interest, has waived the 30-day
operative date requirement for this
proposed rule change, and has
determined to designate the proposed
rule change as operative on January 10,
2005, the date it was submitted to the
Commission.
At any time within 60 days of the
filing of such proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–CBOE–2005–04 on the
subject line.
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room. Copies of the filing also will be
available for inspection and copying at
the principal offices of the CBOE. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–CBOE–2005–04 and should
be submitted on or before February 4,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–133 Filed 1–13–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51003; File No. SR–CBOE–
2005–01]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
Chicago Board Options Exchange,
Incorporated, Relating to Allowing
Market Participants To Submit Orders
for Automatic Execution
January 10, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
Paper Comments
31, 2004, the Chicago Board Options
• Send paper comments in triplicate
Exchange, Incorporated (‘‘CBOE’’ or
to Jonathan G. Katz, Secretary,
‘‘Exchange’’) filed with the Securities
Securities and Exchange Commission,
and Exchange Commission
450 Fifth Street, NW., Washington, DC
(‘‘Commission’’) the proposed rule
20549–0609.
change as described in Items I and II
All submissions should refer to File
below, which Items have been prepared
Number SR–CBOE–2005–04. This file
by the Exchange. The Exchange filed the
number should be included on the
proposal as a ‘‘non-controversial’’
subject line if e-mail is used. To help the
proposed rule change pursuant to
Commission process and review your
Section 19(b)(3)(A)(iii) of the Act 3 and
comments more efficiently, please use
Rule 19b–4(f)(6) thereunder.4 The
only one method. The Commission will
Commission is publishing this notice to
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
14 17 CFR 200.30–3(a)(12).
rules/sro.shtml). Copies of the
1 15 U.S.C. 78s(b)(1).
submission, all subsequent
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
amendments, all written statements
4 17 CFR 240.19b–4(f)(6).
with respect to the proposed rule
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14:36 Jan 13, 2005
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PO 00000
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Fmt 4703
Sfmt 4703
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The CBOE proposes to allow market
participants to submit orders for
automatic execution. The text of the
proposed rule change is available at the
Office of the Secretary, CBOE and at the
Commission.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and statutory
basis for, the proposed rule change and
discussed any comments it received on
the proposed rule change. The text of
those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in Sections A, B, and C below,
of the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
When CBOE market participants 5
interact with orders in the electronic
book (‘‘the book’’ or ‘‘E-book’’), CBOE
Rule 6.45A(c) governs the allocation of
such orders.6 Generally, if only one
market participant (‘‘MP’’) interacts
with the order in the book, he/she will
be entitled to receive the entire order. If,
however, more than one MP attempts to
interact with the same order in the book,
a ‘‘quote trigger’’ process initiates.
Under the quote trigger process, the first
MP to interact with the book order starts
a counting period lasting N-seconds
whereby each MP that submits an order
within that ‘‘N-second period’’ becomes
part of the ‘‘N-second group’’ and is
entitled to share in the allocation of that
order via the formula contained in the
rule. The Exchange proposes to provide
an alternative method by which MPs
may interact with orders in the book.
5 Per CBOE Rule 6.45A, the term market
participants includes an in-crowd Market-Maker, a
Market-Maker complying with the in-person
requirements of CBOE Rule 8.7.03(B)(1) who
submits quotes from off of the floor of the Exchange
through the facilities of the Exchange, an in-crowd
DPM, an e-DPM, and a floor broker representing
orders in the trading crowd.
6 Market participants currently interact with
orders in the book in one of two ways: by
submitting a quote or by submitting an order. Such
orders are referred to as ‘‘I-orders.’’
E:\FR\FM\14JAN1.SGM
14JAN1
]]>Agencies
[Federal Register Volume 70, Number 10 (Friday, January 14, 2005)]
[Notices]
[Pages 2680-2682]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-133]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51006; File No. SR-CBOE-2005-04]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to the Systematizing of Orders in the Standard and
Poor's Depositary Receipts (``SPDR'') Option Class
January 10, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 10, 2005, the Chicago Board Options Exchange, Inc. (``CBOE''
or ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the CBOE. The Exchange has
filed the proposal as a
[[Page 2681]]
``non-controversial'' rule change pursuant to Section 19(b)(3)(A) of
the Act,\3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the
proposal effective upon filing with the Commission.\5\ The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
\5\ The CBOE asked the Commission to waive the 30-day operative
delay. See Rule 19b-4(f)(6)(iii). 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CBOE proposes to amend its rules relating to the systematizing of
orders in the Standard and Poor's Depositary Receipts (``SPDR'') option
class. The text of the proposed rule change is below. Proposed new
language is in italics.
CHAPTER VI
* * * * *
Section B: Member Activities on the Floor
* * * * *
Required Order Information
Rule 6.24
(a)(1)-(2) No change.
(a)(3) Orders in Certain Index Option Classes and the Standard and
Poor's Depositary Receipts (``SPDR'') Option Class. The requirement to
systematize orders as set forth in this Rule shall commence on March
28, 2005, in the following option classes: the S&P 500 index option
class (SPX), the SPDR option class, the S&P 100 index option class
(OEX), and the European-style S&P 100 index option class (XEO).
(a)(4) No change.
(b)-(c) No change.
* * * Interpretations and Policies:
.01--.07 No change.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, CBOE included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
In connection with the development of a Consolidated Options Audit
Trail System (``COATS''), CBOE recently amended CBOE Rule 6.24 to
require that each order, cancellation of, or change to an order
transmitted to CBOE must be ``systematized'', in a format approved by
the Exchange, either before it is sent to the Exchange or upon receipt
on the floor of the Exchange.\6\ An order is systematized if: (i) The
order is sent electronically to the Exchange; or (ii) the order that is
sent to the Exchange non-electronically (e.g., telephone orders) is
input electronically into the Exchange's systems contemporaneously upon
receipt on the Exchange, and prior to representation of the order.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 50996 (January 7,
2005) (SR-CBOE-2004-77).
---------------------------------------------------------------------------
The requirements of CBOE Rule 6.24 to systematize orders commenced
on January 10, 2005 in all option classes traded on CBOE, except for
the S&P 500 index option class (SPX), the S&P 100 index option class
(OEX), and the European-style S&P 100 index option class (XEO). In
these option classes, the requirement to systematize orders will
commence on March 28, 2005. In its rule change amending CBOE Rule 6.24,
CBOE noted that the extension until March 28, 2005, for these option
classes is reasonable and appropriate because the manner in which these
option classes trade is significantly different than equity option
classes and because of the trading environment that exists in these
option classes.\7\
---------------------------------------------------------------------------
\7\ Moreover, CBOE noted in its rule filing that it initially
developed its floor broker workstation (``FBW'') to assist its
members in complying with their obligations to systematize orders
for COATS. However, the FBW was designed specifically for COATS
compliance in equity option classes, and not for use in index option
classes. Upon being advised in late December 2003 that the
requirement to systematize orders also applied to non-equity option
classes, the Exchange actively pursued developing an alternative
technology to utilize in index option classes.
---------------------------------------------------------------------------
The purpose of this rule filing is to amend CBOE Rule 6.24 to state
that the requirement to systematize orders in the S&P Depositary
Receipts Trust (``SPDR'') option class will commence on March 28, 2005,
as it will for SPX, OEX and XEO options. Options on SPDRs, which is an
exchange-traded fund based on the S&P 500 index, began trading on CBOE
on January 10, 2005. CBOE anticipates that options on SPDRs will traded
in a manner similar to SPX options (an index option based on the S&P
500 index), and therefore believes it is reasonable and appropriate to
extend the requirement to systematize orders in options on SPDRs until
March 28, 2005.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \8\ in general, and furthers the objectives of Section
6(b)(5) of the Act \9\ in particular. Specifically, the Exchange
believes the proposed rule change is consistent with the Section
6(b)(5) \10\ because it will enhance CBOE's audit trail for orders by
incorporating non-electronic orders into COATS, and will permit CBOE to
reconstruct markets in a more efficient and effective manner.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
\10\ 15 U.S.C. 78(f)(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change: (1) Does not significantly
affect the protection of investors or the public interest; (2) does not
impose any significant burden on competition; and (3) does not become
operative for 30 days from the date on which it was filed, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest, the proposed rule
change has become effective pursuant to Section 19(b)(3)(A) of the Act
\11\ and Rule 19b-4(f)(6) thereunder.\12\
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\11\ 15 U.S.C. 78s(b)(3)(A)
\12\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii) permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange satisfied the five-day
pre-filing requirement. The Exchange further requested that the
Commission
[[Page 2682]]
waive the 30-day operative delay, as specified in Rule 19b-
4(f)(6)(iii), and designate the proposed rule change immediately
operative. The Commission notes that by waiving the operative period,
the Exchange has stated that it will be able to implement trading in
options on SPDRs expeditiously, which the Exchange states should serve
to enhance the depth and liquidity of the SPDR market as well as the
products for which SPDRs or the S&P 500 Index is the underlying
benchmark. For these reasons, the Commission, consistent with the
protection of investors and the public interest, has waived the 30-day
operative date requirement for this proposed rule change, and has
determined to designate the proposed rule change as operative on
January 10, 2005, the date it was submitted to the Commission.
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\13\ 17 CFR 240.19b-4(f)(6).
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At any time within 60 days of the filing of such proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-CBOE-2005-04 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549-0609.
All submissions should refer to File Number SR-CBOE-2005-04. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room. Copies of the
filing also will be available for inspection and copying at the
principal offices of the CBOE. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-CBOE-2005-04 and should be submitted on or before
February 4, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-133 Filed 1-13-05; 8:45 am]
BILLING CODE 8010-01-P
