Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Extension of the iShares Russell 2000 Index Fund Option Pilot Program Until January 18, 2008, 39469-39471 [E7-13879]
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Federal Register / Vol. 72, No. 137 / Wednesday, July 18, 2007 / Notices
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for Monitoring and Enforcement.
[FR Doc. E7–13945 Filed 7–17–07; 8:45 am]
BILLING CODE 3190–W7–P
RAILROAD RETIREMENT BOARD
pwalker on PROD1PC71 with NOTICES
Agency Forms Submitted for OMB
Review, Request for Comments
SUMMARY: In accordance with the
Paperwork Reduction Act of 1995 (44
U.S.C. Chapter 35), the Railroad
Retirement Board (RRB) is forwarding
an Information Collection Request (ICR)
to the Office of Information and
Regulatory Affairs (OIRA), Office of
Management and Budget (OMB) for the
following collection of information:
3220–0200, Designation of Contact
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public. Review and approval by OIRA
ensures that we impose appropriate
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Coordination between railroad
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Unemployment Insurance Act (RUIA).
In order to enhance timely coordination
activity, the RRB utilizes Form G–117a,
Designation of Contact Officials. Form
G–117a is used by railroad employers to
designate employees who are to act as
VerDate Aug<31>2005
16:02 Jul 17, 2007
Jkt 211001
point of contact with the RRB on a
variety of RRA and RUIA-related
matters. Completion is voluntary. The
RRB estimates that about 100 G–117a’s
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Completion time is estimated at 15
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proposed collection of information to
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That request elicited no comments.
Information Collection Request (ICR)
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Total Annual Responses: 100.
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ADDITIONAL INFORMATION OR COMMENTS:
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Comments regarding the information
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Illinois 60611–2092 or
Ronald.Hodapp@rrb.gov and to the
OMB Desk Officer for the RRB, at the
Office of Management and Budget,
PO 00000
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Fmt 4703
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39469
Room 10230, New Executive Office
Building, Washington, DC 20503.
Charles Mierzwa,
Clearance Officer.
[FR Doc. E7–13910 Filed 7–17–07; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56051; File No. SR–BSE–
2007–30]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change Relating to
Extension of the iShares Russell 2000
Index Fund Option Pilot Program Until
January 18, 2008
July 12, 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 July 3,
2007, the Boston Stock Exchange, Inc.
(‘‘BSE’’ or ‘‘Exchange’’) 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 BSE. The
Exchange has filed the proposal
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6) thereunder,4
which renders the proposal 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 extend an
existing pilot program that increases the
position and exercise limits for options
on the iShares Russell 2000 Index Fund
(‘‘IWM’’) traded on the Exchange (‘‘IWM
Option Pilot Program’’). The text of the
proposed rule change is available at
BSE, the Commission’s Public Reference
Room, and https://www.bostonstock.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, BSE
included statements concerning the
purpose of and basis for the proposed
rule change and discussed any
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
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39470
Federal Register / Vol. 72, No. 137 / Wednesday, July 18, 2007 / Notices
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. BSE 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 PROD1PC71 with NOTICES
1. Purpose
The purpose of the proposed rule
change is to extend the IWM Option
Pilot Program for an additional sixmonth period, through January 18,
2008,5 and to make non-substantive
changes to simplify the rule text
describing the IWM Option Pilot
Program. The IWM Option Pilot
Program increases the position and
exercise limits for IWM options traded
on the Exchange.6 The Exchange is not
proposing any other changes to the IWM
Option Pilot Program. The Exchange
represents that it has not encountered
any problems or difficulties relating to
the IWM Option Pilot Program since its
inception.
The proposal that established the
IWM Option Pilot Program was
designated by the Commission to be
effective and operative upon filing and
provided that it would run from January
23, 2007 through July 22, 2007.7 In that
filing, the Exchange explained that in
June 2005, as a result of a 2-for-1 stock
split, the position limit for IWM options
was temporarily increased from 250,000
contracts (covering 25,000,000 shares) to
500,000 contracts (covering 50,000,000
shares). At the time of the split, the
furthest IWM option expiration date was
January 2007. Therefore, the temporary
increase of the IWM position limit was
scheduled to automatically revert to the
pre-split level (as provided for in
connection with the Chapter III, Section
7 Pilot Program) of 250,000 contracts
after expiration in January 2007.
As the Exchange described in the
proposal that established the IWM
Option Pilot Program, the Exchange
believes that a position limit of 250,000
contracts is too low and may be a
5 January 18, 2008 is the third Friday of the
month (or expiration Friday), which is the day on
which January 2008 IWM options will expire.
6 Pursuant to Chapter III, Section 7 of the Boston
Options Exchange (‘‘BOX’’) Rules, the exercise limit
established under Chapter III, Section 7 for IWM
options shall be equivalent to the position limit
prescribed for IWM options in Supplementary
Material .01 to Chapter III, Section 7. The increased
exercise limits would only be in effect during the
pilot period and the proposed six-month extension
of that pilot period through January 18, 2008.
7 See Securities Exchange Act Release No. 55171
(January 25, 2007), 72 FR 4549 (January 31, 2007).
VerDate Aug<31>2005
16:02 Jul 17, 2007
Jkt 211001
deterrent to the successful trading of
IWM options. Importantly, options on
IWM are 1/10th the size of options on
the Russell 2000 Index (‘‘RUT’’), which
have a position limit of 50,000
contracts.8 Traders who trade IWM
options to hedge positions in RUT
options are likely to find a position limit
of 250,000 contracts in IWM options too
restrictive and insufficient to properly
hedge. For example, if a trader held
50,000 RUT options and wanted to
hedge that position with IWM options,
the trader would need—at a minimum—
500,000 IWM options to properly hedge
the position. Therefore, the Exchange
continues to believe that a position limit
of 250,000 contracts is too low and may
adversely affect market participants’
ability to provide liquidity in this
product.
As the Exchange also described in the
proposal that established the IWM
Option Pilot Program, IWM options
have grown to become one of the largest
options contracts in terms of trading
volume. For example, through May 29,
2007, year-to-date industry volume in
IWM options has averaged over 460,000
contracts per day, for a total of over 61
million contracts. BOX alone has
averaged 15,386 IWM option contracts
per day during that time, for a total of
almost 2 million contracts. In contrast,
QQQQ options, which have a position
limit of 900,000 contracts, have
averaged almost 575,000 contracts per
day in 2007.9
The Exchange believes that
maintaining the increased position and
exercise limits for IWM options will
lead to a more liquid and more
competitive market environment for
IWM options that will benefit customers
interested in this product. In fact, the
Exchange has received positive feedback
from market participants, who have
expressed a desire that the IWM Option
Pilot Program be renewed. For these
reasons, the Exchange believes that the
above stated reasons justify the IWM
Option Pilot Program and requests that
the Commission extend the IWM Option
Pilot Program for an additional sixmonth time period, through January 18,
2008.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,10 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,11 in particular, because it is
Chapter XIV, Section 5 of BOX Rules.
note contract volume data is quoted using
one-sided figures.
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(5).
PO 00000
8 See
9 Please
Frm 00093
Fmt 4703
Sfmt 4703
designed to promote just and equitable
principles of trade, to prevent
fraudulent and manipulative acts and
practices, and, in general, to protect
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has not solicited, and
does no intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the forgoing rule change does
not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to section
19(b)(3)(A) of the Act 12 and Rule 19b–
4(f)(6) thereunder.13
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.14 However, Rule 19b–
4(f)(6)(iii) 15 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because such waiver would permit
position and exercise limits for options
on IWM to continue at 500,000 option
contracts for a six-month pilot period.
12 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written
notice of its intent to file the proposed rule change,
along with a brief description and text of the
proposed rule change, at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied the fiveday pre-filing notice requirement.
15 Id.
13 17
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Federal Register / Vol. 72, No. 137 / Wednesday, July 18, 2007 / Notices
For this reason, the Commission
designates the proposed rule change to
be operative upon filing with the
Commission.16
At any time within 60 days of the
filing of such 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
Number SR–BSE–2007–30 on the
subject line.
pwalker on PROD1PC71 with NOTICES
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–BSE–2007–30. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available
for inspection and copying at the
principal office of BSE. 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–BSE–
2007–30 and should be submitted on or
before August 8, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.17
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E7–13879 Filed 7–17–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56056; File No. SR–BSE–
2007–19]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend the
Rules of the Boston Options Exchange
Related to Obvious Errors
July 12, 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 June 28,
2007, the Boston Stock Exchange, Inc.
(‘‘BSE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
substantially prepared by the Exchange.
The Exchange filed the proposed rule
change as a ‘‘non-controversial’’
proposed rule change pursuant to
section 19(b)(3)(A) 3 of the and Rule
19b–4(f)(6) thereunder,4 which renders
the proposal 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 amending the
Boston Options Exchange (‘‘BOX’’)
Rules related to Obvious Errors to allow
the parties to a transaction to mutually
16 For
the purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
VerDate Aug<31>2005
16:02 Jul 17, 2007
Jkt 211001
PO 00000
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
1 15
Frm 00094
Fmt 4703
Sfmt 4703
39471
agree to nullify or adjust a trade. Below
is the text of the proposed rule change.
Proposed new language is in italics.
*
*
*
*
*
Rules of the Boston Stock Exchange
Rules of the Boston Options Exchange
Facility
Chapter V. Doing Business on BOX
Sec. 20 Obvious Errors
(a) through (f). No change.
(g) Mutual Agreement. The
determination as to whether a trade was
executed in error may be made by
mutual agreement of the affected parties
to a particular transaction. A trade may
be nullified or adjusted on the terms
that all parties to a particular
transaction agree. In the absence of
mutual agreement by the parties, a
particular trade may only be nullified or
adjusted when the transaction results in
an Obvious Error as provided for in this
Section.
Supplementary Material: No change.
*
*
*
*
*
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, 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. BSE
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 Exchange proposes to amend
BOX’s Rules to provide parties to a
particular transaction with the ability to
nullify or adjust a trade if such
nullification or adjustment is agreed to
by all parties to the transaction at issue.
In other words, the determination as to
whether a trade was executed at an
erroneous price may be made by mutual
agreement of the affected parties to a
particular transaction. A trade may be
nullified or adjusted on the terms that
all parties to a particular transaction
agree. In the absence of mutual
agreement by the parties, a particular
trade may only be nullified or adjusted
when the transaction results in an
Obvious Error as provided for in
Chapter V, Section 20 of BOX’s Rules.
E:\FR\FM\18JYN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 137 (Wednesday, July 18, 2007)]
[Notices]
[Pages 39469-39471]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-13879]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56051; File No. SR-BSE-2007-30]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to Extension of the iShares Russell 2000 Index Fund Option
Pilot Program Until January 18, 2008
July 12, 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 July 3, 2007, the Boston Stock Exchange, Inc. (``BSE'' or
``Exchange'') 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 BSE. The
Exchange has filed the proposal pursuant to Section 19(b)(3)(A) of the
Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal
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).
\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 extend an existing pilot program that
increases the position and exercise limits for options on the iShares
Russell 2000 Index Fund (``IWM'') traded on the Exchange (``IWM Option
Pilot Program''). The text of the proposed rule change is available at
BSE, the Commission's Public Reference Room, and https://
www.bostonstock.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, BSE included statements
concerning the purpose of and basis for the proposed rule change and
discussed any
[[Page 39470]]
comments it received on the proposed rule change. The text of these
statements may be examined at the places specified in Item IV below.
BSE 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 extend the IWM Option
Pilot Program for an additional six-month period, through January 18,
2008,\5\ and to make non-substantive changes to simplify the rule text
describing the IWM Option Pilot Program. The IWM Option Pilot Program
increases the position and exercise limits for IWM options traded on
the Exchange.\6\ The Exchange is not proposing any other changes to the
IWM Option Pilot Program. The Exchange represents that it has not
encountered any problems or difficulties relating to the IWM Option
Pilot Program since its inception.
---------------------------------------------------------------------------
\5\ January 18, 2008 is the third Friday of the month (or
expiration Friday), which is the day on which January 2008 IWM
options will expire.
\6\ Pursuant to Chapter III, Section 7 of the Boston Options
Exchange (``BOX'') Rules, the exercise limit established under
Chapter III, Section 7 for IWM options shall be equivalent to the
position limit prescribed for IWM options in Supplementary Material
.01 to Chapter III, Section 7. The increased exercise limits would
only be in effect during the pilot period and the proposed six-month
extension of that pilot period through January 18, 2008.
---------------------------------------------------------------------------
The proposal that established the IWM Option Pilot Program was
designated by the Commission to be effective and operative upon filing
and provided that it would run from January 23, 2007 through July 22,
2007.\7\ In that filing, the Exchange explained that in June 2005, as a
result of a 2-for-1 stock split, the position limit for IWM options was
temporarily increased from 250,000 contracts (covering 25,000,000
shares) to 500,000 contracts (covering 50,000,000 shares). At the time
of the split, the furthest IWM option expiration date was January 2007.
Therefore, the temporary increase of the IWM position limit was
scheduled to automatically revert to the pre-split level (as provided
for in connection with the Chapter III, Section 7 Pilot Program) of
250,000 contracts after expiration in January 2007.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 55171 (January 25,
2007), 72 FR 4549 (January 31, 2007).
---------------------------------------------------------------------------
As the Exchange described in the proposal that established the IWM
Option Pilot Program, the Exchange believes that a position limit of
250,000 contracts is too low and may be a deterrent to the successful
trading of IWM options. Importantly, options on IWM are 1/10th the size
of options on the Russell 2000 Index (``RUT''), which have a position
limit of 50,000 contracts.\8\ Traders who trade IWM options to hedge
positions in RUT options are likely to find a position limit of 250,000
contracts in IWM options too restrictive and insufficient to properly
hedge. For example, if a trader held 50,000 RUT options and wanted to
hedge that position with IWM options, the trader would need--at a
minimum--500,000 IWM options to properly hedge the position. Therefore,
the Exchange continues to believe that a position limit of 250,000
contracts is too low and may adversely affect market participants'
ability to provide liquidity in this product.
---------------------------------------------------------------------------
\8\ See Chapter XIV, Section 5 of BOX Rules.
---------------------------------------------------------------------------
As the Exchange also described in the proposal that established the
IWM Option Pilot Program, IWM options have grown to become one of the
largest options contracts in terms of trading volume. For example,
through May 29, 2007, year-to-date industry volume in IWM options has
averaged over 460,000 contracts per day, for a total of over 61 million
contracts. BOX alone has averaged 15,386 IWM option contracts per day
during that time, for a total of almost 2 million contracts. In
contrast, QQQQ options, which have a position limit of 900,000
contracts, have averaged almost 575,000 contracts per day in 2007.\9\
---------------------------------------------------------------------------
\9\ Please note contract volume data is quoted using one-sided
figures.
---------------------------------------------------------------------------
The Exchange believes that maintaining the increased position and
exercise limits for IWM options will lead to a more liquid and more
competitive market environment for IWM options that will benefit
customers interested in this product. In fact, the Exchange has
received positive feedback from market participants, who have expressed
a desire that the IWM Option Pilot Program be renewed. For these
reasons, the Exchange believes that the above stated reasons justify
the IWM Option Pilot Program and requests that the Commission extend
the IWM Option Pilot Program for an additional six-month time period,
through January 18, 2008.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\10\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\11\ in particular, because it
is designed to promote just and equitable principles of trade, to
prevent fraudulent and manipulative acts and practices, and, in
general, to protect investors and the public interest.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has not solicited, and does no intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the forgoing rule change does not: (1) Significantly affect
the protection of investors or the public interest; (2) impose any
significant burden on competition; and (3) become operative for 30 days
after the date of this filing, or such shorter time as the Commission
may designate, it has become effective pursuant to section 19(b)(3)(A)
of the Act \12\ and Rule 19b-4(f)(6) thereunder.\13\
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\14\
However, Rule 19b-4(f)(6)(iii) \15\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the 30-day operative delay. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest because such waiver
would permit position and exercise limits for options on IWM to
continue at 500,000 option contracts for a six-month pilot period.
[[Page 39471]]
For this reason, the Commission designates the proposed rule change to
be operative upon filing with the Commission.\16\
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\14\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization submit to
the Commission written notice of its intent to file the proposed
rule change, along with a brief description and text of the proposed
rule change, at least five business days prior to the date of filing
of the proposed rule change, or such shorter time as designated by
the Commission. The Exchange has satisfied the five-day pre-filing
notice requirement.
\15\ Id.
\16\ For the purposes only of waiving the 30-day operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such 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 Number SR-BSE-2007-30 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-BSE-2007-30. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of BSE. 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-BSE-2007-30 and should be
submitted on or before August 8, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\17\
J. Lynn Taylor,
Assistant Secretary.
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\17\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E7-13879 Filed 7-17-07; 8:45 am]
BILLING CODE 8010-01-P
