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, 1653-1654 [E8-157]
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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
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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).
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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
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09JAN1
1654
Federal Register / Vol. 73, No. 6 / Wednesday, January 9, 2008 / Notices
Makers, RMMs, e-DPMs, or DPMs
(collectively ‘‘market-makers’’) to
compete better for order flow in these
option classes.
Second, CBOE proposes to amend the
fee such that the marketing fee would
not apply to transactions in Penny Pilot
classes resulting from orders executed
through the Hybrid Agency Liaison
under CBOE Rule 6.14 in which marketmakers ‘‘step up’’ through the HAL
system and trade with orders that are
marketable against the NBBO when
CBOE is not the NBBO. CBOE believes
that this change would encourage
market-makers to execute orders at
CBOE at the NBBO.
CBOE proposes to implement these
changes to the marketing fee program
beginning on January 2, 2008. CBOE is
not amending its marketing fee program
in any other respects.
2.Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 5 in general, and
furthers the objectives of Section 6(b)(4)
of the Act 6 in particular, in that it is
designed to provide for the equitable
allocation of reasonable dues, fees, and
other charges among CBOE members.
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
No written comments were solicited
or received with respect to the proposed
rule change.
pwalker on PROD1PC71 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has been designated as a fee change
pursuant to Section 19(b)(3)(A)(ii) of the
Act 7 and Rule 19b–4(f)(2) 8 thereunder,
because it establishes or changes a due,
fee, or other charge imposed by the
Exchange. Accordingly, the proposal
will take effect upon filing with the
Commission. 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
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
7 15 U.S.C. 78s(b)(3)(A)(ii).
8 17 CFR 240.19b–4(f)(2).
6 15
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17:53 Jan 08, 2008
Jkt 214001
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–CBOE–2007–154 on the
subject line.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–157 Filed 1–8–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57093; File No. SR–NYSE–
2007–127]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Eliminate
Certain Regulatory Fees
January 3, 2008.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
• Send paper comments in triplicate
notice is hereby given that on December
to Nancy M. Morris, Secretary,
31, 2007, the New York Stock Exchange
Securities and Exchange Commission,
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
100 F Street, NE., Washington, DC
the Securities and Exchange
20549–1090.
Commission (‘‘Commission’’) the
proposed rule change as described in
All submissions should refer to File
Items I, II, and III below, which Items
Number SR–CBOE–2007–154. This file
have been substantially prepared by the
number should be included on the
subject line if e-mail is used. To help the NYSE. The NYSE has designated the
proposed rule change as one concerned
Commission process and review your
solely with the administration of the
comments more efficiently, please use
only one method. The Commission will Exchange pursuant to section
post all comments on the Commission’s 19(b)(3)(A)(iii) of the Act 3 and Rule
Internet Web site (https://www.sec.gov/
19b–4(f)(3) thereunder,4 which renders
rules/sro.shtml). Copies of the
the proposed rule change effective upon
submission, all subsequent
filing with the Commission. The
amendments, all written statements
Commission is publishing this notice to
with respect to the proposed rule
solicit comments on the proposed rule
change that are filed with the
change from interested persons.
Commission, and all written
I. Self-Regulatory Organization’s
communications relating to the
Statement of the Terms of Substance of
proposed rule change between the
Commission and any person, other than the Proposed Rule Change
those that may be withheld from the
The NYSE proposes to eliminate,
public in accordance with the
effective January 1, 2008, certain
provisions of 5 U.S.C. 552, will be
regulatory fees that NYSE Regulation,
available for inspection and copying in
Inc. (‘‘NYSE Regulation’’) currently
the Commission’s Public Reference
remits to the Financial Industry
Room on official business days between Regulatory Authority, Inc. (‘‘FINRA’’)
the hours of 10 a.m. and 3 p.m. Copies
and which FINRA has determined
of such filing also will be available for
should be eliminated effective January
inspection and copying at the principal
1, 2008. The text of the proposed rule
office of CBOE. All comments received
change is available on NYSE’s Web site
will be posted without change; the
at https://www.nyse.com, at NYSE’s
Commission does not edit personal
principal office, and at the
identifying information from
Commission’s Public Reference Room.
submissions. You should submit only
information that you wish to make
9 17 CFR 200.30–3(a)(12).
available publicly. All submissions
1 15 U.S.C. 78s(b)(1).
should refer to File Number SR–CBOE–
2 17 CFR 240.19b–4.
2007–154 and should be submitted on
3 15 U.S.C. 78s(b)(3)(A).
or before January 30, 2008.
4 17 CFR 240.19b–4(f)(3).
Paper Comments
PO 00000
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]]>Agencies
[Federal Register Volume 73, Number 6 (Wednesday, January 9, 2008)]
[Notices]
[Pages 1653-1654]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-157]
-----------------------------------------------------------------------
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
(``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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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 Market-
[[Page 1654]]
Makers, RMMs, e-DPMs, or DPMs (collectively ``market-makers'') to
compete better for order flow in these option classes.
Second, CBOE proposes to amend the fee such that the marketing fee
would not apply to transactions in Penny Pilot classes resulting from
orders executed through the Hybrid Agency Liaison under CBOE Rule 6.14
in which market-makers ``step up'' through the HAL system and trade
with orders that are marketable against the NBBO when CBOE is not the
NBBO. CBOE believes that this change would encourage market-makers to
execute orders at CBOE at the NBBO.
CBOE proposes to implement these changes to the marketing fee
program beginning on January 2, 2008. CBOE is not amending its
marketing fee program in any other respects.
2.Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \5\ in general, and furthers the
objectives of Section 6(b)(4) of the Act \6\ in particular, in that it
is designed to provide for the equitable allocation of reasonable dues,
fees, and other charges among CBOE members.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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
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
The foregoing proposed rule change has been designated as a fee
change pursuant to Section 19(b)(3)(A)(ii) of the Act \7\ and Rule 19b-
4(f)(2) \8\ thereunder, because it establishes or changes a due, fee,
or other charge imposed by the Exchange. Accordingly, the proposal will
take effect upon filing with the Commission. 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-CBOE-2007-154 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-2007-154. 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 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
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-2007-154 and should be submitted on or before January 30, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-157 Filed 1-8-08; 8:45 am]
BILLING CODE 8011-01-P
