Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of Proposed Rule Change Regarding Expansion of the Penny Pilot Program, 47096-47097 [E7-16582]
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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
Federal Register / Vol. 72, No. 162 / Wednesday, August 22, 2007 / Notices
CBOE anticipates that its reports will
assess the impact of the changes to the
minimum increments during the
specific time period being analyzed,
including, among other things, effects
on (i) Market participants and
customers; (ii) market performance and
quality, such as quoted spreads,
effective spreads, and the displayed size
in the Pilot classes; and (iii) OPRA,
vendor and exchange capacity. CBOE’s
reports should be submitted within one
month following the end of the period
being analyzed.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,6 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,7 in particular, in that the
proposed rule change is designed to
promote just and equitable principles of
trade, serve to remove impediments to
and perfect the mechanism of 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
The Exchange does not believe that
the proposed rule change will result in
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
Written comments on the proposed
rule change were neither solicited nor
received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
jlentini on PROD1PC65 with NOTICES
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
6 15
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
VerDate Aug<31>2005
16:26 Aug 21, 2007
Jkt 211001
47097
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act. The
Commission also requests and
encourages interested persons to submit
comments on the following specific
questions:
• Whether there are circumstances
under which options classes included in
the Penny Pilot should be removed from
the Pilot?
• If so, what factors should be
considered in making the determination
to remove an option class from the
Penny Pilot?
Æ Should an objective standard be
used? For instance, should an option
class come out of the Penny Pilot if its
trading volume drops below a threshold
amount? If so, what should that
threshold be? Or, should an option class
come out of the Penny Pilot if it is no
longer among the most actively-traded
options? If so, what should be
considered the most-actively traded
options? What statistics or analysis
should be used to support a
determination to remove an options
class?
Æ Should a more subjective analysis
be allowed? If so, what factors should be
taken into account?
• What concerns might arise by
removing an option from the Penny
Pilot? How could such concerns be
ameliorated?
• How frequently should the analysis
be undertaken (e.g., annually, biannually, quarterly), or should the
evaluation be an automated process?
• If a determination is made that an
option should be removed from the
Penny Pilot, how much notice should be
given to market participants that the
quoting increment will change?
Comments may be submitted by any
of the following methods:
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 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–2007–98 and should
be submitted on or before September 12,
2007.
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–CBOE–2007–98 on the
subject line.
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Order Granting Approval
of a Proposed Rule Change To List and
Trade Credit Default Basket Options,
as Modified by Amendment No. 3, and
Designating Credit Default Basket
Options as Standardized Options
Under Rule 9b–1 of the Securities
Exchange Act of 1934
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–2007–98. 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
PO 00000
Frm 00146
Fmt 4703
Sfmt 4703
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–16582 Filed 8–21–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56275; File No. SR–CBOE–
2007–26]
August 17, 2007.
I. Introduction
On April 5, 2007, the Chicago Board
Options Exchange, Incorporated
(‘‘CBOE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule
change, pursuant to section 19(b)(1) of
8 17
E:\FR\FM\22AUN1.SGM
CFR 200.30–3(a)(12).
22AUN1
]]>Agencies
[Federal Register Volume 72, Number 162 (Wednesday, August 22, 2007)]
[Notices]
[Pages 47096-47097]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-16582]
-----------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\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
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 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\
---------------------------------------------------------------------------
\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.
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.
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 twenty-eight 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 twenty-eight 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[reg] Index. XSP options are
options based on the S&P 500 [supreg] 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
[[Page 47097]]
CBOE anticipates that its reports will assess the impact of the
changes to the minimum increments during the specific time period being
analyzed, including, among other things, effects on (i) Market
participants and customers; (ii) market performance and quality, such
as quoted spreads, effective spreads, and the displayed size in the
Pilot classes; and (iii) OPRA, vendor and exchange capacity. CBOE's
reports should be submitted within one month following the end of the
period being analyzed.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\6\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\7\ in particular, in that the
proposed rule change is designed to promote just and equitable
principles of trade, serve to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in 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
Written comments on the proposed rule change were neither solicited
nor received.
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 is consistent with the Act. The Commission also requests and
encourages interested persons to submit comments on the following
specific questions:
Whether there are circumstances under which options
classes included in the Penny Pilot should be removed from the Pilot?
If so, what factors should be considered in making the
determination to remove an option class from the Penny Pilot?
[cir] Should an objective standard be used? For instance, should an
option class come out of the Penny Pilot if its trading volume drops
below a threshold amount? If so, what should that threshold be? Or,
should an option class come out of the Penny Pilot if it is no longer
among the most actively-traded options? If so, what should be
considered the most-actively traded options? What statistics or
analysis should be used to support a determination to remove an options
class?
[cir] Should a more subjective analysis be allowed? If so, what
factors should be taken into account?
What concerns might arise by removing an option from the
Penny Pilot? How could such concerns be ameliorated?
How frequently should the analysis be undertaken (e.g.,
annually, bi-annually, quarterly), or should the evaluation be an
automated process?
If a determination is made that an option should be
removed from the Penny Pilot, how much notice should be given to market
participants that the quoting increment will change?
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-CBOE-2007-98 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-2007-98. 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 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-2007-98 and should be
submitted on or before September 12, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-16582 Filed 8-21-07; 8:45 am]
BILLING CODE 8010-01-P
