Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To Amend CBOE Rules Relating to the Electronic Designated Primary Market Maker Program, 47834-47836 [E6-13643]
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47834
Federal Register / Vol. 71, No. 160 / Friday, August 18, 2006 / Notices
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanisms of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchanges believes that the
proposed rule change does not impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
jlentini on PROD1PC65 with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received with respect to the proposed
rule change.
the Commission’s Public Reference
Room. Copies of such filing also will be
available for inspection and copying at
the principal office of the Amex. 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–Amex–2006–71 and should
be submitted on or before September 8,
2006.
IV. Commission’s Findings and Order
Granting Accelerated Approval of
Proposed Rule Change
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
III. Solicitation of Comments
applicable to a national securities
exchange.6 In particular, the
Interested persons are invited to
Commission finds that the proposed
submit written data, views and
rule change is consistent with Section
arguments concerning the foregoing,
6(b)(5) of the Act,7 which requires that
including whether the proposed rule
an exchange have rules designed, among
change is consistent with the Act.
other things, to promote just and
Comments may be submitted by any of
equitable principles of trade, to remove
the following methods:
impediments to and perfect the
Electronic Comments
mechanisms of a free and open market
and a national market system, and, in
• Use the Commission’s Internet
general, to protect investors and the
comment form (https://www.sec.gov/
public interest. The Commission
rules/sro.shtml); or
believes that the proposal should help
• Send an e-mail to ruleto promote just and equitable principles
comments@sec.gov. Please include File
of trade and remove impediments to and
Number SR–Amex–2006–71 on the
perfect the mechanisms of a free and
subject line.
open market by clarifying current
Paper Comments
requirements for floor broker access to
• Send paper comments in triplicate
the liquidity on ANTE, the Exchange’s
to Nancy M. Morris, Secretary,
electronic options marketplace.
Securities and Exchange Commission,
The Commission finds good cause for
Station Place, 100 F Street, NE.,
approving this proposed rule change
Washington, DC 20549–1090.
before the thirtieth day after the
All submissions should refer to File
publication of notice thereof in the
Number SR–Amex–2006–71. This file
Federal Register pursuant to Section
number should be included on the
19(b)(2) of the Act.8 The proposal does
subject line if e-mail is used. To help the
not raise any new or novel regulatory
Commission process and review your
issues and merely codifies a current
comments more efficiently, please use
requirement for floor broker access to
only one method. The Commission will
ANTE.
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
V. Conclusion
rules/sro.shtml). Copies of the
It is therefore ordered, pursuant to
submission, all subsequent
Section 19(b)(2) of the Act,9 that the
amendments, all written statements
proposed rule change (SR–Amex–2006–
with respect to the proposed rule
71) is hereby approved on an
change that are filed with the
accelerated basis.
Commission, and all written
communications relating to the
6 In approving this rule change, the Commission
proposed rule change between the
Commission and any person, other than notes that it has considered the proposed rule’s
impact on efficiency, competition, and capital
those that may be withheld from the
formation. See 15 U.S.C. 78c(f).
public in accordance with the
7 15 U.S.C. 78f(b)(5).
8 15 U.S.C. 78s(b)(2).
provisions of 5 U.S.C. 552, will be
9 15 U.S.C. 78s(b)(2).
available for inspection and copying in
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For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Nancy M. Morris,
Secretary.
[FR Doc. E6–13637 Filed 8–17–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54311; File No. SR–CBOE–
2005–103]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of
Proposed Rule Change and
Amendment No. 1 Thereto To Amend
CBOE Rules Relating to the Electronic
Designated Primary Market Maker
Program
August 11, 2006.
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
5, 2005, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by CBOE. On August 11, 2006, the
Exchange filed Amendment No. 1 to the
proposed rule change. The Commission
is publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
CBOE rules relating to the Electronic
Designated Primary Market Maker (‘‘eDPM’’) Program. The text of the
proposed rule change is set forth below.
Proposed additions are in italics, and
proposed deletions are in brackets.
*
*
*
*
*
Rule 8.92. Electronic DPM Program
(a)–(b) No change.
(c) Allocation of Option Classes. The
Board of Directors or a committee
designated by the Board of Directors
shall grant e-DPMs allocations in option
classes. Factors to be considered in
granting allocations include
performance, capacity, performance
commitments, efficiency,
competitiveness, and operational
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\18AUN1.SGM
18AUN1
Federal Register / Vol. 71, No. 160 / Friday, August 18, 2006 / Notices
factors. In addition, the following shall
apply:
(i)–(iv) No change.
(v) An e-DPM may not be allocated an
option class for which the e-DPM
organization serves as DPM on the
trading floor, [.]
(vi) The Exchange may remove any
option class from the e-DPM Program at
any time if certain factors no longer
warrant its inclusion in the program.
Factors to be considered in removing an
option class include any of the
following: Market share, number of
exchanges trading the product, average
daily trading volume, and liquidity in
the product. The Exchange shall give
prior notice of any removal of an option
class to the e-DPMs trading in that
option class.
(d)–(e) 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. CBOE 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
jlentini on PROD1PC65 with NOTICES
CBOE’s e-DPM Program was created,
generally, to enhance the liquidity base
of the CBOE Hybrid Trading System and
to increase the Exchange’s market share
in overall options trading by allowing
member organizations, e-DPMs, to
operate remotely as competing DPMs in
the same option classes.3 The Exchange,
through its designees, determines which
option classes to include in the e-DPM
Program and, accordingly, which classes
to allocate to each respective e-DPM.4
This rule change proposes to clarify
that the Exchange should also have the
authority to remove any e-DPM option
class from the e-DPM Program if certain
factors no longer warrant the continued
3 See CBOE Rules 8.92 through 8.94 and
Securities Exchange Act Release No. 50003 (July 12,
2004), 69 FR 43028 (July 19, 2004) (Order approving
SR–CBOE–2004–24). e-DPMs operate remotely as
specialists by entering bids and offers electronically
from locations other than the trading floor.
4 Id.
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18:35 Aug 17, 2006
Jkt 208001
inclusion of that option class in the eDPM Program. The factors used in
making such a determination would
relate to the option class itself and will
include any of the following: (i) Market
share, (ii) number of exchanges trading
the product, (iii) average daily trading
volume, and (iv) liquidity in the
product. The Exchange will consider
any one or all of these factors in
determining whether to remove an
option class from the e-DPM Program.
Such factors will be considered by the
Exchange in removing any option
class(es) from the e-DPM Program,
including those option classes that are
the top classes trading on the Exchange
and those option classes that are the
bottom classes trading on the
Exchange.5 The ability to remove and
limit the number of e-DPM option
classes is necessary to further the
competitive goals of the e-DPM
Program.
The purpose of the e-DPM Program is
to create, among other things, greater
market share, volume and liquidity. For
certain option classes that have been in
the e-DPM Program, there may no longer
be a need to have such option classes in
the program since at the present time,
those classes have consistently
maintained a level of greater market
share, higher volume and/or greater
liquidity. In reviewing these factors, the
Exchange may determine that such
class(es) no longer need to be in the eDPM Program and can therefore be
removed from the e-DPM Program, since
that class meets the levels that the
Exchange deems appropriate. In
addition, the Exchange may wish to
remove an option class from the e-DPM
Program for the opposite reason. Certain
option classes that are in the e-DPM
Program may not have increased in
market share, volume and/or liquidity,
or may have even gone down in total
market share, volume and/or liquidity.
Since being in the e-DPM Program did
not increase these factors, the Exchange
may wish to remove such option
class(es) from the program since they
have not benefited from being in the
program. Prior to removing any option
class from the e-DPM Program, the
Exchange would notify the e-DPMs
trading in that option class that such
class is being removed from the
program. Persons aggrieved by the
removal of an option class from the eDPM Program may appeal such decision
to the Exchange’s Appeals Committee
pursuant to Chapter XIX of the rules of
the Exchange.
By being able to review these
proposed factors for all option classes in
the e-DPM Program and in making a
determination on whether an option
class(es) should be included in the eDPM Program, the Exchange believes it
will have the flexibility to ultimately
enhance the overall market share and
volume of all option classes trading on
the Exchange.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with Section 6(b)
of the Act,6 in general, and Sections
6(b)(5) and 6(b)(7) of the Act,7 in
particular, in that it is designed to
promote just and equitable principles of
trade and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and provides a fair procedure
for the limitation by the Exchange of
any person with respect to access to
services offered by the Exchange.
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 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
The Exchange did not solicit or
receive any written comments with
respect to the proposed rule change.
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 self-regulatory
organization consents, the Commission
will:
A. By order approve the 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:
6 15
5 Based
PO 00000
on the National Average Daily Volume.
Frm 00064
Fmt 4703
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47835
7 15
E:\FR\FM\18AUN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5) and 78f(b)(7).
18AUN1
47836
Federal Register / Vol. 71, No. 160 / Friday, August 18, 2006 / Notices
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–2005–103 on the
subject line.
Paper Comments
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54301; File No. SR–CHX–
2006–05]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc,; Notice
of Filing of a Proposed Rule Change
and Amendment No. 1 Thereto to
Implement a New Trading Model
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street NE.,
Washington, DC 20549–1090.
August 10, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
Nancy M. Morris,
Secretary.
[FR Doc. E6–13643 Filed 8–17–06; 8:45 am]
In its filing with the Commission, the
CHX 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 CHX has prepared
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 February
2, 2006, the Chicago Stock Exchange,
Inc. (‘‘CHX’’ or ‘‘Exchange’’) filed with
All submissions should refer to File
the Securities and Exchange
Number SR–CBOE–2005–103. This file
Commission (‘‘Commission’’) the
number should be included on the
subject line if e-mail is used. To help the proposed rule change as described in
Items I, II, and III below, which Items
Commission process and review your
have been prepared by the CHX. On
comments more efficiently, please use
August 10, 2006, the Exchange filed
only one method. The Commission will
Amendment No. 1 to the proposed rule
post all comments on the Commission’s change.3 The Commission is publishing
Internet Web site (https://www.sec.gov/
this notice to solicit comments on the
rules/sro.shtml). Copies of the
proposed rule change, as amended, from
submission, all subsequent
interested persons.
amendments, all written statements
I. Self-Regulatory Organization’s
with respect to the proposed rule
Statement of the Terms of Substance of
change that are filed with the
the Proposed Rule Change
Commission, and all written
communications relating to the
The CHX proposes to amend its rules
to implement a new trading model that
proposed rule change between the
Commission and any person, other than provides the opportunity for entirely
automated executions to occur within a
those that may be withheld from the
central matching system accessible by
public in accordance with the
all Exchange participants. The new
provisions of 5 U.S.C. 552, will be
model also would end the Exchange’s
available for inspection and copying in
operation of a physical trading floor and
the Commission’s Public Reference
Room. Copies of such filing also will be is intended to comply with the
requirements of Regulation NMS (‘‘Reg.
available for inspection and copying at
4
the principal office of the Exchange. All NMS’’). The text of this proposed rule
change is available on the Exchange’s
comments received will be posted
Web site at https://www.chx.com/rules/
without change; the Commission does
proposed_rules.htm, in the
not edit personal identifying
Commission’s Public Reference Room,
information from submissions. You
and on the Commission’s Web site at
should submit only information that
https://www.sec.gov.
you wish to make available publicly. All
II. Self-Regulatory Organization’s
submissions should refer to File
Statement of the Purpose of, and
Number SR–CBOE–2005–103 and
Statutory Basis for, the Proposed Rule
should be submitted on or before
Change
September 8, 2006.
jlentini on PROD1PC65 with NOTICES
BILLING CODE 8010–01–P
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1 replaces and supersedes the
original filing in its entirety.
4 17 CFR 242.600, et seq.
2 17
8 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
18:35 Aug 17, 2006
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Frm 00065
Fmt 4703
Sfmt 4703
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
Through this proposed rule change,
the Exchange seeks to implement a new
trading model that allows its
participants to interact in a fullyautomated matching system. In this
model, the Exchange would no longer
operate a physical trading floor where
on-floor specialists, brokers and market
makers seek execution of their orders.
Instead, the Exchange would operate an
automated system where its
participants—from any location—could
submit orders for immediate execution.
The Exchange believes that this new
model provides an opportunity for its
participants and their customers to
receive efficient, low-cost executions,
while giving the Exchange enhanced
capabilities for surveilling its
participants’ trading activities.
In this new model, the Exchange
anticipates that most of its participants
would continue to be ‘‘off-Exchange’’
order-sending firms that would simply
send orders to the Matching System for
execution. These firms would not be
required to register with the Exchange to
act in any specific capacity other than
as trading participants.5 The Exchange
would, however, allow participant firms
to register in two special categories—to
operate as proprietary market makers on
the Exchange or to act as institutional
brokers. Market makers could choose to
post two-sided quotations and trade for
their proprietary accounts. Any
customer order would be accepted off
the Exchange and a market maker could
then choose whether or not to enter the
order in the Exchange’s Matching
System or submit the order to a different
venue. In contrast, any customer orders
accepted by institutional brokers would
be deemed to be on the Exchange when
accepted. These market makers and
institutional brokers would operate on
the Exchange, even if they are not
physically located on a single trading
floor.
Because the Exchange is taking this
opportunity to modernize many of its
long-standing procedures and rules, the
implementation of the new trading
model will result in changes to virtually
5 Since its demutualization in February 2005, the
Exchange has not had ‘‘members.’’ Instead, a
broker-dealer that seeks to effect transactions
directly on the Exchange must become an Exchange
‘‘participant.’’
E:\FR\FM\18AUN1.SGM
18AUN1
]]>Agencies
[Federal Register Volume 71, Number 160 (Friday, August 18, 2006)]
[Notices]
[Pages 47834-47836]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-13643]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54311; File No. SR-CBOE-2005-103]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of Proposed Rule Change and Amendment
No. 1 Thereto To Amend CBOE Rules Relating to the Electronic Designated
Primary Market Maker Program
August 11, 2006.
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 5, 2005, the Chicago Board Options Exchange, Incorporated
(``CBOE'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II and III below, which Items have been prepared by CBOE. On
August 11, 2006, the Exchange filed Amendment No. 1 to the proposed
rule change. The Commission is publishing this notice to solicit
comments on the proposed rule change, as amended, from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend CBOE rules relating to the
Electronic Designated Primary Market Maker (``e-DPM'') Program. The
text of the proposed rule change is set forth below. Proposed additions
are in italics, and proposed deletions are in brackets.
* * * * *
Rule 8.92. Electronic DPM Program
(a)-(b) No change.
(c) Allocation of Option Classes. The Board of Directors or a
committee designated by the Board of Directors shall grant e-DPMs
allocations in option classes. Factors to be considered in granting
allocations include performance, capacity, performance commitments,
efficiency, competitiveness, and operational
[[Page 47835]]
factors. In addition, the following shall apply:
(i)-(iv) No change.
(v) An e-DPM may not be allocated an option class for which the e-
DPM organization serves as DPM on the trading floor, [.]
(vi) The Exchange may remove any option class from the e-DPM
Program at any time if certain factors no longer warrant its inclusion
in the program. Factors to be considered in removing an option class
include any of the following: Market share, number of exchanges trading
the product, average daily trading volume, and liquidity in the
product. The Exchange shall give prior notice of any removal of an
option class to the e-DPMs trading in that option class.
(d)-(e) 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. CBOE 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
CBOE's e-DPM Program was created, generally, to enhance the
liquidity base of the CBOE Hybrid Trading System and to increase the
Exchange's market share in overall options trading by allowing member
organizations, e-DPMs, to operate remotely as competing DPMs in the
same option classes.\3\ The Exchange, through its designees, determines
which option classes to include in the e-DPM Program and, accordingly,
which classes to allocate to each respective e-DPM.\4\
---------------------------------------------------------------------------
\3\ See CBOE Rules 8.92 through 8.94 and Securities Exchange Act
Release No. 50003 (July 12, 2004), 69 FR 43028 (July 19, 2004)
(Order approving SR-CBOE-2004-24). e-DPMs operate remotely as
specialists by entering bids and offers electronically from
locations other than the trading floor.
\4\ Id.
---------------------------------------------------------------------------
This rule change proposes to clarify that the Exchange should also
have the authority to remove any e-DPM option class from the e-DPM
Program if certain factors no longer warrant the continued inclusion of
that option class in the e-DPM Program. The factors used in making such
a determination would relate to the option class itself and will
include any of the following: (i) Market share, (ii) number of
exchanges trading the product, (iii) average daily trading volume, and
(iv) liquidity in the product. The Exchange will consider any one or
all of these factors in determining whether to remove an option class
from the e-DPM Program. Such factors will be considered by the Exchange
in removing any option class(es) from the e-DPM Program, including
those option classes that are the top classes trading on the Exchange
and those option classes that are the bottom classes trading on the
Exchange.\5\ The ability to remove and limit the number of e-DPM option
classes is necessary to further the competitive goals of the e-DPM
Program.
---------------------------------------------------------------------------
\5\ Based on the National Average Daily Volume.
---------------------------------------------------------------------------
The purpose of the e-DPM Program is to create, among other things,
greater market share, volume and liquidity. For certain option classes
that have been in the e-DPM Program, there may no longer be a need to
have such option classes in the program since at the present time,
those classes have consistently maintained a level of greater market
share, higher volume and/or greater liquidity. In reviewing these
factors, the Exchange may determine that such class(es) no longer need
to be in the e-DPM Program and can therefore be removed from the e-DPM
Program, since that class meets the levels that the Exchange deems
appropriate. In addition, the Exchange may wish to remove an option
class from the e-DPM Program for the opposite reason. Certain option
classes that are in the e-DPM Program may not have increased in market
share, volume and/or liquidity, or may have even gone down in total
market share, volume and/or liquidity. Since being in the e-DPM Program
did not increase these factors, the Exchange may wish to remove such
option class(es) from the program since they have not benefited from
being in the program. Prior to removing any option class from the e-DPM
Program, the Exchange would notify the e-DPMs trading in that option
class that such class is being removed from the program. Persons
aggrieved by the removal of an option class from the e-DPM Program may
appeal such decision to the Exchange's Appeals Committee pursuant to
Chapter XIX of the rules of the Exchange.
By being able to review these proposed factors for all option
classes in the e-DPM Program and in making a determination on whether
an option class(es) should be included in the e-DPM Program, the
Exchange believes it will have the flexibility to ultimately enhance
the overall market share and volume of all option classes trading on
the Exchange.
2. Statutory Basis
The Exchange believes that the proposal is consistent with Section
6(b) of the Act,\6\ in general, and Sections 6(b)(5) and 6(b)(7) of the
Act,\7\ in particular, in that it is designed to promote just and
equitable principles of trade and to remove impediments to and perfect
the mechanism of a free and open market and a national market system,
and provides a fair procedure for the limitation by the Exchange of any
person with respect to access to services offered by the Exchange.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5) and 78f(b)(7).
---------------------------------------------------------------------------
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 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
The Exchange did not solicit or receive any written comments with
respect to the proposed rule change.
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 self-regulatory organization consents, the Commission will:
A. By order approve the 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:
[[Page 47836]]
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-2005-103 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2005-103. 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 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 available publicly. All submissions should refer to
File Number SR-CBOE-2005-103 and should be submitted on or before
September 8, 2006.
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).
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Nancy M. Morris,
Secretary.
[FR Doc. E6-13643 Filed 8-17-06; 8:45 am]
BILLING CODE 8010-01-P
