Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Definition of Quarterly Index Expiration or QIX, 67665-67667 [E6-19726]
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Federal Register / Vol. 71, No. 225 / Wednesday, November 22, 2006 / Notices
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maximum number of strike prices
permitted by the rule: five above and
five below the value of the underlying
index at that time. If the index value
subsequently increased such that only
two strike prices were above the value
of the underlying index, the Exchange
would be permitted to open up to three
additional strike prices above the value
of the index. (In this example, the
Exchange would not be permitted to
open any additional strike prices below
the value of the underlying index
because it may only add strike prices
provided that the total number of open
strike prices on that side of the
underlying index value remains five or
fewer.) The provisions of CBOE Rule
24.9 requiring that the exercise price of
additional series must be ‘‘reasonably
related’’ to the value of the underlying
index, unless ‘‘demonstrated customer
interest’’ exists for a series with an
exercise price more than 30% away
from the current index value, would
remain in place, but would be limited
by the five above/five below restriction.
Although the proposal is more
permissive in the range of strike prices
that may be opened at the time of initial
listing, the proposal to limit additional
strike prices renders CBOE Rule
24.9(a)(2) more restrictive overall in the
number of strike prices that may be
opened on the Exchange. Therefore, the
Commission believes the proposal
should not raise any capacity or
regulatory concerns not already
discussed in the order approving the
QOS pilot program.9 For these reasons,
the Commission believes that the
proposed rule change is consistent with
the Act.
The Exchange has requested that the
Commission approve the proposed rule
change prior to the thirtieth day after
publication of notice of the filing in the
Federal Register. The Commission
believes that accelerated approval is
appropriate because the proposal adds a
restriction on the number of strike
prices that may be opened on the
Exchange, thus lessening the impact of
the QOS on the limited quote traffic
capacity of the Exchange and the
Options Price Reporting Authority,
while still permitting the Exchange to
list an appropriate range of strike prices
in order to respond to market conditions
and customer demand. Accordingly, the
Commission finds good cause,
consistent with Section 19(b)(2) of the
9 For the same reason, the Commission does not
view the proposed rule change as an expansion of
the pilot program, and therefore the proposal does
not trigger the requirement under the terms of the
Pilot Program Approval Order that the Exchange
submit a pilot program report. See Pilot Program
Approval Order, 71 FR at 40561.
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22:25 Nov 21, 2006
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Act,10 to approve the proposed rule
change prior to the thirtieth day after
publication of the notice of filing thereof
in the Federal Register.
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:
67665
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,11 that the
proposed rule change (SR–CBOE–2006–
93) is hereby approved on an
accelerated basis.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E6–19725 Filed 11–21–06; 8:45 am]
BILLING CODE 8011–01–P
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml);
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–CBOE–2006–93 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC.
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54761; File No. SR–CBOE–
2006–85]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the Definition
of Quarterly Index Expiration or QIX
November 16, 2006.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
All submissions should refer to File
notice is hereby given that on October
Number SR–CBOE–2006–93. This file
20, 2006, the Chicago Board Options
number should be included on the
subject line if e-mail is used. To help the Exchange, Incorporated (‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
Commission process and review your
Exchange Commission (‘‘Commission’’)
comments more efficiently, please use
only one method. The Commission will the proposed rule change as described
post all comments on the Commission’s in Items I and II below, which Items
have been prepared by the Exchange.
Internet Web site (https://www.sec.gov/
The Exchange has designated this
rules/sro.shtml). Copies of the
proposal as non-controversial under
submission, all subsequent
Section 19(b)(3)(A)(iii) of the Act 3 and
amendments, all written statements
Rule 19b–4(f)(6) thereunder,4 which
with respect to the proposed rule
renders the proposed rule change
change that are filed with the
effective upon filing with the
Commission, and all written
Commission. The Commission is
communications relating to the
publishing this notice to solicit
proposed rule change between the
Commission and any person, other than comments on the proposed rule change
from interested persons.
those that may be withheld from the
public in accordance with the
I. Self-Regulatory Organization’s
provisions of 5 U.S.C. 552, will be
Statement of the Terms of Substance of
available for inspection and copying in
the Proposed Rule Change
the Commission’s Public Reference
CBOE proposes to amend the
Room. Copies of such filing also will be
definition of ‘‘Quarterly Index
available for inspection and copying at
the principal office of the Exchange. All Expiration or QIX’’ in CBOE Rule
24.1(s). The text of the proposed rule
comments received will be posted
change is available on the Exchange’s
without change; the Commission does
Web site (https://www.cboe.com), at the
not edit identifying personal
Exchange’s Office of the Secretary, and
information from submissions. You
at the Commission’s Public Reference
should submit only information that
you wish to make available publicly. All Room.
submissions should refer to File No.
11 Id.
SR–CBOE–2006–93 and should be
12 17 CFR 200.30–3(a)(12).
submitted on or before December 13,
1 15 U.S.C. 78s(b)(1).
2006.
2 17 CFR 240.19b–4.
3 15
10 15
PO 00000
U.S.C. 78s(b)(2).
Frm 00125
Fmt 4703
4 17
Sfmt 4703
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
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67666
Federal Register / Vol. 71, No. 225 / Wednesday, November 22, 2006 / Notices
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 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
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1. Purpose
The purpose of the proposed rule
change is to update the definition of an
index option contract in CBOE Rule
24.1(s) to reflect current Options
Clearing Corporation (‘‘OCC’’)
settlement procedures. Specifically, the
Exchange proposes to define Quarterly
Index Expiration (‘‘QIX’’) as an index
option contract that expires on the last
business day of a calendar quarter,
rather than the first business day of the
month following the end of a calendar
quarter. QIX options rules allow the
Exchange to trade quarterly expiration
options for certain index option
products. QIX options were approved by
the Commission in February 1993.5 The
Exchange does not currently trade QIX
index options, but expects to do so in
the near future. In connection with
renewed trading of QIX options, the
Exchange seeks to modify the definition
of QIX in CBOE Rule 24.1(s) to reflect
changes in OCC settlement procedures
over the years. When QIX rules were
approved, OCC expiration processing
for QIX options could not be completed
until the business day following the end
of the calendar quarter. Today, OCC
technology and procedures have
improved such that expiration
processing can be completed on the last
business day of the calendar quarter.
2. Statutory Basis
CBOE 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.6
Specifically, the Exchange believes the
5 See Securities Exchange Act Release No. 31800
(February 1, 1993), 58 FR 7274 (February 5, 1993)
(approving file no. SR–CBOE–92–13).
6 15 U.S.C. 78f(b).
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22:25 Nov 21, 2006
Jkt 211001
proposed rule change is consistent with
the Section 6(b)(5) 7 requirements that
the rules of an exchange be 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 to protect investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE 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 neither solicited nor
received comments on the proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A) of the Act 8 and
subparagraph (f)(6) of Rule 19b–4
thereunder.9 Because the foregoing
proposed rule change (i) does not
significantly affect the protection of
investors or the public interest; (ii) does
not impose any significant burden on
competition; and (iii) 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 and Rule 19b–4(f)(6)(iii)
thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing. However, Rule 19b–
4(f)(6)(iii) permits the Commission to
waive the operative delay if such action
is consistent with the protection of
investors and the public interest. The
Exchange has asked the Commission to
waive the operative delay to permit the
proposed rule change to become
effective prior to the 30th day after
filing.
7 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6).
10 Rule 19b–4(f)(6)(iii) requires the Exchange to
give written notice to the Commission of its intent
to file the proposed rule change at least five
business days prior to filing. The Exchange
provided the required notice on September 26,
2006.
8 15
PO 00000
Frm 00126
Fmt 4703
Sfmt 4703
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest. The
Commission notes that the proposal to
change the expiration date of QIX
options to the last business day of a
calendar quarter is consistent with the
definition of other quarterly options
series on the Exchange.11 Therefore, the
Commission has determined to waive
the 30-day delay and allow the
proposed rule change to become
operative immediately.12
At any time within 60 days of the
filing of the 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
No. SR–CBOE–2006–85 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–CBOE–2006–85. 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 Commissions
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
11 See, e.g., Securities Exchange Act Release No.
54123 (July 11, 2006), 71 FR 40558 (July 17, 2006)
(approving CBOE’s Quarterly Options Series pilot
program, file no. SR–CBOE–2006–65).
12 For purposes only of waiving the operative
delay of this proposal, the Commission notes that
it has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
E:\FR\FM\22NON1.SGM
22NON1
Federal Register / Vol. 71, No. 225 / Wednesday, November 22, 2006 / Notices
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–2006–85 and should
be submitted on or before December 13,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Nancy M. Morris,
Secretary.
[FR Doc. E6–19726 Filed 11–21–06; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54682A; File No. SR–FICC–
2006–15]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing of Proposed Rule Change To
Modify Its Rules To Diversify and
Standardize Clearing Fund Collateral
Requirements Across the Divisions To
Improve Liquidity and Minimize Risk
for Its Members; Correction and
Extension of Comment Period
November 17, 2006.
Correction
In FR Doc. E6–18948, beginning on
page 65855 for Thursday, November 9,
2006, revise the number ‘‘500,000’’ to
read ‘‘5,000,000’’ on page 65856, second
column, sixth line.
pwalker on PROD1PC61 with NOTICES
Extension
On October 4, 2006, the Fixed Income
Clearing Corporation (‘‘FICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change pursuant to
Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
13 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
VerDate Aug<31>2005
22:25 Nov 21, 2006
Jkt 211001
67667
19b–4 thereunder 2 that would modify
the rules of both of the Government
Securities Division (‘‘GSD’’) and the
Mortgage-Backed Securities Division
(‘‘MBSD’’) (collectively, the
‘‘Divisions’’) of FICC to diversify and
standardize Clearing Fund collateral
requirements across the Divisions. A
complete description of the proposed
rule change is found in the notice of
filing, which was published in the
Federal Register on November 9, 2006.3
The comment period expires on
November 30, 2006.4
To give the public additional time to
comment on the correction above, the
Commission has decided to extend the
comment period pursuant to Section
19(b)(2) of the Act.5 Accordingly, the
comment period shall be extended until
December 12, 2006.
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:
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 filings also
will be available for inspection and
copying at the principal office of FICC
and on FICC’s Web site at https://
www.ficc.com/gov/notices/
GOV115.06.htm?NS-query. 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–FICC–2006–15 and should
be submitted on or before December 12,
2006.
Electronic Comments
BILLING CODE 8011–01–P
• 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–FICC–2006–15 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–FICC–2006–15. 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
2 17
CFR 240.19b–4.
Act Release No. 54682 (November 1,
2006) 71 FR 65855 (November 9, 2006) (SR–FICC–
2006–15).
4 Id.
5 15 U.S.C. 78s(b)(2).
3 Exchange
PO 00000
Frm 00127
Fmt 4703
Sfmt 4703
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.6
Nancy M. Morris,
Secretary.
[FR Doc. E6–19727 Filed 11–21–06; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54751; File No. SR–ISE–
2006–56]
Self-Regulatory Organizations;
International Securities Exchange, Inc.;
Order Approving Proposed Rule
Change and Amendment No. 1
Relating to Customer Fees for Certain
Complex Orders
November 14, 2006.
I. Introduction
On September 20, 2006, the
International Securities Exchange, Inc.
(‘‘ISE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
establish execution and comparison fees
for customer Complex Orders that take
liquidity from the ISE’s complex order
book. The ISE filed Amendment No. 1
to the proposal on October 4, 2006.3 The
6 17
CFR 200.30–3(a)(12).
15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 revises the text of the ISE’s
Schedule of Fees to: (1) explain when an order takes
liquidity from the ISE’s complex order book; and (2)
clarify that the proposed fee applies solely to
Complex Orders that trade with other Complex
11
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22NON1
]]>Agencies
[Federal Register Volume 71, Number 225 (Wednesday, November 22, 2006)]
[Notices]
[Pages 67665-67667]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-19726]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54761; File No. SR-CBOE-2006-85]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to the Definition of Quarterly Index Expiration or
QIX
November 16, 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 October 20, 2006, the Chicago Board Options Exchange, Incorporated
(``Exchange'' or ``CBOE'') 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 Exchange.
The Exchange has designated this proposal as non-controversial under
Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6)
thereunder,\4\ which renders the proposed rule change 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
CBOE proposes to amend the definition of ``Quarterly Index
Expiration or QIX'' in CBOE Rule 24.1(s). The text of the proposed rule
change is available on the Exchange's Web site (https://www.cboe.com),
at the Exchange's Office of the Secretary, and at the Commission's
Public Reference Room.
[[Page 67666]]
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 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
The purpose of the proposed rule change is to update the definition
of an index option contract in CBOE Rule 24.1(s) to reflect current
Options Clearing Corporation (``OCC'') settlement procedures.
Specifically, the Exchange proposes to define Quarterly Index
Expiration (``QIX'') as an index option contract that expires on the
last business day of a calendar quarter, rather than the first business
day of the month following the end of a calendar quarter. QIX options
rules allow the Exchange to trade quarterly expiration options for
certain index option products. QIX options were approved by the
Commission in February 1993.\5\ The Exchange does not currently trade
QIX index options, but expects to do so in the near future. In
connection with renewed trading of QIX options, the Exchange seeks to
modify the definition of QIX in CBOE Rule 24.1(s) to reflect changes in
OCC settlement procedures over the years. When QIX rules were approved,
OCC expiration processing for QIX options could not be completed until
the business day following the end of the calendar quarter. Today, OCC
technology and procedures have improved such that expiration processing
can be completed on the last business day of the calendar quarter.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 31800 (February 1,
1993), 58 FR 7274 (February 5, 1993) (approving file no. SR-CBOE-92-
13).
---------------------------------------------------------------------------
2. Statutory Basis
CBOE 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.\6\ Specifically, the Exchange believes the proposed
rule change is consistent with the Section 6(b)(5) \7\ requirements
that the rules of an exchange be 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 to protect
investors and the public interest.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE 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 neither solicited nor received comments on the
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \8\ and subparagraph (f)(6) of Rule 19b-4
thereunder.\9\ Because the foregoing proposed rule change (i) does not
significantly affect the protection of investors or the public
interest; (ii) does not impose any significant burden on competition;
and (iii) 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 and Rule 19b-4(f)(6)(iii) thereunder.\10\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ Rule 19b-4(f)(6)(iii) requires the Exchange to give written
notice to the Commission of its intent to file the proposed rule
change at least five business days prior to filing. The Exchange
provided the required notice on September 26, 2006.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) permits the Commission to waive the operative
delay if such action is consistent with the protection of investors and
the public interest. The Exchange has asked the Commission to waive the
operative delay to permit the proposed rule change to become effective
prior to the 30th day after filing.
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest.
The Commission notes that the proposal to change the expiration date of
QIX options to the last business day of a calendar quarter is
consistent with the definition of other quarterly options series on the
Exchange.\11\ Therefore, the Commission has determined to waive the 30-
day delay and allow the proposed rule change to become operative
immediately.\12\
---------------------------------------------------------------------------
\11\ See, e.g., Securities Exchange Act Release No. 54123 (July
11, 2006), 71 FR 40558 (July 17, 2006) (approving CBOE's Quarterly
Options Series pilot program, file no. SR-CBOE-2006-65).
\12\ For purposes only of waiving the operative delay of this
proposal, the Commission notes that it 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 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 No. SR-CBOE-2006-85 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2006-85. 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 Commissions Internet Web site (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements
[[Page 67667]]
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-2006-85 and should be submitted on or before December 13, 2006.
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\13\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
Nancy M. Morris,
Secretary.
[FR Doc. E6-19726 Filed 11-21-06; 8:45 am]
BILLING CODE 8011-01-P
