Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of a Proposed Rule Change and Amendment No. 1 Thereto Relating to Class Quoting Limits, 20570-20571 [E7-7837]

Download as PDF 20570 Federal Register / Vol. 72, No. 79 / Wednesday, April 25, 2007 / Notices have a former spouse who is entitled to a survivor annuity benefit. RI 20–63B is for those who do have a former spouse who is entitled to a benefit. These booklets do not require OMB clearance. They have been included because they provide the annuitant additional information. Approximately 2,400 RI 20–63 forms are returned each year electing survivor annuities and 200 annuitants return the cover letter to ask for information about the cost to elect less than the maximum survivor annuity or to refuse to provide any survivor benefit. It is estimated to take approximately 45 minutes to complete the form with a burden of 1,800 hours and 10 minutes to complete the letter, which gives a burden of 34 hours. The total burden for RI 20–63 is 1,834 hours. For copies of this proposal, contact Mary Beth Smith-Toomey on (202) 606– 8358, FAX (202) 418–3251 or via e-mail to MaryBeth.Smith-Toomey@opm.gov. Please include a mailing address with your request. DATES: Comments on this proposal should be received within 30 days from the date of this publication. ADDRESSES: Send or deliver comments to— Pamela S. Israel, Chief, Operations Support Group, Center for Retirement and Insurance Services, U.S. Office of Personnel Management, 1900 E Street, NW., Room 3349, Washington, DC 20415–3540, and Brenda Aguilar, OPM Desk Officer, Office of Information & Regulatory Affairs, Office of Management and Budget, New Executive Office Building, NW., Room 10235, Washington, DC 20503. FOR INFORMATION REGARDING ADMINISTRATIVE COORDINATION—CONTACT: Cyrus S. Benson, Team Leader, Publication Team, RIS Support Services/Support Group, (202) 606– 0623. cprice-sewell on PRODPC61 with NOTICES At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. 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 those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. Dated: April 19, 2007. J. Lynn Taylor, Assistant Secretary. [FR Doc. E7–7835 Filed 4–24–07; 8:45 am] A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change BILLING CODE 8010–01–P Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of a Proposed Rule Change and Amendment No. 1 Thereto Relating to Class Quoting Limits SECURITIES AND EXCHANGE COMMISSION April 19, 2007. Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold the following Jkt 211001 Formal orders of investigations; Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings of an enforcement nature; Litigation matters; and Other matters related to enforcement proceedings. [Release No. 34–55644; File No. SR–CBOE– 2007–27] BILLING CODE 6325–38–P 15:21 Apr 24, 2007 2007, the Chicago Board Options Exchange, Incorporated (‘‘CBOE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been substantially prepared by the Exchange. The Exchange submitted Amendment No. 1 to the proposed rule change on April 18, 2007. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. SECURITIES AND EXCHANGE COMMISSION U.S. Office of Personnel Management. Tricia Hollis, Chief of Staff. [FR Doc. E7–7826 Filed 4–24–07; 8:45 am] VerDate Aug<31>2005 meeting during the week of April 23, 2007: A Closed Meeting will be held on Thursday, April 26, 2007 at 2 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters may also be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), (9)(B), and (10) and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matters at the Closed Meeting. Commissioner Atkins, as duty officer, voted to consider the items listed for the closed meeting in closed session. The subject matter of the Closed Meeting scheduled for Thursday, April 26, 2007 will be: 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 March 5, U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. Frm 00071 Fmt 4703 1. Purpose BOE Rule 8.3A establishes the upper limit, i.e., Class Quoting Limit (‘‘CQL’’), on the number of members that may quote electronically in a particular product traded on CBOE’s Hybrid Trading System and Hybrid 2.0 Platform (collectively ‘‘Hybrid’’).3 The purpose of this rule change is to amend CBOE Rule 8.3A to adopt an interpretation which is applicable only in those option classes traded on Hybrid in which the CQL for the option class is full and there is a waiting list of member(s) requesting the ability to quote electronically in the option class. Specifically, in the event a MarketMaker or Remote Market-Maker 3 See Securities Exchange Act Release No. 51429 (March 24, 2005), 70 FR 16536 (March 31, 2005) (approving SR–CBOE–2005–58). 1 15 PO 00000 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange submits this rule filing to amend CBOE Rule 8.3A pertaining to Class Quoting Limits. The proposed rule change is available on the Exchange’s Web site (http://www.cboe.com), at the Office of the Secretary, CBOE, and at the Commission’s public reference room. Sfmt 4703 E:\FR\FM\25APN1.SGM 25APN1 Federal Register / Vol. 72, No. 79 / Wednesday, April 25, 2007 / Notices cprice-sewell on PRODPC61 with NOTICES (‘‘RMM’’) who holds an appointment in an option class traded on Hybrid has not submitted any electronic quotations in that option class during the preceding 30 days (calculated on a rolling basis), then the Market-Maker or RMM’s appointment in that option class will be terminated effective immediately. CBOE will notify the Market-Maker or RMM prior to terminating its appointment, and the rule provides that CBOE can make exceptions to this Interpretation and Policy in unusual circumstances. The Market-Maker or RMM can subsequently request an appointment in the option class. If there is a wait-list of members requesting the ability to quote electronically, then the Market-Maker or RMM will be placed on the wait-list for the option class. Although CBOE anticipates that this situation may arise in only a handful of option classes from time to time, absent this interpretation, the CQL in these option classes could be met even though some number of appointed MarketMakers or RMMs are not submitting electronic quotations. As a consequence, other members who might be willing to provide competitive quotations and liquidity in that option class would be prevented from doing so unless CBOE determined to increase the CQL under the provisions of Rule 8.3A. CBOE believes that this interpretation is consistent with the purpose of Rule 8.3A, which as noted above is to limit the number of members that are quoting electronically in a particular product to ensure that the Exchange has the ability to effectively handle all quotes generated by members. Although CBOE believes that it has the authority to terminate appointments of MarketMakers and RMMs under its existing Rule 8.3 and Rule 8.4,4 CBOE determined to adopt this interpretation to specifically address the situation in which the CQL for the option class is full and there is a waiting list of member(s) requesting the ability to quote electronically in the option class, and the Market-Makers or RMMs who hold an appointment in an option class have chosen not to submit any electronic quotations during the preceding 30 days. CBOE intends to implement the proposal upon approval by the Commission. 4 Rule 8.3(a) provides that ‘‘[t]he Exchange may suspend or terminate any Appointment of a MarketMaker under this rule and may make additional appointments whenever, in the Exchange’s judgment, the interests of a fair and orderly market are best served by such action.’’ Rule 8.4(e) contains similar language. VerDate Aug<31>2005 15:21 Apr 24, 2007 Jkt 211001 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.5 Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 6 requirements that the rules of an exchange be designed to remove impediments to and perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition 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 No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) As the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the Exchange consents, the Commission will: (A) By order approve such proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as amended, is consistent with the Act. Comments may be submitted by any of the following methods: Number SR–CBOE–2007–27 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–2007–27. 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 those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Section, 100 F Street, NE., Washington, DC 20549. Copies of such filing also will be available for inspection and copying at the principal office of the CBOE. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–CBOE–2007–27 and should be submitted on or before May 16, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.7 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–7837 Filed 4–24–07; 8:45 am] BILLING CODE 8010–01–P 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 5 15 6 15 PO 00000 U.S.C. 78(f)(b). U.S.C. 78f(b)(5). Frm 00072 Fmt 4703 7 17 Sfmt 4703 20571 E:\FR\FM\25APN1.SGM CFR 200.30–3(a)(12). 25APN1

Agencies

[Federal Register Volume 72, Number 79 (Wednesday, April 25, 2007)]
[Notices]
[Pages 20570-20571]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-7837]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55644; File No. SR-CBOE-2007-27]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing of a Proposed Rule Change and Amendment 
No. 1 Thereto Relating to Class Quoting Limits

April 19, 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 March 5, 2007, the Chicago Board Options Exchange, Incorporated 
(``CBOE'' or the ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change as described in 
Items I, II, and III below, which Items have been substantially 
prepared by the Exchange. The Exchange submitted Amendment No. 1 to the 
proposed rule change on April 18, 2007. The Commission is publishing 
this notice to solicit comments on the proposed rule change, as 
amended, from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange submits this rule filing to amend CBOE Rule 8.3A 
pertaining to Class Quoting Limits. The proposed rule change is 
available on the Exchange's Web site (http://www.cboe.com), at the 
Office of the Secretary, CBOE, and at the Commission's public reference 
room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the 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 those statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant parts of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    BOE Rule 8.3A establishes the upper limit, i.e., Class Quoting 
Limit (``CQL''), on the number of members that may quote electronically 
in a particular product traded on CBOE's Hybrid Trading System and 
Hybrid 2.0 Platform (collectively ``Hybrid'').\3\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 51429 (March 24, 
2005), 70 FR 16536 (March 31, 2005) (approving SR-CBOE-2005-58).
---------------------------------------------------------------------------

    The purpose of this rule change is to amend CBOE Rule 8.3A to adopt 
an interpretation which is applicable only in those option classes 
traded on Hybrid in which the CQL for the option class is full and 
there is a waiting list of member(s) requesting the ability to quote 
electronically in the option class. Specifically, in the event a 
Market-Maker or Remote Market-Maker

[[Page 20571]]

(``RMM'') who holds an appointment in an option class traded on Hybrid 
has not submitted any electronic quotations in that option class during 
the preceding 30 days (calculated on a rolling basis), then the Market-
Maker or RMM's appointment in that option class will be terminated 
effective immediately. CBOE will notify the Market-Maker or RMM prior 
to terminating its appointment, and the rule provides that CBOE can 
make exceptions to this Interpretation and Policy in unusual 
circumstances.
    The Market-Maker or RMM can subsequently request an appointment in 
the option class. If there is a wait-list of members requesting the 
ability to quote electronically, then the Market-Maker or RMM will be 
placed on the wait-list for the option class.
    Although CBOE anticipates that this situation may arise in only a 
handful of option classes from time to time, absent this 
interpretation, the CQL in these option classes could be met even 
though some number of appointed Market-Makers or RMMs are not 
submitting electronic quotations. As a consequence, other members who 
might be willing to provide competitive quotations and liquidity in 
that option class would be prevented from doing so unless CBOE 
determined to increase the CQL under the provisions of Rule 8.3A.
    CBOE believes that this interpretation is consistent with the 
purpose of Rule 8.3A, which as noted above is to limit the number of 
members that are quoting electronically in a particular product to 
ensure that the Exchange has the ability to effectively handle all 
quotes generated by members. Although CBOE believes that it has the 
authority to terminate appointments of Market-Makers and RMMs under its 
existing Rule 8.3 and Rule 8.4,\4\ CBOE determined to adopt this 
interpretation to specifically address the situation in which the CQL 
for the option class is full and there is a waiting list of member(s) 
requesting the ability to quote electronically in the option class, and 
the Market-Makers or RMMs who hold an appointment in an option class 
have chosen not to submit any electronic quotations during the 
preceding 30 days. CBOE intends to implement the proposal upon approval 
by the Commission.
---------------------------------------------------------------------------

    \4\ Rule 8.3(a) provides that ``[t]he Exchange may suspend or 
terminate any Appointment of a Market-Maker under this rule and may 
make additional appointments whenever, in the Exchange's judgment, 
the interests of a fair and orderly market are best served by such 
action.'' Rule 8.4(e) contains similar language.
---------------------------------------------------------------------------

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.\5\ Specifically, the Exchange believes the proposed 
rule change is consistent with the Section 6(b)(5) \6\ requirements 
that the rules of an exchange be designed to remove impediments to and 
perfect the mechanism for a free and open market and a national market 
system, and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78(f)(b).
    \6\ 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

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) As the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change, as amended, 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 Number SR-CBOE-2007-27 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-2007-27. 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 those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for inspection 
and copying in the Commission's Public Reference Section, 100 F Street, 
NE., Washington, DC 20549. Copies of such filing also will be available 
for inspection and copying at the principal office of the CBOE. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-CBOE-2007-27 and should be 
submitted on or before May 16, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-7837 Filed 4-24-07; 8:45 am]
BILLING CODE 8010-01-P