Self-Regulatory Organizations; Chicago Board Options Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Duration of CBOE Rule 6.45A(b) Pertaining to Orders Represented in Open Outcry, 55194-55196 [05-18674]
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55194
Federal Register / Vol. 70, No. 181 / Tuesday, September 20, 2005 / Notices
calculated based on the number of
contracts the sending and receiving
Linkage Plan participants
(‘‘Participants’’) guaranteed they would
automatically execute. Now that all
Participants disseminate dynamic
quotes with size, the Participants
believe that it is appropriate to calculate
the FCQS based on the size of the
disseminated quotation of the
Participant receiving the P/A Order.
Accordingly, the Exchange proposes to
amend CBOE Rule 6.80 to effect this
change.7
The other purpose of the proposed
rule change is to eliminate a 15-second
wait period for sending a secondary
P/A Order currently provided in
Exchange Rule 6.81(b)(2). Exchange
Rule 6.81(b)(2) governs the manner in
which a P/A Order larger than the FCQS
can be broken into smaller P/A Orders.
Currently, Exchange Rule 6.81(b)(2)
provides that an initial P/A Order can
be sent to the Participant disseminating
the National Best Bid or Offer for the
FCQS, and if that Participant continues
to disseminate the same price after 15
seconds from the execution of the initial
P/A Order, a subsequent P/A Order can
be sent for at least the lesser of (i) the
size of the disseminated quote; (ii) 100
contracts; or (iii) the remainder of the
customer order underlying the P/A
Orders. The Exchange proposes to
eliminate the 15-second waiting period
because the dynamic quotes with size
now employed by the Participants
obviate the need for a manual quote
refresh period for P/A Orders. This
proposed rule change would conform
the CBOE rules to the pending
Amendment No. 16 to the Linkage
Plan.8
2. Statutory Basis
The Exchange believes that its
proposal is consistent with section 6(b)
of the Act 9 in general, and furthers the
objectives of section 6(b)(5) of the Act 10
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to, and
perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
7 The Commission added to this sentence
pursuant to a telephone conversation with CBOE,
as noted herein. Telephone call between Tim Fox,
Special Counsel, Commission, and Patrick Sexton,
Assistant General Counsel, CBOE on September 12,
2005.
8 See Supra note 3.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
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14:53 Sep 19, 2005
Jkt 205001
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The CBOE does not believe that the
proposed rule change would impose any
burden on competition that is 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
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding, or
(ii) as to which the CBOE consents, the
Commission will:
A. By order approve such proposed
rule change; or
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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–2005–68 on the
subject line.
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 such filing also will be
available for inspection and copying at
the principal office of the Exchange. 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 publicly available. All
submissions should refer to File
Number SR–CBOE–2005–68 and should
be submitted on or before October 11,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Jonathan G. Katz,
Secretary.
[FR Doc. 05–18670 Filed 9–19–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52423; File No. SR–CBOE–
2005–76]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Inc.; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Extend the Duration of
CBOE Rule 6.45A(b) Pertaining to
Orders Represented in Open Outcry
September 14, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on
Paper Comments
September 13, 2005, the Chicago Board
• Send paper comments in triplicate
Options Exchange, Inc. (‘‘CBOE’’ or
to Jonathan G. Katz, Secretary,
‘‘Exchange’’) filed with the Securities
Securities and Exchange Commission,
and Exchange Commission (the
Station Place, 100 F Street, NE.,
‘‘Commission’’) the proposed rule
Washington, DC 20549–9303.
change as described in Items I and II
All submissions should refer to File
below, which Items have been prepared
Number SR–CBOE–2005–68. This file
by the CBOE. 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 which
only one method. The Commission will
post all comments on the Commission’s
11 17 CFR 200.30–3(a)(12).
Internet Web site (https://www.sec.gov/
1 15 U.S.C. 78s(b)(1).
rules/sro.shtml). Copies of the
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
submission, all subsequent
4 17 CFR 240.19b–4(f)(6).
amendments, all written statements
PO 00000
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E:\FR\FM\20SEN1.SGM
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Federal Register / Vol. 70, No. 181 / Tuesday, September 20, 2005 / Notices
renders it effective upon filing with the
Commission. 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
The CBOE proposes to extend the
duration of CBOE Rule 6.45A(b) (the
‘‘Rule’’), relating to the allocation of
orders represented in open outcry in
equity option classes designated by the
Exchange to be traded on the CBOE
Hybrid Trading System (‘‘Hybrid’’),
through December 14, 2005. No other
substantive changes are being made to
the Rule. The text of the proposed rule
change is available on the CBOE’s Web
site (https://www.cboe.com), at the
CBOE’s principal office, and at the
Commission’s Public Reference Room.
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
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 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In March 2005, the Commission
approved revisions to CBOE Rule 6.45A
related to the introduction of Remote
Market-Makers.5 Among other things,
the Rule, pertaining to the allocation of
orders represented in open outcry in
equity options classes traded on Hybrid,
was amended to clarify that only incrowd market participants would be
eligible to participate in open outcry
trade allocations. In addition, the Rule
was amended to limit its duration until
September 14, 2005, unless otherwise
extended. As the duration period
expires on September 14, 2005, the
Exchange proposes to extend the
5 See Securities Exchange Act Release No. 51366
(March 14, 2005), 70 FR 13217 (March 18, 2005)
(SR–CBOE–2004–75).
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14:53 Sep 19, 2005
Jkt 205001
effectiveness of the Rule through
December 14, 2005.6
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations under the
Act applicable to a national securities
exchange and, in particular, the
requirements of Section 6(b) of the Act.7
Specifically, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 8 requirements that
the rules of an exchange be designed to
promote just and equitable principles of
trade, to prevent fraudulent and
manipulative acts and, in general, to
protect investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The CBOE 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 neither solicited nor
received comments on the proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed 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 thirty
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, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 9 and Rule 19b–4(f)(6) 10 thereunder.
6 In order to effect proprietary transactions on the
floor of the Exchange, in addition to complying
with the requirements of the Rule, members are also
required to comply with the requirements of
Section 11(a)(1) of the Act, 15 U.S.C. 78k(a)(1), or
qualify for an exemption. Section 11(a)(1) restricts
securities transactions of a member of any national
securities exchange effected on that exchange for (i)
the member’s own account, (ii) the account of a
person associated with the member, or (iii) an
account over which the member or a person
associated with the member exercises discretion,
unless a specific exemption is available. The
Exchange will issue a regulatory circular to
members reminding them of the applicability of
these Section 11(a)(1) requirements.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6).
PO 00000
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Sfmt 4703
55195
A proposed rule change filed under
Commission Rule 19b–4(f)(6) 11
normally does not become operative
prior to thirty days after the date of
filing. The CBOE requests that the
Commission waive the 30-day operative
delay, as specified in Rule 19b–
4(f)(6)(iii), and designate the proposed
rule change to become operative
immediately to allow the Exchange to
continue to operate under the existing
allocation parameters for orders
represented in open outcry in Hybrid on
an uninterrupted basis. The
Commission hereby grants the request.
The Commission believes that waiving
the 30-day operative delay is consistent
with the protection of investors and the
public interest because such waiver will
allow the CBOE to continue to operate
under the Rule without interruption.
For these reasons, the Commission
designates the proposed rule change as
effective and operative immediately.12
At any time within 60 days of the
filing of the proposed rule change the
Commission may summarily abrogate
such proposed 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–2005–76 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number SR–CBOE–2005–76. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
11 Id.
12 For the purposes only of waiving the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
E:\FR\FM\20SEN1.SGM
20SEN1
55196
Federal Register / Vol. 70, No. 181 / Tuesday, September 20, 2005 / Notices
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
Section, 100 F Street, NE., Washington,
DC 20549. Copies of such filing also will
be available for inspection and copying
at the principal office 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–2005–76 and should
be submitted on or before October 11,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Jonathan G. Katz,
Secretary.
[FR Doc. 05–18674 Filed 9–19–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52422; No. SR–DTC–2005–
11]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Establish an
Insurance Program as Part of the
Profile Modification System Feature of
Its Direct Registration System
September 14, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
August 22, 2005, The Depository Trust
Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) and on August 22,
2005, amended 2 the rule change
described in Items I, II, and III below,
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 The amendment corrected a pagination error in
the original filing.
which items have been prepared
primarily by DTC. The Commission is
publishing this notice to solicit
comments on the rule change from
interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The rule change establishes an
insurance program as part of DTC’s
Profile Modification System (‘‘Profile’’)
of its Direct Registration System
(‘‘DRS’’).
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
DTC included statements concerning
the purpose of and basis for the rule
change and discussed any comments it
received on the rule change. The text of
these statements may be examined at
the places specified in Item IV below.
DTC has prepared summaries, set forth
in sections (A), (B), and (C) below, of the
most significant aspects of these
statements.3
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Currently, Profile allows a DTC
participant to submit electronically to a
transfer agent that is a DRS limited
participant an investor’s instruction that
its share positions be moved from the
investor’s DRS account with the DRS
limited participant to the investor’s
broker-dealer’s participant account at
DTC. Similarly, a DRS limited
participant may submit an investor’s
instruction for the movement of its
share positions from the investor’s
broker-dealer’s participant account at
DTC to an account maintained by the
DRS limited participant.
Currently, all Profile users must agree
to a Participant Terminal System
(‘‘PTS’’) screen indemnity as part of
their use of Profile and must procure a
surety bond relating to their obligations
under such indemnity (‘‘Surety
Program’’). Participation in the Surety
Program requires the payment of an
annual premium of $3,150 to a surety
provider and a DTC administration fee
of $250. The Surety Program provides
for a coverage limit of $3 million per
occurrence and an annual aggregate
limit of $6 million.
DTC believes the cost of the annual
surety and the coverage limit may be a
1 15
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14:53 Sep 19, 2005
Jkt 205001
3 The Commission has modified the text of the
summaries prepared by DTC.
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
disincentive for some to use Profile. In
order to encourage greater participation
in the service, DTC proposes the
implementation of the DTC Profile
Modification System Indemnity
Insurance Program (‘‘Insurance
Program’’). Under the Insurance
Program, Profile users will have the
option to procure indemnity insurance
with higher coverage limits ($25 million
per occurrence per policy with an
annual aggregate limit of $100 million)
than the surety bond under the Surety
Program provides, which will allow
larger transactions to be covered under
one policy. Furthermore, Profile users
will have the option to procure
indemnity insurance at an annual fee
that is less than the premium for the
Surety Program. In addition to any passthrough fee from the insurer, DTC will
charge users participating in the
Insurance Program an annual
administration fee of $250 and a $2.50
per transaction fee. Users will be able to
participate in both the Surety Program
and the Insurance Program but would be
required and permitted to use only one
provider per Profile transaction.
The issuing insurance company will
be either a company selected by DTC as
the administrator of such insurance or
an insurance company selected by the
user procuring the insurance, provided
the insurance company will issue
insurance subject to the terms and
conditions established by DTC for the
Insurance Program.
DTC believes the rule change is
consistent with Section 17A of the Act,4
as amended, because it is a modification
of a DTC service that enhances the
safeguards for transactions processed in
the service. As such it is a change to an
existing service that will not adversely
affect the safeguarding of securities and
funds in DTC’s custody or control.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
DTC does not believe that the rule
change will have any impact or impose
any burden on competition.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments relating to the rule
change have not yet been solicited or
received. DTC will notify the
Commission of any written comments it
receives.
4 15
E:\FR\FM\20SEN1.SGM
U.S.C. 78q–1.
20SEN1
]]>Agencies
[Federal Register Volume 70, Number 181 (Tuesday, September 20, 2005)]
[Notices]
[Pages 55194-55196]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-18674]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52423; File No. SR-CBOE-2005-76]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Extend the Duration of CBOE Rule 6.45A(b) Pertaining to
Orders Represented in Open Outcry
September 14, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 13, 2005, the Chicago Board Options Exchange, Inc.
(``CBOE'' or ``Exchange'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I and II below, which Items have been prepared by the CBOE.
The Exchange filed the proposal as a ``non-controversial'' proposed
rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and
Rule 19b-4(f)(6) thereunder,\4\ which
[[Page 55195]]
renders it effective upon filing with the Commission. 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)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The CBOE proposes to extend the duration of CBOE Rule 6.45A(b) (the
``Rule''), relating to the allocation of orders represented in open
outcry in equity option classes designated by the Exchange to be traded
on the CBOE Hybrid Trading System (``Hybrid''), through December 14,
2005. No other substantive changes are being made to the Rule. The text
of the proposed rule change is available on the CBOE's Web site (http:/
/www.cboe.com), at the CBOE's principal office, and at the Commission's
Public Reference Room.
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 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 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 parts of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
In March 2005, the Commission approved revisions to CBOE Rule 6.45A
related to the introduction of Remote Market-Makers.\5\ Among other
things, the Rule, pertaining to the allocation of orders represented in
open outcry in equity options classes traded on Hybrid, was amended to
clarify that only in-crowd market participants would be eligible to
participate in open outcry trade allocations. In addition, the Rule was
amended to limit its duration until September 14, 2005, unless
otherwise extended. As the duration period expires on September 14,
2005, the Exchange proposes to extend the effectiveness of the Rule
through December 14, 2005.\6\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 51366 (March 14,
2005), 70 FR 13217 (March 18, 2005) (SR-CBOE-2004-75).
\6\ In order to effect proprietary transactions on the floor of
the Exchange, in addition to complying with the requirements of the
Rule, members are also required to comply with the requirements of
Section 11(a)(1) of the Act, 15 U.S.C. 78k(a)(1), or qualify for an
exemption. Section 11(a)(1) restricts securities transactions of a
member of any national securities exchange effected on that exchange
for (i) the member's own account, (ii) the account of a person
associated with the member, or (iii) an account over which the
member or a person associated with the member exercises discretion,
unless a specific exemption is available. The Exchange will issue a
regulatory circular to members reminding them of the applicability
of these Section 11(a)(1) requirements.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations under the Act applicable to a
national securities exchange and, in particular, the requirements of
Section 6(b) of the Act.\7\ Specifically, the Exchange believes the
proposed rule change is consistent with the Section 6(b)(5) \8\
requirements that the rules of an exchange be designed to promote just
and equitable principles of trade, to prevent fraudulent and
manipulative acts and, in general, to protect investors and the public
interest.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The CBOE 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 neither solicited nor received comments on the
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed 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 thirty 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, it has become effective pursuant to Section 19(b)(3)(A) of
the Act \9\ and Rule 19b-4(f)(6) \10\ thereunder.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Commission Rule 19b-4(f)(6) \11\
normally does not become operative prior to thirty days after the date
of filing. The CBOE requests that the Commission waive the 30-day
operative delay, as specified in Rule 19b-4(f)(6)(iii), and designate
the proposed rule change to become operative immediately to allow the
Exchange to continue to operate under the existing allocation
parameters for orders represented in open outcry in Hybrid on an
uninterrupted basis. The Commission hereby grants the request. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because such waiver will allow the CBOE to continue to operate under
the Rule without interruption. For these reasons, the Commission
designates the proposed rule change as effective and operative
immediately.\12\
---------------------------------------------------------------------------
\11\ Id.
\12\ For the purposes only of waiving the operative date of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change the Commission may summarily abrogate such proposed 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-2005-76 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
All submissions should refer to File Number SR-CBOE-2005-76. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your
[[Page 55196]]
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 Section, 100 F Street, NE., Washington, DC 20549. Copies of
such filing also will be available for inspection and copying at the
principal office 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-2005-76 and should be submitted on or before
October 11, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. 05-18674 Filed 9-19-05; 8:45 am]
BILLING CODE 8010-01-P
