Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Fees for the CBOE Stock Exchange, 18833-18835 [E8-7115]

Download as PDF Federal Register / Vol. 73, No. 67 / Monday, April 7, 2008 / Notices subparagraph (f)(6) of Rule 19b–4 thereunder.14 The Exchange notes that the proposed rule change is based on a similar proposal previously approved by the Commission,15 and does not raise any novel issues. Additionally, the Exchange asserts that the proposed rule change is necessary to eliminate any confusion among members of multiple exchanges regarding position and exercise limits applicable to options on DIA and for purposes of maintaining a fair and orderly market. The Exchange has asked the Commission to waive the operative delay to permit the proposed rule change to become operative prior to the 30th day after filing. The Exchange states that waiving the operative delay will allow the proposed increase in the position and exercise limits applicable to options on DIA on BOX to be put into effect immediately, which will align BOX’s DIA limits with the DIA limits applicable to members of other options exchange(s), thereby promoting conformity and uniformity in the rules of the several options exchanges. The Commission believes that waiving the 30-day operative delay of the Exchange’s proposal is consistent with the protection of investors and the public interest.16 Therefore, the Commission designates the proposal to be operative upon filing. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate the 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 rfrederick on PROD1PC67 with NOTICES 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: 14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires a self-regulatory organization to provide the Commission with 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 fulfilled this requirement. 15 See Securities Exchange Act Release No. 47346, supra note 5. 16 For 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 15:24 Apr 04, 2008 Jkt 214001 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–2008–19 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. 18833 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57593; File No. SR–CBOE– 2008–38] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Fees for the CBOE Stock Exchange April 1, 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 March 31, All submissions should refer to File 2008, the Chicago Board Options Number SR–BSE–2008–19. This file Exchange, Incorporated (‘‘Exchange’’ or number should be included on the ‘‘CBOE’’) filed with the Securities and subject line if e-mail is used. To help the Exchange Commission (‘‘Commission’’) Commission process and review your the proposed rule change as described comments more efficiently, please use in Items I, II, and III below, which Items only one method. The Commission will have been substantially prepared by the post all comments on the Commission’s Exchange. The Exchange has designated Internet Web site (https://www.sec.gov/ this proposal as one establishing a due, rules/sro.shtml ). Copies of the fee, or other charge imposed by the Exchange under Section 19(b)(3)(A) of submission, all subsequent the Act 3 and Rule 19b–4(f)(2) amendments, all written statements thereunder,4 which renders it effective with respect to the proposed rule upon filing with the Commission. The change that are filed with the Commission is publishing this notice to Commission, and all written solicit comments on the proposed rule communications relating to the change from interested persons. proposed rule change between the Commission and any person, other than I. Self-Regulatory Organization’s those that may be withheld from the Statement of the Terms of Substance of public in accordance with the the Proposed Rule Change provisions of 5 U.S.C. 552, will be The Exchange proposes to modify its available for inspection and copying in fees applicable to the CBOE Stock the Commission’s Public Reference Exchange (‘‘CBSX’’). The text of the Room, 100 F Street, NE., Washington, proposed rule change is available on the DC 20549, on official business days Exchange’s Web site (https:// between the hours of 10 a.m. and 3 p.m. www.cboe.org/legal), at the Exchange’s Copies of such filing also will be principal office, and at the available for inspection and copying at Commission’s Public Reference Room. the principal office of the Exchange. All II. Self-Regulatory Organization’s comments received will be posted Statement of the Purpose of, and without change; the Commission does Statutory Basis for, the Proposed Rule not edit personal identifying Change information from submissions. You In its filing with the Commission, the should submit only information that you wish to make available publicly. All Exchange included statements concerning the purpose of and basis for submissions should refer to File the proposed rule change and discussed Number SR–BSE–2008–19 and should any comments it received on the be submitted on or before April 28, proposed rule change. The text of these 2008. statements may be examined at the For the Commission, by the Division of places specified in Item IV below. The Trading and Markets, pursuant to delegated Exchange has prepared summaries, set authority.17 forth in Sections A, B, and C below, of Florence E. Harmon, the most significant aspects of such statements. Deputy Secretary. [FR Doc. E8–7189 Filed 4–4–08; 8:45 am] 1 15 BILLING CODE 8011–01–P 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)(2). 2 17 17 17 PO 00000 CFR 200.30–3(a)(12). Frm 00102 Fmt 4703 Sfmt 4703 E:\FR\FM\07APN1.SGM 07APN1 18834 Federal Register / Vol. 73, No. 67 / Monday, April 7, 2008 / Notices rfrederick on PROD1PC67 with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The CBSX fee schedule lists the fees applicable to trading on CBSX. The CBOE Complex Order Auction system (‘‘COA’’) and Complex Order Book (‘‘COB’’), governed by CBOE Rule 6.53C, facilitate the handling and execution of complex orders by allowing for complex orders to rest in the system and allowing for inbound complex orders to trigger an auction where auction participants may submit complex order responses to trade with the order that is being auctioned. Until recently, Rule 6.53C applied only to complex orders containing only options components. In recent months, CBOE implemented an enhancement to the Rule 6.53C COA/COB system to facilitate the execution of complex orders containing a stock component (e.g., a buy-write order).5 As detailed in that filing, the stock component of a stock-option complex order handled by the system is executed on CBSX. The present filing seeks to adopt special charges for the stock executions that result from stock-option orders trading pursuant to Rule 6.53C. The CBSX transaction fees for these orders will be based on whether the stock-option order that initiated an execution pursuant to Rule 6.53C ultimately trades against another stockoption order or against unrelated orders in the respective markets (CBOE and CBSX). By way of example, a buy-write order auctioned by the system may trigger responses to trade against the entire buy-write order as a package— this is a stock-option order trading against another stock-option order. On the other hand, a buy-write order processed by the system could also ultimately be filled by: (i) The option component (an order to sell a call) trading against a straight order to buy that call resting in the CBOE Hybrid book, and (ii) the stock component (an order to buy stock) trading against a straight sell order in the CBSX book. A stock trade on CBSX consisting of the stock component of two stockoption orders trading against each other pursuant to Rule 6.53C shall be charged as follows: the order that triggered a COA or that triggered a trade with a resting COB order shall be charged $0.0005 per share subject to a $1.00 minimum charge and a $25.00 maximum charge. The order that responded to the auction or that was resting in the COB prior to the trade shall not be charged and shall not receive a rebate. A stock trade on CBSX consisting of the stock component of a stock-option order handled pursuant to Rule 6.53C trading against a resting stock order on the CBSX book shall be charged as follows: the resting order is considered a Maker of liquidity and receives the applicable Maker rebate pursuant to the CBSX fee schedule, and the non-resting stock order is charged the standard Taker rate pursuant to the CBSX fee schedule. The changes take effect on Tuesday, April 1, 2008. 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)(4) of the Act 7 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among Exchange members and other persons using its facilities. 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 Because the foregoing proposed rule change establishes or changes a due, fee, or other charge imposed by the Exchange, it has become effective upon filing pursuant to Section 19(b)(3)(A) of the Act 8 and Rule 19b–4(f)(2) thereunder.9 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 purposes of the Act. 6 15 5 See Securities Exchange Act Release No. 56903 (December 5, 2007), 72 FR 70356 (December 11, 2007) (SR–CBOE–2007–68). VerDate Aug<31>2005 15:24 Apr 04, 2008 Jkt 214001 U.S.C. 78f(b). U.S.C. 78f(b)(4). 8 15 U.S.C. 78s(b)(3)(A). 9 17 CFR 19b–4(f)(2). 7 15 PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 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–CBOE–2008–38 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–2008–38. 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 Commissions 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 Exchange. 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–2008–38 and should be submitted on or before April 28, 2008. E:\FR\FM\07APN1.SGM 07APN1 Federal Register / Vol. 73, No. 67 / Monday, April 7, 2008 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–7115 Filed 4–4–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57596; File No. SR–FICC– 2007–11] Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule To Modify the Fee Structure of the Government Securities Division Rules Regarding GCF Repo Transactions and the Fee Structure of the Mortgage-Backed Securities Division Rule Regarding Trade-forTrade and Settlement Balance Order Processing Fees April 1, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on December 31, 2007, the Fixed Income Clearing Corporation (‘‘FICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change described in Items I, II, and III below, which items have been prepared primarily by FICC. FICC filed the proposal pursuant to Section 19(b)(3)(A)(ii) of the Act 2 and Rule 19b– 4(f)(2) 3 thereunder so that the proposal was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the rule change from interested parties. rfrederick on PROD1PC67 with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The purpose of the rule change is to modify the fee structure of the Government Securities Division (‘‘GSD’’) rules regarding GCF Repo Transactions and the fee structure of the Mortgage-Backed Securities Division (‘‘MBSD’’) rules regarding Trade-forTrade and Settlement Balance Order (‘‘SBO’’) processing fees. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, FICC included statements concerning CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 15 U.S.C. 78s(b)(3)(A)(ii). 3 17 CFR 240.19b–4(f)(2). 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. FICC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of these statements.4 (C) Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments relating to the proposed rule change have not yet been solicited or received. FICC will notify the Commission of any written comments received by FICC. (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has become effective upon filing pursuant to Section 19(b)(3)(A)(ii) of the Act 6 and Rule 19b–4(f)(2) 7 thereunder because the proposed rule change changes a fee imposed by FICC applicable only to members or participants. At any time within sixty 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 purposes of the Act. Currently, the GSD fee schedule indicates the charge for all requests to modify or cancel a side of a trade or repo transaction, including CGF Repo Transactions, is 25 cents per request. To reflect current practice, FICC is proposing to change the charge for requests to modify or cancel a side of a GCF Repo Transaction to 5 cents per request. FICC is also proposing to reduce the MBSD trade processing fee charged to dealers engaging in both Trade-forTrade and SBO processing to align the fees with the actual costs to deliver the services. FICC is proposing to reduce the fee for Trade-for-Trade Trade Creates from $2.25 to $0.50. The fees for SBO Trade Creates are categorized by volume of Trade Creates and are based on the par value per million per month (‘‘MM’’). FICC is proposing to reduce the fee for SBO Trade Creates as follows: (i) Between 1–2,500 Trade Creates, from $1,68/MM to $1.58/MM; (ii) between 2,501–5,000 Trade Creates, from $1.56/ MM to $1.46/MM; (iii) between 5,001– 7,500 Trade Creates, from $1.43/MM to $1.33/MM; (iv) between 7,501–10,000 Trade Creates, from $1.35/MM to $1.25/ MM; (v) between 10,001–12,500 Trade Creates, from $1.22/MM to $1.12/MM; and (vi) 12,501 and over Trade Creates, from $1.09/MM to $0.99/MM. The proposed rule change is consistent with Section 17A of the Act,5 as amended, because it reduces a FICC fee and thereby provides for the equitable allocation of fees among its participants. (B) Self-Regulatory Organization’s Statement on Burden on Competition FICC does not believe that the proposed rule change will have any impact or impose any burden on competition. 10 17 4 The Commission has modified the text of the summaries prepared by FICC. 5 15 U.S.C. 78q–1. 1 15 VerDate Aug<31>2005 15:24 Apr 04, 2008 Jkt 214001 18835 PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 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–FICC–2007–11 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–FICC–2007–11. 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 6 15 7 17 E:\FR\FM\07APN1.SGM U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). 07APN1

Agencies

[Federal Register Volume 73, Number 67 (Monday, April 7, 2008)]
[Notices]
[Pages 18833-18835]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-7115]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57593; File No. SR-CBOE-2008-38]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Regarding Fees for the CBOE Stock Exchange

April 1, 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 March 31, 2008, the Chicago Board Options Exchange, Incorporated 
(``Exchange'' or ``CBOE'') 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 has designated this proposal as 
one establishing a due, fee, or other charge imposed by the Exchange 
under Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(2) 
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)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to modify its fees applicable to the CBOE 
Stock Exchange (``CBSX''). The text of the proposed rule change is 
available on the Exchange's Web site (https://www.cboe.org/legal), at 
the Exchange's principal office, 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.

[[Page 18834]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The CBSX fee schedule lists the fees applicable to trading on CBSX. 
The CBOE Complex Order Auction system (``COA'') and Complex Order Book 
(``COB''), governed by CBOE Rule 6.53C, facilitate the handling and 
execution of complex orders by allowing for complex orders to rest in 
the system and allowing for inbound complex orders to trigger an 
auction where auction participants may submit complex order responses 
to trade with the order that is being auctioned. Until recently, Rule 
6.53C applied only to complex orders containing only options 
components. In recent months, CBOE implemented an enhancement to the 
Rule 6.53C COA/COB system to facilitate the execution of complex orders 
containing a stock component (e.g., a buy-write order).\5\ As detailed 
in that filing, the stock component of a stock-option complex order 
handled by the system is executed on CBSX. The present filing seeks to 
adopt special charges for the stock executions that result from stock-
option orders trading pursuant to Rule 6.53C.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 56903 (December 5, 
2007), 72 FR 70356 (December 11, 2007) (SR-CBOE-2007-68).
---------------------------------------------------------------------------

    The CBSX transaction fees for these orders will be based on whether 
the stock-option order that initiated an execution pursuant to Rule 
6.53C ultimately trades against another stock-option order or against 
unrelated orders in the respective markets (CBOE and CBSX). By way of 
example, a buy-write order auctioned by the system may trigger 
responses to trade against the entire buy-write order as a package--
this is a stock-option order trading against another stock-option 
order. On the other hand, a buy-write order processed by the system 
could also ultimately be filled by: (i) The option component (an order 
to sell a call) trading against a straight order to buy that call 
resting in the CBOE Hybrid book, and (ii) the stock component (an order 
to buy stock) trading against a straight sell order in the CBSX book.
    A stock trade on CBSX consisting of the stock component of two 
stock-option orders trading against each other pursuant to Rule 6.53C 
shall be charged as follows: the order that triggered a COA or that 
triggered a trade with a resting COB order shall be charged $0.0005 per 
share subject to a $1.00 minimum charge and a $25.00 maximum charge. 
The order that responded to the auction or that was resting in the COB 
prior to the trade shall not be charged and shall not receive a rebate.
    A stock trade on CBSX consisting of the stock component of a stock-
option order handled pursuant to Rule 6.53C trading against a resting 
stock order on the CBSX book shall be charged as follows: the resting 
order is considered a Maker of liquidity and receives the applicable 
Maker rebate pursuant to the CBSX fee schedule, and the non-resting 
stock order is charged the standard Taker rate pursuant to the CBSX fee 
schedule.
    The changes take effect on Tuesday, April 1, 2008.
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)(4) of the Act \7\ in particular, in that it 
is designed to provide for the equitable allocation of reasonable dues, 
fees, and other charges among Exchange members and other persons using 
its facilities.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 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

    Because the foregoing proposed rule change establishes or changes a 
due, fee, or other charge imposed by the Exchange, it has become 
effective upon filing pursuant to Section 19(b)(3)(A) of the Act \8\ 
and Rule 19b-4(f)(2) thereunder.\9\ 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 purposes of 
the Act.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 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 No. SR-CBOE-2008-38 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-2008-38. 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 Commissions 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 Exchange. 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-2008-38 and should be submitted on 
or before April 28, 2008.


[[Page 18835]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-7115 Filed 4-4-08; 8:45 am]
BILLING CODE 8011-01-P
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