Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of Proposed Rule Change To Amend CBOE Rule 8.7 Related to the Obligations of Market-Makers, 36937-36939 [E8-14762]
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Federal Register / Vol. 73, No. 126 / Monday, June 30, 2008 / Notices
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. 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
jlentini on PROD1PC65 with NOTICES
1. Purpose
CBSX is CBOE’s stock trading facility.
One of the aims of CBSX is to provide
an effective and efficient platform for
CBOE members to execute stock trades.
This includes the hedging activity of
CBOE option Market-Makers. Many
CBOE option Market-Makers generate
stock orders using systems from thirdparty technology providers that
integrate options pricing and position
management functions with
functionality that generates stock orders
for hedging purposes. The practice has
typically been for these Market-Maker
hedging orders to be routed to a stock
broker for further routing to an
exchange, including CBSX, or other
venue for execution. To better facilitate
the ability of CBOE Market-Makers to
access CBSX, CBOE and CBSX are now
making available to CBOE MarketMakers a direct connection between
CBSX and the most prevalent of the
market-making systems in use on CBOE
that will enable the Market-Makers
using that system to transmit stock
orders directly to CBSX in their capacity
as CBSX members.5 Similar to member
connectivity fees charged by CBOE,
CBSX is establishing a connectivity
charge for members that desire to utilize
this connection (and any similar
connection that CBOE/CBSX may make
available in the future) to directly route
orders to CBSX. CBSX intends to charge
$50 per calendar quarter; however, to
promote usage, the fee will be waived
through the first quarter of 2009.
2. Statutory Basis
The proposed rule change is
consistent with the requirements of
Section 6(b) of the Act,6 in general, and
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 CBOE
members and other persons using its
facilities.
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
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 is
effective upon filing pursuant to Section
19(b)(3)(A)(ii) of the Act 8 and Rule 19b–
4(f)(2) thereunder,9 because it
establishes or changes a due, fee, or
other charge applicable only to a
member imposed by the Exchange. 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 rulecomments@sec.gov. Please include File
Number SR–CBOE–2008–63 on the
subject line.
6 15
5 Since
CBSX is a facility of CBOE, CBOE
members are eligible to trade on CBSX as
‘‘members.’’
VerDate Aug<31>2005
16:15 Jun 27, 2008
Jkt 214001
U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4).
8 15 U.S.C. 78s(b)(3)(A)(ii).
9 17 CFR 240.19b–4(f)(2).
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
36937
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CBOE–2008–63. 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 will also 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 No. SR–CBOE–
2008–63 and should be submitted on or
before July 21, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14761 Filed 6–27–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57996; File No. SR–CBOE–
2008–59]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of
Proposed Rule Change To Amend
CBOE Rule 8.7 Related to the
Obligations of Market-Makers
June 20, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
10 17
E:\FR\FM\30JNN1.SGM
CFR 200.30–3(a)(12).
30JNN1
36938
Federal Register / Vol. 73, No. 126 / Monday, June 30, 2008 / Notices
(‘‘Act’’) 1 and Rule 19b–4 2 thereunder,
notice is hereby given that on June 11,
2008, the Chicago Board Options
Exchange, Incorporated (the ‘‘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 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 amend
CBOE Rule 8.7 (Obligations of MarketMakers). The text of the proposed rule
change is available on the Exchange’s
Web site (https://www.cboe.org/Legal), at
the Exchange’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,
CBOE 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 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 the
Statutory Basis for, the Proposed Rule
Change
jlentini on PROD1PC65 with NOTICES
1. Purpose
The Exchange proposes to add an
interpretation to CBOE Rule 8.7
(Obligations of Market-Makers) to clarify
that the in-person requirements set forth
in CBOE 8.7.03B may be satisfied by
market-makers either individually or
collectively with market-makers of the
same member organization. The
Exchange recently amended CBOE Rule
8.1 (Market-Maker Defined) expanding
the definition of market-maker to
include member organizations.3 In view
of the recent amendment of CBOE Rule
8.1, the Exchange believes that the inperson requirements set forth in CBOE
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 57615
(April 3, 2008), 73 FR 19537 (April 10, 2008) (SR–
CBOE–2007–120).
2 17
VerDate Aug<31>2005
18:02 Jun 27, 2008
Jkt 214001
Rule 8.7.03B may be satisfied by marketmakers either individually or
collectively with market-makers of the
same member organization. The
Exchange notes that CBOE Rule 8.7.03B
only applies to Hybrid 3.0 option
classes.4 Currently, there are three
Hybrid 3.0 option classes: Standard &
Poor’s 500 Index (SPX), Standard &
Poor’s 100 Index (OEX) and Morgan
Stanley Retail Index (MVR).
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)(5)
of the Act,6 in particular, in that it
would promote just and equitable
principles of trade, facilitate
transactions in securities, remove
impediments to and perfect the
mechanisms of a free and open market
and a national market system, and
protect investors and the public interest.
Specifically, the Exchange believes that
the proposed rule change will
strengthen its ability to carry out its
oversight responsibilities as a selfregulatory organization and reinforce its
surveillance and enforcement functions.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will result in 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
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which CBOE consents, the
Commission will:
4 CBOE Rule 8.7.03B applies to both non-Hybrid
and Hybrid 3.0 option classes. However, there
currently are not any non-Hybrid options classes.
Telephone conference between Andrew Spiwak,
Assistant Corporate Secretary, CBOE and Ronesha
A. Butler, Special Counsel, Division of Trading and
Markets, Commission dated June 19, 2008.
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
(A) By order approve such proposed
rule change; or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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–2008–59 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CBOE–2008–59. 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 at (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–2008–59 and should
be submitted on or before July 21, 2008.
E:\FR\FM\30JNN1.SGM
30JNN1
Federal Register / Vol. 73, No. 126 / Monday, June 30, 2008 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14762 Filed 6–27–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57997; File No. SR–CBOE–
2008–30]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of
Proposed Rule Change Relating to the
Hybrid Opening System
June 20, 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 June 5,
2008, 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. 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 revise its
Hybrid Opening System (‘‘HOSS’’)
procedures. The text of the proposed
rule change is available at the Exchange,
on the Exchange’s Web site (https://
www.cboe.org/Legal), and in the
Commission’s Public Reference Room.
jlentini on PROD1PC65 with NOTICES
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.
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<31>2005
18:02 Jun 27, 2008
Jkt 214001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
CBOE proposes to amend CBOE Rule
6.2B, Hybrid Opening System (‘‘HOSS’’),
which pertains to trading rotations for
series trading on the CBOE Hybrid
Trading System (‘‘Hybrid’’), in order to
allow the Exchange to permit Hybrid
Agency Liaison (‘‘HAL’’) functionality
to be available on the openings in
designated classes.3
The current HOSS method for
opening chooses a single ‘‘market
clearing’’ price that will leave bids and
offers which cannot trade with each
other.4 However, one or more series of a
class may not open if one of the
following conditions is met:
• If no opening quote that complies
with the legal width quote requirements
of Rule 8.7(b)(iv) has been entered by at
least one Market-Maker appointed to the
class (or by the Designated Primary
Market-Maker or Lead Market-Maker, if
applicable for the particular class) (the
‘‘opening quote condition’’);
• The opening price is not within an
acceptable range (as applicable for the
particular class) compared to the lowest
quote offer and the highest quote bid
(the ‘‘acceptable opening range
condition’’); or
• The opening trade would leave a
market order imbalance (i.e., there are
more market orders to buy or to sell for
the particular series than can be
satisfied by the limit orders, quotes and
market orders on the opposite side) (the
‘‘market order imbalance condition’’).
Under the current HOSS procedures,
if the open quote condition or
acceptable opening range condition is
present, the senior official in the
Exchange’s control room may authorize
the opening of the affected series where
necessary to ensure a fair and orderly
market. If the opening range condition
is present, HOSS will not open the
series but will send a notification to
market participants indicating the
reasons. If the market order imbalance
condition is present, a notification will
be sent to market participants indicating
the size and direction (buy or sell) of the
market order imbalance. HOSS will not
open the series until the condition
causing the delay is satisfied. HOSS will
3 See CBOE Rule 6.14, governing the operation of
HAL.
4 In determining the priority of orders and quotes
to be traded, HOSS gives priority to market orders
first, then to limit orders and quotes whose price
is better than the opening price, and then to resting
orders and quotes at the opening price. See Rule
6.2B(c)(iv).
PO 00000
Frm 00103
Fmt 4703
Sfmt 4703
36939
repeat the process until the series is
open.
Under the proposed rule change, the
Exchange could designate the classes in
which HAL would be activated for
HOSS openings. For such designated
classes, additional steps would be
automatically taken using HAL
functionality to address the opening
quote, acceptable opening range, and
market order imbalance conditions
discussed above, as well as to address
instances where CBOE’s opening trade
would be at a price that is not the
current national best bid or offer (the
‘‘NBBO condition’’). In particular, in
classes where HAL is activated for
HOSS openings, the following
procedures would apply if one of the
following conditions is met:
• If the opening quote condition is
present, HOSS would check to see if
there is an NBBO quote on another
market that falls within the acceptable
opening range. If such an NBBO quote
is present, the series would open and
expose the marketable order(s) at the
NBBO price. If such an NBBO quote is
not present, HOSS would not open the
series and would send a notification to
market participants indicating the
reason.5
• If the acceptable opening range
condition is present, HOSS would
match orders and quotes to the extent
possible at a single clearing price 6
within the acceptable opening range and
then expose the remaining marketable
order(s) at the widest price point within
the acceptable opening range or the
NBBO price, whichever is better.7
5 For example, if there is no Market-Maker quote
present but an NBBO market is present that meets
CBOE’s acceptable opening range parameter (e.g.,
the NBBO is $2.50–$2.80 25 x 25, while CBOE’s
pre-opening BBO is $1.00–$5.00 25 x 25 and there
is a market order to buy 10 contracts), HOSS will
open without a trade and expose the market order
to buy 10 contracts at $2.80.
6 In determining the priority of orders and quotes
to be traded on the opening trade or through the
subsequent exposure process, HOSS would give
priority to public customer market orders first (with
multiple orders ranked based on time priority), then
to non-public customer market orders second (with
multiple orders being ranked based on time
priority), then to limit orders and quotes whose
price is better than the opening price (with multiple
orders and quotes being ranked in accordance with
the allocation algorithm in effect for the option
class pursuant to Rule 6.45A, Priority and
Allocation of Equity Option Trades on the CBOE
Hybrid System, or 6.45B, Priority and Allocation of
Trades in Index Options and Options on ETFs on
the CBOE Hybrid System), and then to limit orders
and quotes at the opening price (with multiple
orders and quotes being ranked in accordance with
the allocation algorithm in effect for the option
class pursuant to Rule 6.45A or 6.45B). See
proposed Interpretation and Policy .03(c)(i) to Rule
6.2B.
7 For example, if the opening price would be
outside of CBOE’s acceptable opening range
E:\FR\FM\30JNN1.SGM
Continued
30JNN1
]]>Agencies
[Federal Register Volume 73, Number 126 (Monday, June 30, 2008)]
[Notices]
[Pages 36937-36939]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-14762]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57996; File No. SR-CBOE-2008-59]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of Proposed Rule Change To Amend CBOE
Rule 8.7 Related to the Obligations of Market-Makers
June 20, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 36938]]
(``Act'') \1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that on June 11, 2008, the Chicago Board Options Exchange, Incorporated
(the ``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 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend CBOE Rule 8.7 (Obligations of
Market-Makers). The text of the proposed rule change is available on
the Exchange's Web site (https://www.cboe.org/Legal), at the Exchange'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, CBOE 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 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to add an interpretation to CBOE Rule 8.7
(Obligations of Market-Makers) to clarify that the in-person
requirements set forth in CBOE 8.7.03B may be satisfied by market-
makers either individually or collectively with market-makers of the
same member organization. The Exchange recently amended CBOE Rule 8.1
(Market-Maker Defined) expanding the definition of market-maker to
include member organizations.\3\ In view of the recent amendment of
CBOE Rule 8.1, the Exchange believes that the in-person requirements
set forth in CBOE Rule 8.7.03B may be satisfied by market-makers either
individually or collectively with market-makers of the same member
organization. The Exchange notes that CBOE Rule 8.7.03B only applies to
Hybrid 3.0 option classes.\4\ Currently, there are three Hybrid 3.0
option classes: Standard & Poor's 500 Index (SPX), Standard & Poor's
100 Index (OEX) and Morgan Stanley Retail Index (MVR).
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 57615 (April 3,
2008), 73 FR 19537 (April 10, 2008) (SR-CBOE-2007-120).
\4\ CBOE Rule 8.7.03B applies to both non-Hybrid and Hybrid 3.0
option classes. However, there currently are not any non-Hybrid
options classes. Telephone conference between Andrew Spiwak,
Assistant Corporate Secretary, CBOE and Ronesha A. Butler, Special
Counsel, Division of Trading and Markets, Commission dated June 19,
2008.
---------------------------------------------------------------------------
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)(5) of the Act,\6\ in particular, in that it
would promote just and equitable principles of trade, facilitate
transactions in securities, remove impediments to and perfect the
mechanisms of a free and open market and a national market system, and
protect investors and the public interest. Specifically, the Exchange
believes that the proposed rule change will strengthen its ability to
carry out its oversight responsibilities as a self-regulatory
organization and reinforce its surveillance and enforcement functions.
---------------------------------------------------------------------------
\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
CBOE does not believe that the proposed rule change will result in
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
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which CBOE consents, the Commission will:
(A) By order approve such proposed rule change; or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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-2008-59 on the
subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2008-59. 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 at (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-2008-59 and
should be submitted on or before July 21, 2008.
[[Page 36939]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-14762 Filed 6-27-08; 8:45 am]
BILLING CODE 8010-01-P
