Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Extension of a Pilot Program That Increases the Standard Position and Exercise Limits for Certain Options Traded on the Exchange, 47094-47096 [E7-16532]
Download as PDF
<![CDATA[
47094
Federal Register / Vol. 72, No. 162 / Wednesday, August 22, 2007 / Notices
reason, the Commission designates that
the proposed rule change become
operative immediately.14
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 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–BSE–2007–41 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File No.
SR–BSE–2007–41. 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
purposes only of waiving the operative
delay, the Commission has considered the proposed
rule’s impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
jlentini on PROD1PC65 with NOTICES
14 For
VerDate Aug<31>2005
16:26 Aug 21, 2007
Jkt 211001
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 such filing will also 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 No.
SR–BSE–2007–41 and should be
submitted on or before September 12,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–16530 Filed 8–21–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56266; File No. SR–CBOE–
2007–97]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the Extension
of a Pilot Program That Increases the
Standard Position and Exercise Limits
for Certain Options Traded on the
Exchange
August 15, 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 August 7,
2007, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ 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 prepared
by CBOE. The Exchange has filed the
proposal as a ‘‘non-controversial’’ rule
change pursuant to section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(6)
thereunder,4 which renders it effective
15 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
PO 00000
Frm 00143
Fmt 4703
Sfmt 4703
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
CBOE proposes to extend an existing
pilot program that increases the
standard position and exercise limits for
certain options traded on the Exchange
(‘‘Pilot Program’’). 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,
CBOE 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 Pilot Program, as previously
approved by the Commission, provides
for an increase to the standard position
and exercise limits for equity option
contracts and for options on QQQQs for
a six-month period.5 Specifically, the
Pilot Program increased the applicable
position and exercise limits for equity
options and options on the QQQQ in
accordance with the following levels:
5 The Pilot Program was approved by the
Commission on February 23, 2005. See Securities
Exchange Act Release No. 51244 (February 23,
2005), 70 FR 10010 (March 1, 2005) (SR–CBOE–
2003–30) (‘‘Pilot Program Order’’). The Pilot
Program has been extended four times and is due
to expire on September 1, 2007. See Securities
Exchange Act Release Nos. 52262 (August 15,
2005), 70 FR 48995 (August 22, 2005) (SR–CBOE–
2005–61); 53348 (February 22, 2006), 71 FR 10574
(March 1, 2006) (SR–CBOE–2006–11); 54336
(August 18, 2006), 71 FR 50952 (August 28, 2006)
(SR–CBOE–2006–69); and 55266 (February 9, 2007),
72 FR 7698 (February 16, 2007) (SR–CBOE–2007–
12).
E:\FR\FM\22AUN1.SGM
22AUN1
Federal Register / Vol. 72, No. 162 / Wednesday, August 22, 2007 / Notices
Current equity option contract limit 6
Pilot program equity option contract limit
13,500
22,500
31,500
60,000
75,000
25,000
50,000
75,000
200,000
250,000
Current QQQQ Option Contract Limit
Pilot Program QQQQ Option Contract Limit
300,000
900,000
The purpose of the proposed rule
change is to extend the Pilot Program for
an additional six-month period, through
March 1, 2008. The Exchange believes
that extending the Pilot Program for six
months is warranted due to the positive
feedback from members and for the
reasons cited in the original rule filing
that proposed the adoption of the Pilot
Program.7 Also, the Exchange has not
encountered any problems or
difficulties relating to the Pilot Program
since its inception. For these reasons,
the Exchange requests that the
Commission extend the Pilot Program
for the aforementioned additional
period.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements provided under
Section 6(b)(5) 8 of the Act that the rules
of an exchange be designed to promote
just and equitable principles of trade, to
prevent fraudulent and manipulative
acts 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.
jlentini on PROD1PC65 with NOTICES
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
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
6 Except
when the Pilot Program is in effect.
Pilot Program Order, supra note 5.
8 15 U.S.C. 78f(b)(5).
7 See
VerDate Aug<31>2005
47095
16:26 Aug 21, 2007
Jkt 211001
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 9 and Rule 19b–
4(f)(6) thereunder.10
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.11 However, Rule 19b–
4(f)(6)(iii) 12 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 in the public interest
because it will allow the Pilot Program
to continue uninterrupted. For this
reason, the Commission designates that
the proposed rule change become
operative immediately.13
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 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.
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 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. CBOE has satisfied the five-day prefiling requirement.
12 Id.
13 For the purposes only of waiving the operative
delay, the Commission has considered the proposed
rule’s impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
10 17
PO 00000
Frm 00144
Fmt 4703
Sfmt 4703
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–2007–97 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File No.
SR–CBOE–2007–97. 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 such filing will also be
available for inspection and copying at
the principal office of 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 No.
SR–CBOE–2007–97 and should be
E:\FR\FM\22AUN1.SGM
22AUN1
47096
Federal Register / Vol. 72, No. 162 / Wednesday, August 22, 2007 / Notices
submitted on or before September 12,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–16532 Filed 8–21–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56276; File No. SR–CBOE–
2007–98]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of
Proposed Rule Change Regarding
Expansion of the Penny Pilot Program
August 17, 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 August
14, 2007 the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ 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 CBOE.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
jlentini on PROD1PC65 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CBOE proposes to amend its rules
relating to an expansion of the Penny
Pilot Program. The text of the proposed
rule change is available on the
Exchange’s Web site at (https://
www.cboe.com), at the offices of the
Exchange, 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 these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<31>2005
16:26 Aug 21, 2007
Jkt 211001
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
CBOE proposes to amend its rules in
connection with an expansion of the
industry-wide Penny Pilot Program,
which commenced on January 26,
2007.3 CBOE believes expanding the
Penny Pilot Program as proposed in this
rule filing will allow further analysis
over a longer period of time as to the
impact of quoting and trading in these
reduced increments on market
participants, transparency, liquidity,
market structure, and quote traffic.
Currently, thirteen option classes
participate in the Penny Pilot Program.4
CBOE intends to expand the Penny Pilot
Program in two phases. Phase I of the
expansion would begin on September
28, 2007, last for six months, and add
the following twenty-two option classes
to the Penny Pilot Program.5
SPDR S&P 500 (SPY/SPY)
NYSE Euronext (NYX/NYX)
Apple Inc. (AAPL/AAQ)
Cisco Systems (CSCO/CYQ)
Altria Group, Inc. (MO/MO)
Financial Select Sector SPDR (XLF/XLF)
Dendreon Corp. (DNDN/UKO)
AT&T, Inc. (T/T)
Amgen Inc. (AMGN/AMQ)
Citigroup, Inc. (C/C)
Yahoo! Inc. (YHOO/YHQ)
Amazon.com Inc. (AMZN/ZQN)
Qualcomm Inc. (QCOM/QAQ)
Motorola Inc. (MOT/MOT)
General Motors (GM/GM)
Research in Motion Ltd. (RIMM/RUL)
Energy Select Sector SPDR (XLE/XLE)
Freeport-McMoRan Copper & Gold, Inc.
(FCX/DPJ)
Diamonds Trust (DIA/DIA)
ConocoPhillips (COP/COP)
Oil Services HLDRS (OIH/OIH)
Bristol-Myers Squibb Co. (BMY/BMY)
These twenty-two option classes are
among the most actively traded
multiply-listed option classes based on
national average daily volume, and
together with the existing thirteen Pilot
classes, represent approximately 35% of
the total industry volume.
3 See Securities Exchange Act Release No. 55154
(January 23, 2007), 72 FR 4743 (February 1, 2007)
(SR–CBOE–2006–92).
4 CBOE recently extended the Penny Pilot
Program in the thirteen classes until September 27,
2007. See Securities Exchange Act Release No.
56139 (July 26, 2007), 72 FR 42159 (August 1, 2007)
(SR–CBOE–2007–86).
5 CBOE also intends to issue a Regulatory
Circular, which will be published on its Web site,
identifying these twenty-two option classes.
PO 00000
Frm 00145
Fmt 4703
Sfmt 4703
Phase II of the expansion would begin
on March 28, 2008 and last for one year
until March 27, 2009. It is currently
anticipated that an additional twentyeight option classes would be added to
the Penny Pilot Program on March 28,
2008, bringing the total number of
classes in the Pilot Program to 63. These
twenty-eight new classes would be
among the most active, multiply-listed
option classes. CBOE intends to submit
a proposed rule change pursuant to
Section (b)(3)(A) of the Exchange Act
announcing the names of these twentyeight option classes prior to the
beginning of Phase II.
The minimum increments for all
classes in the Penny Pilot, except for the
QQQQs, would continue to be $0.01 for
all option series below $3 (including
LEAPS), and $0.05 for all option series
$3 and above (including LEAPS). For
QQQQs, the minimum increment would
remain $0.01 for all option series. In
connection with the expansion of the
Penny Pilot Program, CBOE proposes to
amend Rule 6.42(3) to specify in the
rule text the minimum increments for
the Pilot classes.
Additionally, because SPDR options
(SPY) and options on Diamonds (DIA)
will participate in the Penny Pilot
Program beginning on September 28,
2007, CBOE proposes to quote and trade
two index option classes—Mini-SPX
Index Options (XSP) and options on the
Dow Jones Industrial Average (DJX),
respectively, in the same minimum
increments as SPY options and DIA
options (i.e., $0.01 for all option series
below $3, and $0.05 for all option series
$3 and above). SPY options are options
on the SPDR exchange-traded fund
(ETF) which is designed to track the
performance of the S&P 500 Index.
XSP options are options based on the
S&P 500 Index. DIA options are
options on an ETF that is designed to
track the performance of the Dow Jones
Industrial Average. DJX options are
options based on the Dow Jones
Industrial Average. CBOE believes it is
important that these products, DIA and
DJX, and SPY and XSP, have the same
minimum increments for consistency
and competitive reasons. Proposed new
Interpretation .03 to Rule 6.42 addresses
the minimum increments for the XSP
and DJX option classes when SPY and
DIA, respectively, participate in the
Penny Pilot Program.
CBOE intends to submit to the SEC
reports analyzing the Penny Pilot
Program for the following time periods:
• May 1, 2007–September 27, 2007
• September 28, 2007–January 31,
2008
• February 1, 2008–July 31, 2008
• August 1, 2008–January 31, 2009
E:\FR\FM\22AUN1.SGM
22AUN1
]]>Agencies
[Federal Register Volume 72, Number 162 (Wednesday, August 22, 2007)]
[Notices]
[Pages 47094-47096]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-16532]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56266; File No. SR-CBOE-2007-97]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to the Extension of a Pilot Program That Increases
the Standard Position and Exercise Limits for Certain Options Traded on
the Exchange
August 15, 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 August 7, 2007, the Chicago Board Options Exchange, Incorporated
(``CBOE'' 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 prepared by CBOE. The
Exchange has filed the proposal as a ``non-controversial'' rule change
pursuant to section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6)
thereunder,\4\ which renders it 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
CBOE proposes to extend an existing pilot program that increases
the standard position and exercise limits for certain options traded on
the Exchange (``Pilot Program''). 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, CBOE 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 Pilot Program, as previously approved by the Commission,
provides for an increase to the standard position and exercise limits
for equity option contracts and for options on QQQQs for a six-month
period.\5\ Specifically, the Pilot Program increased the applicable
position and exercise limits for equity options and options on the QQQQ
in accordance with the following levels:
---------------------------------------------------------------------------
\5\ The Pilot Program was approved by the Commission on February
23, 2005. See Securities Exchange Act Release No. 51244 (February
23, 2005), 70 FR 10010 (March 1, 2005) (SR-CBOE-2003-30) (``Pilot
Program Order''). The Pilot Program has been extended four times and
is due to expire on September 1, 2007. See Securities Exchange Act
Release Nos. 52262 (August 15, 2005), 70 FR 48995 (August 22, 2005)
(SR-CBOE-2005-61); 53348 (February 22, 2006), 71 FR 10574 (March 1,
2006) (SR-CBOE-2006-11); 54336 (August 18, 2006), 71 FR 50952
(August 28, 2006) (SR-CBOE-2006-69); and 55266 (February 9, 2007),
72 FR 7698 (February 16, 2007) (SR-CBOE-2007-12).
[[Page 47095]]
------------------------------------------------------------------------
Current equity option contract Pilot program equity option
limit \6\ contract limit
------------------------------------------------------------------------
13,500 25,000
22,500 50,000
31,500 75,000
60,000 200,000
75,000 250,000
------------------------------------------------------------------------
Current QQQQ Option Contract Limit Pilot Program QQQQ Option Contract
Limit
------------------------------------------------------------------------
300,000 900,000
------------------------------------------------------------------------
The purpose of the proposed rule change is to extend the Pilot
Program for an additional six-month period, through March 1, 2008. The
Exchange believes that extending the Pilot Program for six months is
warranted due to the positive feedback from members and for the reasons
cited in the original rule filing that proposed the adoption of the
Pilot Program.\7\ Also, the Exchange has not encountered any problems
or difficulties relating to the Pilot Program since its inception. For
these reasons, the Exchange requests that the Commission extend the
Pilot Program for the aforementioned additional period.
---------------------------------------------------------------------------
\6\ Except when the Pilot Program is in effect.
\7\ See Pilot Program Order, supra note 5.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements provided under Section 6(b)(5) \8\ of the Act
that the rules of an exchange be designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\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
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
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 \9\ and Rule 19b-4(f)(6) thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\11\
However, Rule 19b-4(f)(6)(iii) \12\ 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 in the public interest because it will
allow the Pilot Program to continue uninterrupted. For this reason, the
Commission designates that the proposed rule change become operative
immediately.\13\
---------------------------------------------------------------------------
\11\ 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. CBOE has satisfied the five-day pre-filing
requirement.
\12\ Id.
\13\ For the purposes only of waiving the operative delay, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 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 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-2007-97 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File No. SR-CBOE-2007-97. 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 such filing will also be available for
inspection and copying at the principal office of 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 No. SR-CBOE-2007-97 and should be
[[Page 47096]]
submitted on or before September 12, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-16532 Filed 8-21-07; 8:45 am]
BILLING CODE 8010-01-P
