Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Increase the Class Quoting Limit in One Option Class, 19122-19123 [E8-7272]
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19122
Federal Register / Vol. 73, No. 68 / Tuesday, April 8, 2008 / Notices
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–Amex–2008–27 on the subject
line.
Paper Comments
pwalker on PROD1PC71 with NOTICES
• 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
Number SR–Amex–2008–27. 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 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–Amex–2008–27 and should
be submitted on or before April 29,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–7311 Filed 4–7–08; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
the most significant parts of such
statements.
[Release No. 34–57602; File No. SR–CBOE–
2008–35]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Increase the Class
Quoting Limit in One Option Class
April 2, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (‘‘Act’’
or ‘‘Exchange Act’’),1 and Rule 19b–4
thereunder,2 notice is hereby given that
on March 28, 2008, the Chicago Board
Options Exchange, Incorporated
(‘‘CBOE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’ or ‘‘SEC’’) the proposed
rule change as described in Items I, II,
and III below, which Items have been
prepared by the CBOE. The Exchange
has designated this proposal as one
constituting a stated policy, practice, or
interpretation with respect to the
meaning, administration, or
enforcement of an existing rule under
Section 19(b)(3)(A)(i) of the Act,3 and
Rule 19b–4(f)(1) 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
The Exchange proposes to increase
the class quoting limit in one option
class. The text of the proposed rule
change is available on CBOE’s Web site
(https://www.cboe.org/legal), at the
CBOE’s Office of the Secretary, 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
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(i).
4 17 CFR 240.19b–4(f)(1).
BILLING CODE 8011–01–P
2 17
17 17
CFR 200.30–3(a)(12).
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1. Purpose
CBOE Rule 8.3A, Maximum Number
of Market Participants Quoting
Electronically per Product, establishes
class quoting limits (‘‘CQLs’’) for each
class traded on the Hybrid Trading
System or Hybrid 2.0 Platform.5 A CQL
is the maximum number of quoters that
may quote electronically in a given
product and Rule 8.3A, Interpretation
.01(a) provides that the current levels
are generally established at 50.
In addition, Rule 8.3A, Interpretation
.01(b) provides a procedure by which
the President of the Exchange may
increase the CQL for an existing or new
product. In this regard, the President of
the Exchange may increase the CQL in
exceptional circumstances, which are
defined in the rule as ‘‘substantial
trading volume, whether actual or
expected.’’ 6 The effect of an increase in
the CQL is procompetitive in that it
increases the number of market
participants that may quote
electronically in a product. The purpose
of this filing is to increase the CQL in
the option class Visa, Inc. (V) from its
current limit of 60 to 70.7
CBOE anticipates that there will be
substantial trading volume in this class.
In addition, increasing the CQL to 70
will accommodate Market-Makers that
are currently on the wait-list to be
appointed to the option class. Increasing
the CQL in this option will enable the
Exchange to enhance the liquidity
offered, thereby offering deeper and
more liquid markets. Lastly, CBOE
represents that it has the systems
capacity to support this increase in the
CQL.
2. Statutory Basis
Accordingly, CBOE believes the
proposed rule change is consistent with
the Act and the rules and regulations
under the Act applicable to a national
securities exchange and, in particular,
the requirements of Section 6(b) of the
Act.8 Specifically, the Exchange
believes the proposed rule change is
5 See
Rule 8.3A.01.
actions taken by the President of the
Exchange pursuant to this paragraph will be
submitted to the SEC in a rule filing pursuant to
Section 19(b)(3)(A) of the Exchange Act.’’ Rule
8.3A.01(b).
7 CBOE recently increased the CQL in V from 50
to 60. See Securities Exchange Act Release No.
57582 (March 31, 2008) (SR–CBOE–2008–34).
8 15 U.S.C. 78(f)(b).
6 ‘‘Any
E:\FR\FM\08APN1.SGM
08APN1
Federal Register / Vol. 73, No. 68 / Tuesday, April 8, 2008 / Notices
pwalker on PROD1PC71 with NOTICES
consistent with the Section 6(b)(5) 9
requirements 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. As indicated
above, the Exchange believes that
increasing the CQL in these options will
enable the Exchange to enhance the
liquidity offered, thereby offering
deeper and more liquid markets.
Number SR–CBOE–2008–35 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.
19123
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57601; File No. SR–NYSE–
2008–22]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To Extend
All submissions should refer to File
the Moratorium on the Qualification
and Registration of New Registered
Number SR–CBOE–2008–35. This file
Competitive Market Makers and New
number should be included on the
B. Self-Regulatory Organization’s
subject line if e-mail is used. To help the Competitive Traders, Governed by
Statement on Burden on Competition
NYSE Rules 107A and 110,
Commission process and review your
CBOE does not believe that the
Respectively, for an Additional Three
comments more efficiently, please use
proposed rule change will impose any
only one method. The Commission will Months
burden on competition that is not
post all comments on the Commission’s April 2, 2008.
necessary or appropriate in furtherance
Internet Web site (https://www.sec.gov/
of the purposes of the Act.
Pursuant to Section 19(b)(1) of the
rules/sro.shtml). Copies of the
Securities Exchange Act of 1934
C. Self-Regulatory Organization’s
submission, all subsequent
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Statement on Comments on the
amendments, all written statements
notice is hereby given that on March 26,
Proposed Rule Change Received From
with respect to the proposed rule
2008, the New York Stock Exchange
Members, Participants, or Others
change that are filed with the
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
The Exchange neither received nor
Commission, and all written
the Securities and Exchange
solicited written comments on the
communications relating to the
Commission (‘‘Commission’’) the
proposal.
proposed rule change between the
proposed rule change as described in
Commission and any person, other than Items I and II below, which Items have
III. Date of Effectiveness of the
those that may be withheld from the
Proposed Rule Change and Timing for
been substantially prepared by the
public in accordance with the
Commission Action
Exchange. The Commission is
provisions of 5 U.S.C. 552, will be
publishing this notice to solicit
The foregoing proposed rule change
available for inspection and copying in
comments on the proposed rule change
will take effect upon filing with the
the Commission’s Public Reference
from interested persons.
Commission pursuant to Section
19(b)(3)(A)(i) of the Act 10 and Rule 19b– Room, on official business days between I. Self-Regulatory Organization’s
the hours of 10 a.m. and 3 p.m. Copies
4(f)(1) thereunder,11 because it
Statement of the Terms of Substance of
of such filing also will be available for
constitutes a stated policy, practice, or
the Proposed Rule Change
inspection and copying at the principal
interpretation with respect to the
The Exchange proposes to extend for
meaning, administration, or
office of the CBOE. All comments
enforcement of an existing rule.
received will be posted without change; three months the moratorium related to
At any time within 60 days of the
the qualification and registration of
the Commission does not edit personal
filing of the proposed rule change, the
Registered Competitive Market Makers
identifying information from
Commission may summarily abrogate
(‘‘RCMMs’’), pursuant to Exchange Rule
submissions. You should submit only
such rule change if it appears to the
107A, and Competitive Traders (‘‘CTs’’),
information that you wish to make
Commission that such action is
pursuant to Exchange Rule 110
available publicly. All submissions
necessary or appropriate in the public
(‘‘Moratorium’’). The text of the
should refer to File Number SR–CBOE–
interest, for the protection of investors,
2008–35 and should be submitted on or proposed rule change is available at
or otherwise in furtherance of the
https://www.nyse.com, the NYSE, and
before April 29, 2008.
purposes of the Act.
the Commission’s Public Reference
For the Commission, by the Division of
Room.
IV. Solicitation of Comments
Trading and Markets, pursuant to delegated
II. Self-Regulatory Organization’s
Interested persons are invited to
authority.12
Statement of the Purpose of, and
submit written data, views, and
Florence E. Harmon,
Statutory Basis for, the Proposed Rule
arguments concerning the foregoing,
Deputy Secretary.
Change
including whether the proposed rule
[FR Doc. E8–7272 Filed 4–7–08; 8:45 am]
change is consistent with the Act.
In its filing with the Commission, the
BILLING CODE 8011–01–P
Comments may be submitted by any of
Exchange included statements
the following methods:
concerning the purpose of, and basis for,
the proposed rule change. The text of
Electronic Comments
these statements may be examined at
• Use the Commission’s Internet
the places specified in Item IV below.
comment form (https://www.sec.gov/
The Exchange has prepared summaries,
rules/sro.shtml); or
set forth in Sections A, B, and C below,
• Send an e-mail to ruleof the most significant aspects of such
comments@sec.gov. Please include File
statements.
9 15
U.S.C. 78(f)(b)(5).
U.S.C. 78s(b)(3)(A)(i).
11 17 CFR 240.19b–4(f)(1).
10 15
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16:09 Apr 07, 2008
1 15
12 17
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CFR 200.30–3(a)(12).
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2 17
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
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]]>Agencies
[Federal Register Volume 73, Number 68 (Tuesday, April 8, 2008)]
[Notices]
[Pages 19122-19123]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-7272]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57602; File No. SR-CBOE-2008-35]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Increase the Class Quoting Limit in One Option Class
April 2, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on March 28, 2008, the Chicago Board Options
Exchange, Incorporated (``CBOE'' or ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'' or ``SEC'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the CBOE. The Exchange has designated this
proposal as one constituting a stated policy, practice, or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule under Section 19(b)(3)(A)(i) of the
Act,\3\ and Rule 19b-4(f)(1) 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)(i).
\4\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to increase the class quoting limit in one
option class. The text of the proposed rule change is available on
CBOE's Web site (https://www.cboe.org/legal), at the CBOE's Office of
the Secretary, 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 parts of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
CBOE Rule 8.3A, Maximum Number of Market Participants Quoting
Electronically per Product, establishes class quoting limits (``CQLs'')
for each class traded on the Hybrid Trading System or Hybrid 2.0
Platform.\5\ A CQL is the maximum number of quoters that may quote
electronically in a given product and Rule 8.3A, Interpretation .01(a)
provides that the current levels are generally established at 50.
---------------------------------------------------------------------------
\5\ See Rule 8.3A.01.
---------------------------------------------------------------------------
In addition, Rule 8.3A, Interpretation .01(b) provides a procedure
by which the President of the Exchange may increase the CQL for an
existing or new product. In this regard, the President of the Exchange
may increase the CQL in exceptional circumstances, which are defined in
the rule as ``substantial trading volume, whether actual or expected.''
\6\ The effect of an increase in the CQL is procompetitive in that it
increases the number of market participants that may quote
electronically in a product. The purpose of this filing is to increase
the CQL in the option class Visa, Inc. (V) from its current limit of 60
to 70.\7\
---------------------------------------------------------------------------
\6\ ``Any actions taken by the President of the Exchange
pursuant to this paragraph will be submitted to the SEC in a rule
filing pursuant to Section 19(b)(3)(A) of the Exchange Act.'' Rule
8.3A.01(b).
\7\ CBOE recently increased the CQL in V from 50 to 60. See
Securities Exchange Act Release No. 57582 (March 31, 2008) (SR-CBOE-
2008-34).
---------------------------------------------------------------------------
CBOE anticipates that there will be substantial trading volume in
this class. In addition, increasing the CQL to 70 will accommodate
Market-Makers that are currently on the wait-list to be appointed to
the option class. Increasing the CQL in this option will enable the
Exchange to enhance the liquidity offered, thereby offering deeper and
more liquid markets. Lastly, CBOE represents that it has the systems
capacity to support this increase in the CQL.
2. Statutory Basis
Accordingly, CBOE believes the proposed rule change is consistent
with the Act and the rules and regulations under the Act applicable to
a national securities exchange and, in particular, the requirements of
Section 6(b) of the Act.\8\ Specifically, the Exchange believes the
proposed rule change is
[[Page 19123]]
consistent with the Section 6(b)(5) \9\ requirements 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. As indicated above, the
Exchange believes that increasing the CQL in these options will enable
the Exchange to enhance the liquidity offered, thereby offering deeper
and more liquid markets.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78(f)(b).
\9\ 15 U.S.C. 78(f)(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
The Exchange neither received nor solicited written comments on the
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change will take effect upon filing
with the Commission pursuant to Section 19(b)(3)(A)(i) of the Act \10\
and Rule 19b-4(f)(1) thereunder,\11\ because it constitutes a stated
policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of an existing rule.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A)(i).
\11\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
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.
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-2008-35 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-2008-35. 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
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-2008-35 and should be submitted on or before April 29, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-7272 Filed 4-7-08; 8:45 am]
BILLING CODE 8011-01-P
