Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Handling of Odd-lot Orders on the CBOE Stock Exchange, 23280-23281 [E8-9305]

Download as PDF sroberts on PROD1PC70 with NOTICES 23280 Federal Register / Vol. 73, No. 83 / Tuesday, April 29, 2008 / Notices discuss the U.S. Department of Energy’s Total System Performance Assessment of a proposed repository for spent nuclear fuel and high-level radioactive waste at Yucca Mountain in Nevada. Pursuant to its authority under section 5051 of Public Law 100–203, at 8 a.m. on Thursday, May 29, 2008, the U.S. Nuclear Waste Technical Review Board will meet in Las Vegas, Nevada, to discuss the U.S. Department of Energy’s (DOE) total system performance assessment (TSPA) of the proposed repository for spent nuclear fuel and high-level radioactive waste at Yucca Mountain in Nevada. TSPA is a comprehensive computational analysis used by DOE for assessing the ability of the potential repository to provide longterm isolation and containment of radionuclides. The Board was charged in the Nuclear Waste Policy Amendments Act of 1987 with conducting an independent review of the technical and scientific validity of DOE activities related to implementation of the Nuclear Waste Policy Act, including disposing of, packaging, and transporting spent nuclear fuel and high-level radioactive waste. The meeting, which will be open to the public, will be held in the Chancellor I Room of the Embassy Suites Convention Center Hotel; 3600 Paradise Road; Las Vegas, Nevada 89169; (tel) 702–893–8000; (fax) 702– 893–0708. A block of rooms has been reserved under ‘‘NWTRB’’ at the meeting hotel, and the telephone number for reservations is 888–243– 9146. To receive the meeting rate, please make your reservations no later than May 2. The agenda will be on the World Wide Web at http://www.nwtrb.gov and will be available on request approximately one week before the meeting date. Board Chairman B. John Garrick will call the meeting to order. Dr. Garrick’s opening remarks will be followed by an overview of DOE Office of Civilian Radioactive Waste Management program activities and plans. The balance of the agenda will be devoted to a discussion of the models, assumptions, and results of the TSPA that will be submitted by DOE to the Nuclear Regulatory Commission as part of an application for authorization to begin construction of a Yucca Mountain repository. Time will be set aside at the end of the day for public comments. Those wanting to speak are encouraged to sign the public comment register at the check-in table. Although written comments of any length may be submitted for the public record, a time VerDate Aug<31>2005 21:01 Apr 28, 2008 Jkt 214001 limit may have to be imposed on individual remarks. Transcripts of the meeting will be available on the Board’s Web site, by email, on computer disk, and on a library-loan basis in paper format from Davonya Barnes of the Board’s staff no later than June 23, 2008. For more information, contact Karyn Severson, NWTRB External Affairs: 2300 Clarendon Boulevard, Suite 1300, Arlington, VA 22201–3367, (tel) 703– 235–4473, (fax) 703–235–4495. Dated: April 22, 2008. William D. Barnard, Executive Director, Nuclear Waste Technical Review Board. [FR Doc. E8–9226 Filed 4–28–08; 8:45 am] BILLING CODE 6820–AM–M SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57702; File No. SR–CBOE– 2008–48] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Handling of Odd-lot Orders on the CBOE Stock Exchange April 23, 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 April 22, 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 effecting a change in an existing order-entry or trading system pursuant to Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(5) 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to change CBOE Stock Exchange (‘‘CBSX’’) Rule 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(5). 2 17 PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 52.8, which governs the handling of odd-lot orders. The text of the proposed rule change is available at the Exchange’s principal office, the Commission’s Public Reference Room, and http://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. 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 The purpose of this proposed rule change is to revise CBSX Rule 52.8, which governs the handling of odd-lot orders. Currently, a marketable odd-lot order received by CBSX is executed against the best price being displayed by CBSX Market-Makers. As proposed, an odd-lot order (including the odd-lot portion of a mixed-lot order) received by CBSX would be displayed to CBSX Traders for a period of time not to exceed one second as determined by CBSX. The exposure would also include information regarding the applicable NBBO price for that product. Responses to trade against the odd-lot order could be submitted only at the applicable NBBO price or better and would have to be for the full size of the odd-lot order. The first CBSX Trader to respond would trade against the odd-lot order. If no responses are received, then the order would trade against the best price being displayed by a CBSX Market-Maker. If the odd-lot order has a limit price that is not marketable, it would be entered into an odd-lot order book, where CBSX Traders may submit orders to trade against resting interest. A final feature of the proposal is that odd-lot order senders would be able to specify that, if an NBBO execution is not attainable, the order should be cancelled. The Exchange believes this new method for handling odd-lot orders will result in better executions for odd-lots orders. E:\FR\FM\29APN1.SGM 29APN1 Federal Register / Vol. 73, No. 83 / Tuesday, April 29, 2008 / Notices 2. Statutory Basis The Exchange believes the proposed rule change is consistent with Section 6(b) of the Act 5 in general and furthers the objectives of Section 6(b)(5) of the Act 6 in particular in that, by offering opportunities for price improvement for odd-lot orders, it is designed to promote just and equitable principles of trade and to remove impediments to and perfect the mechanism of a free and open market and a national market system. 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 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. sroberts on PROD1PC70 with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has designated this proposal as effecting a change in an existing order-entry or trading system that: (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) does not have the effect of limiting the access to or availability of the system, thereby qualifying this proposal for filing under Section 19(b)(3)(A)(iii) of the Act 7 and Rule 19b–4(f)(5) thereunder,8 which renders the proposal effective upon filing with the Commission. 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. 5 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). 7 15 U.S.C. 78s(b)(3)(A)(iii). 8 17 CFR 240.19b–4(f)(5). 21:01 Apr 28, 2008 SECURITIES AND EXCHANGE COMMISSION Electronic Comments [Release No. 34–57701; File No. SR– NYSEArca–2008–20] • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–CBOE–2008–48 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. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–9305 Filed 4–28–08; 8:45 am] 9 17 Jkt 214001 Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Approval of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Adopt Listing Rules Relating to Fixed Income Index-Linked Securities, FuturesLinked Securities, and Multifactor Index-Linked Securities April 23, 2008. I. Introduction On February 14, 2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’), through its wholly owned subsidiary, NYSE Arca Equities, Inc. (‘‘NYSE Arca All submissions should refer to File Equities’’), filed with the Securities and Number SR–CBOE–2008–48. This file Exchange Commission (‘‘Commission’’), number should be included on the subject line if e-mail is used. To help the pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 Commission process and review your (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a comments more efficiently, please use only one method. The Commission will proposed rule change to adopt generic listing standards for Fixed Income post all comments on the Commissions Index-Linked Securities, Futures-Linked Internet Web site (http://www.sec.gov/ Securities, and Multifactor Indexrules/sro.shtml). Copies of the Linked Securities. On March 14, 2008, submission, all subsequent the Exchange filed Amendment No. 1 to amendments, all written statements the proposed rule change. The proposed with respect to the proposed rule rule change, as amended, was published change that are filed with the for comment in the Federal Register on Commission, and all written March 24, 2008.3 The Commission communications relating to the received no comments on the proposal. proposed rule change between the Commission and any person, other than This order approves the proposed rule change, as modified by Amendment No. those that may be withheld from the 1 thereto. public in accordance with the provisions of 5 U.S.C. 552, will be II. Description of the Proposal available for inspection and copying in The Exchange proposes to amend the Commission’s Public Reference NYSE Arca Equities Rule 5.2(j)(6) 4 to Room, 100 F Street, NE., Washington, DC 20549, on official business days 1 15 U.S.C. 78s(b)(1). between the hours of 10 a.m. and 3 p.m. 2 17 CFR 240.19b–4. Copies of such filing also will be 3 See Securities Exchange Act Release No. 57505 available for inspection and copying at (March 14, 2008), 73 FR 15550. 4 NYSE Arca Equities Rule 5.2(j)(6) currently sets the principal office of the Exchange. All forth the Exchange’s generic listing standards for comments received will be posted Equity Index-Linked Securities, Commodity-Linked without change; the Commission does Securities, and Currency-Linked Securities. See not edit personal identifying NYSE Arca Equities Rule 5.2(j)(6). Equity IndexLinked Securities are securities that provide for the information from submissions. You payment at maturity of a cash amount based on the should submit only information that performance of an underlying index or indexes of you wish to make available publicly. All equity securities (‘‘Equity Reference Asset’’). submissions should refer to File Commodity-Linked Securities are securities that Number SR–CBOE–2008–48 and should provide for the payment at maturity of a cash be submitted on or before May 20, 2008. amount based on the performance of one or more BILLING CODE 8010–01–P 6 15 VerDate Aug<31>2005 Comments may be submitted by any of the following methods: 23281 PO 00000 physical commodities or commodity futures, options or other commodity derivatives or Commodity-Based Trust Shares (as defined in NYSE Arca Equities Rule 8.201), or a basket or index of any of the foregoing (‘‘Commodity Reference Asset’’). Currency-Linked Securities are securities that provide for the payment at maturity of a cash amount based on the performance of one or more currencies, or options or currency futures or other currency derivatives or Currency Trust Shares (as defined in NYSE Arca Equities Rule 8.202), or a basket or index of any of the foregoing CFR 200.30–3(a)(12). Frm 00104 Fmt 4703 Continued Sfmt 4703 E:\FR\FM\29APN1.SGM 29APN1

Agencies

[Federal Register Volume 73, Number 83 (Tuesday, April 29, 2008)]
[Notices]
[Pages 23280-23281]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-9305]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57702; File No. SR-CBOE-2008-48]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Regarding the Handling of Odd-lot Orders on the CBOE Stock 
Exchange

April 23, 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 April 22, 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 effecting a change in an existing order-entry or trading system 
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(5) 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)(iii).
    \4\ 17 CFR 240.19b-4(f)(5).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to change CBOE Stock Exchange (``CBSX'') Rule 
52.8, which governs the handling of odd-lot orders. The text of the 
proposed rule change is available at the Exchange's principal office, 
the Commission's Public Reference Room, and http://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. 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
    The purpose of this proposed rule change is to revise CBSX Rule 
52.8, which governs the handling of odd-lot orders. Currently, a 
marketable odd-lot order received by CBSX is executed against the best 
price being displayed by CBSX Market-Makers. As proposed, an odd-lot 
order (including the odd-lot portion of a mixed-lot order) received by 
CBSX would be displayed to CBSX Traders for a period of time not to 
exceed one second as determined by CBSX. The exposure would also 
include information regarding the applicable NBBO price for that 
product. Responses to trade against the odd-lot order could be 
submitted only at the applicable NBBO price or better and would have to 
be for the full size of the odd-lot order. The first CBSX Trader to 
respond would trade against the odd-lot order. If no responses are 
received, then the order would trade against the best price being 
displayed by a CBSX Market-Maker. If the odd-lot order has a limit 
price that is not marketable, it would be entered into an odd-lot order 
book, where CBSX Traders may submit orders to trade against resting 
interest. A final feature of the proposal is that odd-lot order senders 
would be able to specify that, if an NBBO execution is not attainable, 
the order should be cancelled. The Exchange believes this new method 
for handling odd-lot orders will result in better executions for odd-
lots orders.

[[Page 23281]]

2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section 6(b) of the Act \5\ in general and furthers the objectives of 
Section 6(b)(5) of the Act \6\ in particular in that, by offering 
opportunities for price improvement for odd-lot orders, it is designed 
to promote just and equitable principles of trade and to remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 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 
impose any burden on competition 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 Exchange has designated this proposal as effecting a change in 
an existing order-entry or trading system that: (i) Does not 
significantly affect the protection of investors or the public 
interest; (ii) does not impose any significant burden on competition; 
and (iii) does not have the effect of limiting the access to or 
availability of the system, thereby qualifying this proposal for filing 
under Section 19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(5) 
thereunder,\8\ which renders the proposal effective upon filing with 
the Commission.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \8\ 17 CFR 240.19b-4(f)(5).
---------------------------------------------------------------------------

    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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File No. SR-CBOE-2008-48 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-2008-48. 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 (http://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-2008-48 and should be submitted on 
or before May 20, 2008.
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-9305 Filed 4-28-08; 8:45 am]
BILLING CODE 8010-01-P