Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Rule Pertaining to Accommodation Liquidations (Cabinet Trades), 2317-2319 [E7-615]
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Federal Register / Vol. 72, No. 11 / Thursday, January 18, 2007 / Notices
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[FR Doc. 07–198 Filed 1–12–07; 4:38 pm]
BILLING CODE 3190–W7–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55081; File No. SR–CBOE–
2007–02]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Its Rule
Pertaining to Accommodation
Liquidations (Cabinet Trades)
January 10, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on January 8,
2007, 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 substantially 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
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
provisions in CBOE Rule 6.54 pertaining
to accommodation liquidations (also
referred to as ‘‘cabinet trades’’) to
provide that a Market-Maker may
initiate a cabinet trade without the need
to place an order with an Order Book
Official (‘‘OBO’’) or a Floor Broker. The
Exchange is also proposing to make
clear in the rule that a Floor Broker or
a Market-Maker can enter into an
opening or closing cabinet transaction,
but must yield priority to all orders in
the cabinet book. The text of the
proposed rule change is available at
CBOE, the Commission’s Public
Reference Room, and https://
www.cboe.com.
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
An ‘‘accommodation’’ or ‘‘cabinet’’
trade refers to trades in listed options on
the Exchange that are worthless or not
actively traded. Cabinet trading is
generally conducted in accordance with
Exchange Rules; Exchange Rule 6.54,
Accommodation Liquidations (Cabinet
Trades), sets forth specific procedures
for engaging in cabinet trades. Rule 6.54
currently provides for cabinet
transactions to occur via open outcry at
a cabinet price of a $1 per option
contract whether or not the class trades
on the Exchange’s Hybrid Trading
System.
2 17
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4 17
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CFR 240.19b–4(f)(6).
18JAN1
2318
Federal Register / Vol. 72, No. 11 / Thursday, January 18, 2007 / Notices
The first purpose of the rule change
is to amend Rule 6.54 to authorize
Market-Makers to initiate cabinet trades.
Thus, in addition to the existing cabinet
trading procedures which permit
Market-Makers to (i) place cabinet
orders with an OBO 5 or a Floor Broker
for representation and execution, and
(ii) respond at a cabinet price in
response to a request for quote from an
OBO or a Floor Broker, a Market-Maker
may now himself or herself initiate a
cabinet trade in the trading crowd
without need to first place the cabinet
order with an OBO or Floor Broker. This
will save the additional time and
process involved in a Market-Maker
needing to first place a cabinet order
that he or she is initiating with an OBO
or a Floor Broker, who would then in
turn represent and execute the order on
behalf of the Market-Maker. Thus,
permitting Market-Makers to initiate
cabinet orders and trades in accordance
with the procedures described in Rule
6.54 will provide Market-Makers with
additional flexibility and assist in the
fair, orderly and efficient handling of
cabinet transactions on the Exchange.6
The second purpose of the rule
change is to amend Rule 6.54 to make
clear that Floor Brokers or MarketMakers may enter into both opening and
closing cabinet transactions, so long as
they first yield priority to all orders in
the cabinet book. Rule 6.54 currently
provides that bids and offers for cabinet
transactions may be placed with an
OBO, provided that bids and offers for
opening transactions may only be
placed with an OBO to the extent that
the cabinet book maintained by the OBO
contains unexecuted contra closing
orders with which the opening orders
may be immediately matched. In
addition, Rule 6.54 currently provides
that Floor Brokers are permitted to
represent and execute cabinet orders
and also provides that bids and offers
may be provided by Floor Brokers and
Market-Makers in response to a request
by an OBO or a Floor Broker, provided
they yield priority to all orders in the
OBO’s cabinet book. However, the
existing rule text is silent as to whether
such orders represented by Floor
Brokers and such bids and offers
provided by Floor Brokers and MarketMakers may be for opening and closing
pwalker on PROD1PC71 with NOTICES
5A
PAR Official may also perform the functions
of an OBO. See Interpretation and Policy .02 to Rule
6.54.
6 The Exchange notes that permitting a MarketMaker to initiate a cabinet trade is similar to and
consistent with a recent amendment to Rule 6.54
that permitted Floor Brokers to initiate cabinet
orders and trades. See Securities Exchange Act
Release No. 53808 (May 16, 2006), 71 FR 29371
(May 22, 2006) (SR–CBOE–2006–33).
VerDate Aug<31>2005
17:52 Jan 17, 2007
Jkt 211001
transactions. In order to resolve any
ambiguity that may exist, the rule text
is being amended to make clear that
both opening and closing transactions
by Floor Brokers and Market-Makers are
permitted, so long as they first yield
priority to all orders in the cabinet book.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with Section
6(b) of the Act 7 in general and furthers
the objectives of Section 6(b)(5) of the
Act 8 in particular in that it is designed
to promote just and equitable principles
of trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and 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 9 and
subparagraph (f)(6) of Rule 19b–4
thereunder.10 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.11
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6).
11 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
complied with this requirement.
8 15
PO 00000
Frm 00067
Fmt 4703
Sfmt 4703
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 has determined to
waive the 30-day delay and allow the
proposed rule change to become
operative immediately.12 The
Commission believes that CBOE’s
proposal to permit Market-Makers to
initiate cabinet trades without the need
to go through an OBO or Floor Broker
should result in more efficient handling
of cabinet transactions. In addition,
explicitly permitting Floor Brokers or
Market-Makers to enter into both
opening and closing transactions
(provided that they yield to any existing
orders in the cabinet book) will
eliminate ambiguity from the rule text.
For these reasons, the Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest.
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–2007–02 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
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. See
15U.S.C. 78c(f).
E:\FR\FM\18JAN1.SGM
18JAN1
Federal Register / Vol. 72, No. 11 / Thursday, January 18, 2007 / Notices
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–CBOE–2007–02. 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
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–2007–02 and should
be submitted on or before February 8,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–615 Filed 1–17–07; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55082; File No. SR–NSCC–
2006–18]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing of
Proposed Rule Change To Create
Service To Facilitate the Exchange of
Account Related Information on an
Automated Basis Between Members
pwalker on PROD1PC71 with NOTICES
January 10, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
The proposed rule change seeks to
modify NSCC’s Rules to provide for a
service to facilitate the exchange of
account related information on an
automated basis during the movement
of correspondent broker accounts
between members or during other
material events that result in the bulk
movement of accounts between
members.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
NSCC 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. NSCC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.4
Currently, when a correspondent firm
chooses to move its book of business
from one NSCC member to another,
there is no standard method for
transmitting the detailed customer data
between the members. This information
is currently exchanged through tapes,
CDs, and other means and is dependent
on the proprietary data format and
values defined by the clearing firm from
which the correspondent is moving. The
process is time-consuming and prone to
incorrect interpretation of data values. It
is made more inefficient because
clearing firms maintain separate code
for each other clearing firm for which
they convert data.
3 The amendment added the number of the new
rule inadvertently omitted in the original filing.
4 The Commission has modified the text of the
summaries prepared by NSCC.
13 17
CFR 200.30–3(a)(12)
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
17:52 Jan 17, 2007
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
VerDate Aug<31>2005
notice is hereby given that on December
21, 2006, the National Securities
Clearing Corporation (‘‘NSCC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) and on
January 5, 2007, amended 3 the
proposed rule change described in Items
I, II, and III below, which items have
been prepared primarily by NSCC. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested parties.
Jkt 211001
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2319
NSCC proposes to modify its rules to
create the Account Information
Transmission Service (‘‘AIT’’) to
facilitate the exchange of account
related information during the
movement of correspondent broker
accounts between members or during
other material events that result in the
bulk movement of accounts between
members. AIT will provide members
with a standard mechanism to transmit
customer data that will reduce the
potential for lost and incorrectly
interpreted data and will provide
members with a secure facility for the
exchange of data. The standard data
model also will allow for the adoption
of a single code base that is applicable
for all conversion events. NSCC believes
the single standard format could reduce
costs, increase accuracy, and accelerate
delivery time.
NSCC proposes to develop and
introduce AIT in two phases. The first
phase will be to create the mechanism
by which members may transmit data
between themselves. Subject to final
approval, NSCC intends to implement
the first phase on Monday, February 12,
2007. The second phase will involve the
development of standardized data
formats. NSCC will notify the
Commission of phase two
enhancements prior to their
implementation.
Since AIT is only an information
transmission service, NSCC is also
proposing to amend its rules to clarify
that NSCC will neither be responsible
for the accuracy or completeness of any
information transmitted through AIT
nor for any omissions or delays that may
occur in the transmission of AIT data.
Finally, NSCC is proposing a $200
monthly subscription fee for
participation in AIT during phase one.
NSCC will reevaluate AIT service fees as
subsequent enhancements are
completed.
NSCC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the Act 5
and the rules and regulations
thereunder because by reducing costs,
increasing accuracy, and accelerating
delivery time of bulk movement of
accounts between members, it will
enable NSCC to facilitate the prompt
and accurate clearance and settlement of
securities transactions.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
NSCC does not believe that the
proposed rule change will have any
impact or impose any burden on
competition.
5 15
E:\FR\FM\18JAN1.SGM
U.S.C. 78q–1.
18JAN1
]]>Agencies
[Federal Register Volume 72, Number 11 (Thursday, January 18, 2007)]
[Notices]
[Pages 2317-2319]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-615]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55081; File No. SR-CBOE-2007-02]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Amend Its Rule Pertaining to Accommodation Liquidations
(Cabinet Trades)
January 10, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 8, 2007, 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 substantially 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
The Exchange proposes to amend provisions in CBOE Rule 6.54
pertaining to accommodation liquidations (also referred to as ``cabinet
trades'') to provide that a Market-Maker may initiate a cabinet trade
without the need to place an order with an Order Book Official
(``OBO'') or a Floor Broker. The Exchange is also proposing to make
clear in the rule that a Floor Broker or a Market-Maker can enter into
an opening or closing cabinet transaction, but must yield priority to
all orders in the cabinet book. The text of the proposed rule change is
available at CBOE, the Commission's Public Reference Room, and https://
www.cboe.com.
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
An ``accommodation'' or ``cabinet'' trade refers to trades in
listed options on the Exchange that are worthless or not actively
traded. Cabinet trading is generally conducted in accordance with
Exchange Rules; Exchange Rule 6.54, Accommodation Liquidations (Cabinet
Trades), sets forth specific procedures for engaging in cabinet trades.
Rule 6.54 currently provides for cabinet transactions to occur via open
outcry at a cabinet price of a $1 per option contract whether or not
the class trades on the Exchange's Hybrid Trading System.
[[Page 2318]]
The first purpose of the rule change is to amend Rule 6.54 to
authorize Market-Makers to initiate cabinet trades. Thus, in addition
to the existing cabinet trading procedures which permit Market-Makers
to (i) place cabinet orders with an OBO \5\ or a Floor Broker for
representation and execution, and (ii) respond at a cabinet price in
response to a request for quote from an OBO or a Floor Broker, a
Market-Maker may now himself or herself initiate a cabinet trade in the
trading crowd without need to first place the cabinet order with an OBO
or Floor Broker. This will save the additional time and process
involved in a Market-Maker needing to first place a cabinet order that
he or she is initiating with an OBO or a Floor Broker, who would then
in turn represent and execute the order on behalf of the Market-Maker.
Thus, permitting Market-Makers to initiate cabinet orders and trades in
accordance with the procedures described in Rule 6.54 will provide
Market-Makers with additional flexibility and assist in the fair,
orderly and efficient handling of cabinet transactions on the
Exchange.\6\
---------------------------------------------------------------------------
\5\ A PAR Official may also perform the functions of an OBO. See
Interpretation and Policy .02 to Rule 6.54.
\6\ The Exchange notes that permitting a Market-Maker to
initiate a cabinet trade is similar to and consistent with a recent
amendment to Rule 6.54 that permitted Floor Brokers to initiate
cabinet orders and trades. See Securities Exchange Act Release No.
53808 (May 16, 2006), 71 FR 29371 (May 22, 2006) (SR-CBOE-2006-33).
---------------------------------------------------------------------------
The second purpose of the rule change is to amend Rule 6.54 to make
clear that Floor Brokers or Market-Makers may enter into both opening
and closing cabinet transactions, so long as they first yield priority
to all orders in the cabinet book. Rule 6.54 currently provides that
bids and offers for cabinet transactions may be placed with an OBO,
provided that bids and offers for opening transactions may only be
placed with an OBO to the extent that the cabinet book maintained by
the OBO contains unexecuted contra closing orders with which the
opening orders may be immediately matched. In addition, Rule 6.54
currently provides that Floor Brokers are permitted to represent and
execute cabinet orders and also provides that bids and offers may be
provided by Floor Brokers and Market-Makers in response to a request by
an OBO or a Floor Broker, provided they yield priority to all orders in
the OBO's cabinet book. However, the existing rule text is silent as to
whether such orders represented by Floor Brokers and such bids and
offers provided by Floor Brokers and Market-Makers may be for opening
and closing transactions. In order to resolve any ambiguity that may
exist, the rule text is being amended to make clear that both opening
and closing transactions by Floor Brokers and Market-Makers are
permitted, so long as they first yield priority to all orders in the
cabinet book.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Act \7\ in general and furthers the objectives of
Section 6(b)(5) of the Act \8\ in particular in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and to protect investors and the public interest.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
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 \9\ and subparagraph (f)(6) of Rule 19b-4
thereunder.\10\ 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.\11\
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 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
complied with this requirement.
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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 has determined to waive the 30-day delay and allow
the proposed rule change to become operative immediately.\12\ The
Commission believes that CBOE's proposal to permit Market-Makers to
initiate cabinet trades without the need to go through an OBO or Floor
Broker should result in more efficient handling of cabinet
transactions. In addition, explicitly permitting Floor Brokers or
Market-Makers to enter into both opening and closing transactions
(provided that they yield to any existing orders in the cabinet book)
will eliminate ambiguity from the rule text. For these reasons, the
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest.
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\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. See
15U.S.C. 78c(f).
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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-2007-02 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission,
[[Page 2319]]
100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2007-02. 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 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-2007-02 and should be submitted on or before February 8, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12)
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-615 Filed 1-17-07; 8:45 am]
BILLING CODE 8011-01-P
