Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Short Term Option Series Pilot Program, 40000-40001 [E8-15758]
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Federal Register / Vol. 73, No. 134 / Friday, July 11, 2008 / Notices
TABLE 19.—QUARTERLY PERFORMANCE FOR PACKAGE SERVICES SERVICE VARIANCE; SAMPLE QUARTERLY REPORT
FORMAT WITH SERVICE VARIANCE FOR PACKAGE SERVICES PARCELS—Continued
Within + 1-day
(percent)
District
No. Virginia District ......................................................................................................................
Richmond District .........................................................................................................................
Within +
2-days
(percent)
xx.x
xx.x
Within +
3-days
(percent)
xx.x
xx.x
xx.x
xx.x
In SUPPLEMENTARY INFORMATION, on
page 36156, Table 25, delete superscript
1 from the table title.
TABLE 25.—DOMESTIC DESTINATION ENTRY MAIL
End-to-end flow range (days) 1
Mail class
DDU
(days)
Periodicals .......................................................................................................
Standard Mail ...................................................................................................
Package Services ............................................................................................
1 See
2 Only
1
2
1
ADC
(days)
1
3
2
1–2
........................
........................
BMC
(days)
21–2
5
3
72 FR 72216 (December 19, 2007) for Alaska, Hawaii, Puerto Rico, Guam, and U.S. Virgin Islands.
applies to Periodicals receiving the DBMC Container rate.
By the Commission.
Steven W. Williams,
Secretary.
[FR Doc. E8–15785 Filed 7–10–08; 8:45 am]
BILLING CODE 7710–FW–P
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
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58094; File No. SR–CBOE–
2008–70]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the Short Term
Option Series Pilot Program
July 3, 2008.
pwalker on PROD1PC71 with NOTICES
SCF
(days)
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 July 2,
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 and II below, which Items
have been substantially prepared by the
Exchange. The Exchange has designated
this proposal as non-controversial under
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 which
renders the proposed rule change
The Exchange proposes to extend the
period for its Short Term Option Series
pilot program (‘‘Pilot Program’’) through
July 12, 2009. 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.
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.
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)(6).
2 17
VerDate Aug<31>2005
17:19 Jul 10, 2008
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On July 12, 2005, the Commission
approved the Pilot Program.5 The Pilot
Program allows CBOE to list and trade
Short Term Option Series, which would
expire one week after the date on which
a series is opened.
The Exchange has selected the
following four options classes to
participant in the Pilot Program: S&P
500 Index options (SPX), S&P 100 Index
American-style options (OEX), MiniS&P 500 Index options (XSP), and S&P
100 Index European-style options
(XEO). CBOE believes the Pilot Program
has been successful and well received
by its members and the investing public.
Thus, CBOE proposes to extend the
Pilot Program through July 12, 2009.
In support of the proposed rule
change, and as required by the Pilot
5 See Securities Exchange Act Release No. 52011
(July 12, 2005), 70 FR 41451 (July 19, 2005) (SR–
CBOE–2004–63) (‘‘Pilot Program Approval Order’’).
The Pilot Program has since been extended and is
currently scheduled to expire on July 12, 2008. See
Securities Exchange Act Release Nos. 53984 (June
14, 2006), 71 FR 35718 (June 21, 2006) (SR–CBOE–
2006–48) (extending the Pilot Program through July
12, 2007) and 56050 (July 11, 2007), 72 FR 39472
(July 18, 2007) (SR–CBOE–2007–76) (extending the
Pilot Program through July 12, 2008); see also
Securities Exchange Act Release No. 54338 (August
21, 2006), 71 FR 50952 (August 28, 2006) (SR–
CBOE–2006–49) (order approving an amendment to
the Pilot Program that increased the number of
series that may be listed for a class selected to
participant in the Pilot Program from five series to
seven series).
E:\FR\FM\11JYN1.SGM
11JYN1
Federal Register / Vol. 73, No. 134 / Friday, July 11, 2008 / Notices
Program Approval Order, the Exchange
is submitting to the Commission a Pilot
Program report (the ‘‘Report’’) detailing
the Exchange’s experience with the Pilot
Program. Specifically, the Report
contains data and written analysis
regarding the four options classes
included in the Pilot Program. The
Report is being submitted under
separate cover and seeks confidential
treatment under the Freedom of
Information Act.
The Exchange believes there is
sufficient investor interest and demand
to extend the Pilot Program another year
based on the information provided in
the Report. The Exchange believes that
the Pilot Program has provided
investors with additional means of
managing their risk exposures and
carrying out their investment objectives.
Furthermore, the Exchange has not
experienced any capacity-related
problems with respect to Short Term
Option Series. The Exchange also
represents that it has the necessary
system capacity to support the option
series listed under the Pilot Program.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act 6
and the rules and regulations
thereunder and, in particular, the
requirements of Section 6(b) of the Act.7
Specifically, the Exchange believes the
proposed rule change is consistent with
Section 6(b)(5) of the Act,8 which
requires that the rules of an exchange be
designed to promote just and equitable
principles of trade, to prevent
fraudulent and manipulative acts, to
remove impediments to and to perfect
the mechanism for a free and open
market and a national market system,
and, in general, to protect investors and
the public interest. The Exchange
believes that extension of the Pilot
Program will result in a continuing
benefit to investors, by allowing them
additional means to manage their risk
exposures and carry out their
investment objectives, and will allow
the Exchange to further study investor
interest in Short Term Option Series.
pwalker on PROD1PC71 with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
U.S.C. 78s(b)(1).
U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
7 15
VerDate Aug<31>2005
17:19 Jul 10, 2008
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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has designated the
proposed rule change as one that: (1)
Does not significantly affect the
protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) does not become operative for 30
days from the date of filing, or such
shorter time as the Commission may
designate if consistent with the
protection of investors and the public
interest. Therefore, the foregoing rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 9 and
subparagraph (f)(6) of Rule 19b–4
thereunder.10
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 Commission
has determined that waiving the 30-day
operative delay of the Exchange’s
proposal is consistent with the
protection of investors and the public
interest and will promote competition
because such waiver will allow CBOE to
continue the existing Pilot Program
without interruption.11 Therefore, the
Commission designates the proposal
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
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
9 15
U.S.C. 78s(b)(3)(A).
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.
11 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).
10 17
The Exchange believes that the
proposed rule change does not impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
6 15
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
PO 00000
Frm 00064
Fmt 4703
Sfmt 4703
40001
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–2008–70 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–2008–70. 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 No.
SR–CBOE–2008–70 and should be
submitted on or before August 1, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–15758 Filed 7–10–08; 8:45 am]
BILLING CODE 8010–01–P
12 17
E:\FR\FM\11JYN1.SGM
CFR 200.30–3(a)(12).
11JYN1
]]>Agencies
[Federal Register Volume 73, Number 134 (Friday, July 11, 2008)]
[Notices]
[Pages 40000-40001]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-15758]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58094; File No. SR-CBOE-2008-70]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated, LLC; Notice of Filing and Immediate Effectiveness of
Proposed Rule Change To Extend the Short Term Option Series Pilot
Program
July 3, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on July 2, 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 and II below, which Items have been substantially prepared by
the Exchange. The Exchange has designated this proposal as non-
controversial under Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder,\4\ which renders the proposed rule change
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)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to extend the period for its Short Term
Option Series pilot program (``Pilot Program'') through July 12, 2009.
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.
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
On July 12, 2005, the Commission approved the Pilot Program.\5\ The
Pilot Program allows CBOE to list and trade Short Term Option Series,
which would expire one week after the date on which a series is opened.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 52011 (July 12,
2005), 70 FR 41451 (July 19, 2005) (SR-CBOE-2004-63) (``Pilot
Program Approval Order''). The Pilot Program has since been extended
and is currently scheduled to expire on July 12, 2008. See
Securities Exchange Act Release Nos. 53984 (June 14, 2006), 71 FR
35718 (June 21, 2006) (SR-CBOE-2006-48) (extending the Pilot Program
through July 12, 2007) and 56050 (July 11, 2007), 72 FR 39472 (July
18, 2007) (SR-CBOE-2007-76) (extending the Pilot Program through
July 12, 2008); see also Securities Exchange Act Release No. 54338
(August 21, 2006), 71 FR 50952 (August 28, 2006) (SR-CBOE-2006-49)
(order approving an amendment to the Pilot Program that increased
the number of series that may be listed for a class selected to
participant in the Pilot Program from five series to seven series).
---------------------------------------------------------------------------
The Exchange has selected the following four options classes to
participant in the Pilot Program: S&P 500 Index options (SPX), S&P 100
Index American-style options (OEX), Mini-S&P 500 Index options (XSP),
and S&P 100 Index European-style options (XEO). CBOE believes the Pilot
Program has been successful and well received by its members and the
investing public. Thus, CBOE proposes to extend the Pilot Program
through July 12, 2009.
In support of the proposed rule change, and as required by the
Pilot
[[Page 40001]]
Program Approval Order, the Exchange is submitting to the Commission a
Pilot Program report (the ``Report'') detailing the Exchange's
experience with the Pilot Program. Specifically, the Report contains
data and written analysis regarding the four options classes included
in the Pilot Program. The Report is being submitted under separate
cover and seeks confidential treatment under the Freedom of Information
Act.
The Exchange believes there is sufficient investor interest and
demand to extend the Pilot Program another year based on the
information provided in the Report. The Exchange believes that the
Pilot Program has provided investors with additional means of managing
their risk exposures and carrying out their investment objectives.
Furthermore, the Exchange has not experienced any capacity-related
problems with respect to Short Term Option Series. The Exchange also
represents that it has the necessary system capacity to support the
option series listed under the Pilot Program.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act \6\ and the rules and regulations thereunder and, in
particular, the requirements of Section 6(b) of the Act.\7\
Specifically, the Exchange believes the proposed rule change is
consistent with Section 6(b)(5) of the Act,\8\ which requires that the
rules of an exchange be designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts, to
remove impediments to and to perfect the mechanism for a free and open
market and a national market system, and, in general, to protect
investors and the public interest. The Exchange believes that extension
of the Pilot Program will result in a continuing benefit to investors,
by allowing them additional means to manage their risk exposures and
carry out their investment objectives, and will allow the Exchange to
further study investor interest in Short Term Option Series.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(1).
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change does not 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 solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has designated the proposed rule change as one that:
(1) Does not significantly affect the protection of investors or the
public interest; (2) does not impose any significant burden on
competition; and (3) does not become operative for 30 days from the
date of filing, or such shorter time as the Commission may designate if
consistent with the protection of investors and the public interest.
Therefore, the foregoing rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act \9\ and subparagraph (f)(6) of Rule 19b-
4 thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 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.
---------------------------------------------------------------------------
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 Commission has determined that waiving the
30-day operative delay of the Exchange's proposal is consistent with
the protection of investors and the public interest and will promote
competition because such waiver will allow CBOE to continue the
existing Pilot Program without interruption.\11\ Therefore, the
Commission designates the proposal operative upon filing.
---------------------------------------------------------------------------
\11\ 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).
---------------------------------------------------------------------------
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
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-2008-70 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-2008-70. 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 No. SR-CBOE-2008-70 and should be
submitted on or before August 1, 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,
Acting Secretary.
[FR Doc. E8-15758 Filed 7-10-08; 8:45 am]
BILLING CODE 8010-01-P
