Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting Approval of a Proposed Rule Change as Modified by Amendment No. 1 Thereto Regarding Nullification and Modification of Transactions Executed on CBOE Stock Exchange, 1653 [E8-155]
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Federal Register / Vol. 73, No. 6 / Wednesday, January 9, 2008 / Notices
should be submitted on or before
January 30, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–151 Filed 1–8–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57095; File No. SR–CBOE–
2007–65]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Order Granting Approval
of a Proposed Rule Change as
Modified by Amendment No. 1 Thereto
Regarding Nullification and
Modification of Transactions Executed
on CBOE Stock Exchange
pwalker on PROD1PC71 with NOTICES
January 3, 2008.
On June 12, 2007, the Chicago Board
Options Exchange, Incorporated
(‘‘CBOE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
make various revisions to CBOE Stock
Exchange (‘‘CBSX’’) Rule 52.4, which
governs the nullification and
modification of transactions executed
on CBSX. On November 8, 2007, the
CBOE submitted Amendment No. 1 to
the proposed rule change. The proposed
rule change, as amended, was published
for comment in the Federal Register on
November 27, 2007.3 The Commission
received no comment letters on the
proposal. This order approves the
proposed rule change as amended.
The Exchange proposes to revise
CBSX Rule 52.4 to: (1) Require a request
for review of a transaction to be made
by only one of the following methods:
telephone; facsimile; or e-mail (in order
to simplify the process for those making
requests); (2) require such a request to
be made within thirty minutes of the
trade in question, or within forty-five
minutes of the trade if that trade
occurred within the first thirty minutes
of trading in the product involved in the
trade (in order to give more time for
requests which, based on the Exchange’s
experience so far, is necessary); (3) give
the individual(s) who reviews
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 56818
(November 19, 2007), 72 FR 66205.
1 15
VerDate Aug<31>2005
17:53 Jan 08, 2008
Jkt 214001
transactions under the Rule the label of
‘‘designated official,’’ so that they need
not be officers of the Exchange; and (4)
eliminate the requirement that the
notification to the parties to the trade of
the official’s determination be given in
writing and by the official. The
aforementioned changes numbered (1)
and (4) are based on, and conform CBSX
Rule 52.4 to, NYSE Arca Equities Rules
7.10(b) and 7.10(c)(1), respectively.
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange 4 and, in particular, the
requirements of Section 6(b) of the Act 5
and the rules and regulations
thereunder. Specifically, the
Commission finds that the proposal is
consistent with Section 6(b)(5) of the
Act,6 in that it is designed to promote
just and equitable principles of trade,
serve to remove impediments to and
perfects the mechanism of a free and
open market and a national market
system, and, in general, protect
investors and the public interest.
The Commission believes that the
Exchange’s proposal to revise its CBSX
rule governing clearly erroneous
transactions is appropriate.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,7 that the
proposed rule change (SR–CBOE–2007–
65), as amended, is hereby approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–155 Filed 1–8–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57094; File No. SR–CBOE–
2007–154]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to the Marketing
Fee Program
January 3, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
4 In approving this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
7 15 U.S.C. 78s(b)(2).
8 17 CFR 200.30–3(a)(12).
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
1653
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
28, 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 Exchange.
CBOE has designated this proposal as
one establishing or changing a due, fee,
or other charge imposed by CBOE under
Section 19(b)(3)(A)(ii) of the Act 3 and
Rule 19b–4(f)(2) 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
CBOE proposes to amend its
Marketing Fee Program. The text of the
proposed rule change is available at the
Exchange, the Commission’s Public
Reference Room, and ≤https://
www.cboe.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change, and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. CBOE
has substantially 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
marketing fee program as follows. First,
CBOE proposes to decrease the fee from
$.30 to $.25 in the following Penny Pilot
classes: equity options, OIH, SMH, XLE,
and XLF. CBOE would continue to
collect the marketing fee at the rate of
$.10 per contract in DIA and SPY, and
not collect the marketing fee in QQQQ
and IWM. CBOE believes that this
change would allow CBOE Market1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
2 17
E:\FR\FM\09JAN1.SGM
09JAN1
]]>Agencies
[Federal Register Volume 73, Number 6 (Wednesday, January 9, 2008)]
[Notices]
[Page 1653]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-155]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57095; File No. SR-CBOE-2007-65]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Order Granting Approval of a Proposed Rule Change as
Modified by Amendment No. 1 Thereto Regarding Nullification and
Modification of Transactions Executed on CBOE Stock Exchange
January 3, 2008.
On June 12, 2007, the Chicago Board Options Exchange, Incorporated
(``CBOE'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to make various revisions to CBOE
Stock Exchange (``CBSX'') Rule 52.4, which governs the nullification
and modification of transactions executed on CBSX. On November 8, 2007,
the CBOE submitted Amendment No. 1 to the proposed rule change. The
proposed rule change, as amended, was published for comment in the
Federal Register on November 27, 2007.\3\ The Commission received no
comment letters on the proposal. This order approves the proposed rule
change as amended.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 56818 (November 19,
2007), 72 FR 66205.
---------------------------------------------------------------------------
The Exchange proposes to revise CBSX Rule 52.4 to: (1) Require a
request for review of a transaction to be made by only one of the
following methods: telephone; facsimile; or e-mail (in order to
simplify the process for those making requests); (2) require such a
request to be made within thirty minutes of the trade in question, or
within forty-five minutes of the trade if that trade occurred within
the first thirty minutes of trading in the product involved in the
trade (in order to give more time for requests which, based on the
Exchange's experience so far, is necessary); (3) give the individual(s)
who reviews transactions under the Rule the label of ``designated
official,'' so that they need not be officers of the Exchange; and (4)
eliminate the requirement that the notification to the parties to the
trade of the official's determination be given in writing and by the
official. The aforementioned changes numbered (1) and (4) are based on,
and conform CBSX Rule 52.4 to, NYSE Arca Equities Rules 7.10(b) and
7.10(c)(1), respectively.
The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange \4\ and, in
particular, the requirements of Section 6(b) of the Act \5\ and the
rules and regulations thereunder. Specifically, the Commission finds
that the proposal is consistent with Section 6(b)(5) of the Act,\6\ in
that it is designed to promote just and equitable principles of trade,
serve to remove impediments to and perfects the mechanism of a free and
open market and a national market system, and, in general, protect
investors and the public interest.
---------------------------------------------------------------------------
\4\ In approving this proposal, the Commission has considered
the proposed rule's impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Commission believes that the Exchange's proposal to revise its
CBSX rule governing clearly erroneous transactions is appropriate.
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\7\ that the proposed rule change (SR-CBOE-2007-65), as amended, is
hereby approved.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-155 Filed 1-8-08; 8:45 am]
BILLING CODE 8011-01-P
