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]

Download as PDF Federal Register / Vol. 71, No. 225 / Wednesday, November 22, 2006 / Notices pwalker on PROD1PC61 with NOTICES 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. VerDate Aug<31>2005 22:25 Nov 21, 2006 Jkt 211001 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 (http://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 (http://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 (http://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). E:\FR\FM\22NON1.SGM 22NON1 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 pwalker on PROD1PC61 with NOTICES 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). VerDate Aug<31>2005 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 (http://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 (http://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 http:// 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 (http://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 (http://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 E:\FR\FM\22NON1.SGM Continued 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).
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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 (http://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 (http://
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 (http://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.
---------------------------------------------------------------------------

    \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