Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete References to Hybrid 2.0 Platform and Hybrid 2.0 Option Classes, 41386-41388 [E8-16460]

Download as PDF 41386 Federal Register / Vol. 73, No. 139 / Friday, July 18, 2008 / Notices C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has 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 foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act 13 and Rule 19b–4(f)(5) 14 thereunder because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) have the effect of limiting the access to or availability of an existing order entry or trading system of the Exchange. 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 the action is necessary or appropriate in the public interest, for the protection of investors, or would otherwise further 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: dwashington3 on PRODPC61 with NOTICES3 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–BSE–2008–40 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–BSE–2008–40. 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 filings also will be available for inspection and copying at the principal office of BSE. 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 publicly available. All submissions should refer to File Number SR–BSE–2008–40 and should be submitted on or before August 8, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Florence E. Harmon, Acting Secretary. [FR Doc. E8–16401 Filed 7–17–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58153; File No. SR–CBOE– 2008–67] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete References to Hybrid 2.0 Platform and Hybrid 2.0 Option Classes July 14, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on July 9, 2008, the Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a ‘‘non-controversial’’ 15 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 13 15 U.S.C. 78s(b)(3)(A)(iii). 14 17 CFR 19b–4(f)(5). VerDate Aug<31>2005 15:36 Jul 17, 2008 1 15 Jkt 214001 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(6) thereunder.4 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 its rules to delete references to Hybrid 2.0 option classes and the Hybrid 2.0 Platform. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https://www.cboe.org/Legal. 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 self-regulatory organization 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 those 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 proposes to amend its rules to delete references to Hybrid 2.0 option classes and the Hybrid 2.0 Platform. Initially, when CBOE implemented its Hybrid Trading System in 2003, it permitted Market-Makers to stream electronic quotes in their appointed classes provided they were physically present at the trading station. CBOE subsequently implemented an enhanced version of Hybrid called the Hybrid 2.0 Platform which allowed remote quoting in option classes, i.e., Hybrid 2.0 option classes. (See Rule 1.1(aaa).) Over time, CBOE migrated nearly all of its option classes to the Hybrid 2.0 Platform and permitted Market-Makers and formerly Remote Market-Makers 5 to quote remotely.6 3 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 5 CBOE recently deleted reference to Remote Market-Makers in its rules. All Remote MarketMakers are now called Market-Makers. See Securities Exchange Act Release No. 57615 (April 3, 2008), 73 FR 19537 (April 10, 2008) (SR–CBOE– 2007–120). 6 Presently, only three option classes are not traded on the Hybrid 2.0 Platform—MVR, OEX, and 4 17 E:\FR\FM\18JYN1.SGM 18JYN1 Federal Register / Vol. 73, No. 139 / Friday, July 18, 2008 / Notices In light of these changes, CBOE no longer believes it is necessary to distinguish in its rules between Hybrid option classes and Hybrid 2.0 option classes. Accordingly, CBOE proposes to delete the references in its rules to the Hybrid 2.0 Platform and Hybrid 2.0 option classes. Going forward, all option classes, except for the three traded on the Hybrid 3.0 Platform, would be referred to as Hybrid classes and traded on the Hybrid Trading System. CBOE also proposes to delete reference to ‘‘non-Hybrid’’ classes, since there are not any of these classes. Finally, CBOE proposes to make other technical changes to its rules necessitated by the deletion of Hybrid 2.0 option classes and the Hybrid 2.0 Platform, such as deleting duplicative material. CBOE believes that the foregoing changes to the rules are simply administrative in nature and are not substantive. 2. Statutory Basis The Exchange 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. Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) Act 7 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. Deleting the references to Hybrid 2.0 option classes and the Hybrid 2.0 Platform also will eliminate any confusion regarding the trading platforms on which certain option classes trade. 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 not necessary or appropriate in furtherance of the purposes of the Act. dwashington3 on PRODPC61 with NOTICES3 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 proposal. SPX. These three option classes are traded on the Hybrid 3.0 Platform, which is an electronic trading platform on the Hybrid Trading System that allows a single quoter to submit an electronic quote which represents the aggregate Market-Maker quoting interest in a series for the trading crowd. (See Rule 1.1(aaa).) CBOE is not deleting reference to the Hybrid 3.0 Platform in this rule filing. 7 15 U.S.C. 78f(b)(5). VerDate Aug<31>2005 15:36 Jul 17, 2008 Jkt 214001 41387 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days after the date of filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 8 and subparagraph (f)(6) of Rule 19b–4 thereunder.9 As required under Rule 19b–4(f)(6)(iii),10 CBOE provided 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 5 days prior to the filing of the proposed rule change. A proposed rule change filed under Rule 19b–4(f)(6) normally may not become operative prior to the 30th day after the date of filing.11 However, Rule 19b–4(f)(6)(iii) 12 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. CBOE requested that the Commission waive the 30-day operative delay and make the proposed rule change operative upon filing because deleting the references to Hybrid 2.0 option classes and the Hybrid 2.0 Platform is administrative in nature and does not substantively change CBOE’s rules. Additionally, by making these changes, CBOE believes it will eliminate confusion as to the whether an option class is traded on the Hybrid Trading System or Hybrid 2.0 Platform. For these reasons, the Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission designates the proposed rule change operative upon filing with the Commission.13 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 IV. Solicitation of Comments U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 10 17 CFR 240.19b–4(f)(6)(iii). 11 See id. 12 Id. 13 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). PO 00000 8 15 9 17 Frm 00076 Fmt 4703 Sfmt 4703 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–2008–67 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–2008–67. 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–CBOE–2008–67 and should be submitted on or before August 8, 2008. E:\FR\FM\18JYN1.SGM 18JYN1 41388 Federal Register / Vol. 73, No. 139 / Friday, July 18, 2008 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Florence E. Harmon, Acting Secretary. [FR Doc. E8–16460 Filed 7–17–08; 8:45 am] 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 BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58143; File No. SR–ISE– 2008–52] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Linkage Fees July 11, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on June 24, 2008, the International Securities Exchange, LLC (the ‘‘Exchange’’ or the ‘‘ISE’’) filed with the Securities and Exchange Commission the proposed rule change as described in Items I, II, and III below, which items have been prepared by the self-regulatory organization. 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 ISE is proposing to extend through July 31, 2009 the current pilot program regarding transaction fees charged for trades executed through the intermarket options linkage (‘‘Linkage’’). The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https://www.ise.com. dwashington3 on PRODPC61 with NOTICES3 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 self-regulatory organization 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 self-regulatory organization has prepared summaries, set forth in 14 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 15:36 Jul 17, 2008 Jkt 214001 1. Purpose The purpose of this proposed rule change is to extend for one year the pilot program establishing ISE fees for Principal Orders (‘‘P Orders’’) and Principal Acting as Agent Orders (‘‘P/A Orders’’) sent through Linkage and executed on the ISE. The fees currently are effective for a pilot period scheduled to expire on July 31, 2008.3 This filing would extend the pilot program for another year, through July 31, 2009. The ISE fees affected by this filing are: The Linkage P Order fee of $0.24 per contract; the Linkage P/A Order fee of $0.15 per contract; a surcharge fee of between $0.05 and $0.15 for trading certain licensed products; and a $0.03 comparison fee (collectively ‘‘linkage fees’’).4 These are the same fees that all ISE Members pay for non-customer transactions executed on the Exchange.5 The ISE does not charge for the execution of Satisfaction Orders sent through Linkage and is not proposing to charge for such orders. The Exchange believes it is appropriate to charge fees for P Orders and P/A Orders executed through Linkage. Notably, while market makers on competing exchanges always can match a better price on the ISE, they never are obligated to send orders to the ISE through Linkage. However, if such market makers do seek the ISE’s liquidity, whether through conventional orders or through the use of P Orders or P/A Orders, ISE believes it is appropriate to charge its Members the same fees levied on other non-customer orders. ISE appreciates that there has been limited experience with Linkage and that the Commission is continuing to study Linkage in general and the effect of fees on Linkage trading. Thus, this filing would extend the status quo with Linkage fees for an additional year. The Exchange is making no substantive changes to the way the pilot is currently operating, other than to extend the date of operation through July 31, 2009. 3 See Securities Exchange Act Release No. 56128 (July 24, 2007), 72 FR 42161 (August 1, 2007) (SR– ISE–2007–55) (Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to Linkage Fees). 4 Pursuant to other pilot programs, certain linkage fees may not apply during the Linkage pilot program. 5 The ISE charges these fees only to its Members, generally firms who clear P Orders and P/A Orders for market makers on the other linked exchanges. PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 2. Statutory Basis The basis under the Exchange Act for this proposed rule change is the requirement under Section 6(b)(4) that an exchange have an equitable allocation of reasonable dues, fees and other charges among its members and other persons using its facilities. As discussed above, the ISE believes that this proposed rule change will equitably allocate fees by having all non-customer users of ISE transaction services pay the same fees. The Exchange believes that, if it were not to charge Linkage fees, the Exchange’s fee would not be equitable, in that ISE Members would be subsidizing the trading of their competitors, all of whom access the same trading services. B. Self-Regulatory Organization’s Statement on Burden on Competition 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. Moreover, failing to adopt the proposed rule change would impose a burden on competition by requiring ISE Members to subsidize the trading of their competitors. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 6 and Rule 19b– 4(f)(6) thereunder.7 At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. 6 15 7 17 E:\FR\FM\18JYN1.SGM U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 18JYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 73, Number 139 (Friday, July 18, 2008)]
[Notices]
[Pages 41386-41388]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-16460]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58153; File No. SR-CBOE-2008-67]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change To Delete References to Hybrid 2.0 Platform and Hybrid 2.0 
Option Classes

July 14, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on July 9, 2008, the Chicago Board Options Exchange, Incorporated 
(the ``Exchange'' or ``CBOE'') filed with the Securities and Exchange 
Commission (the ``Commission'') the proposed rule change as described 
in Items I and II below, which Items have been prepared by the 
Exchange. The Exchange filed the proposal as a ``non-controversial'' 
proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 
\3\ and Rule 19b-4(f)(6) thereunder.\4\ 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 amend its rules to delete references to 
Hybrid 2.0 option classes and the Hybrid 2.0 Platform. The text of the 
proposed rule change is available at the Exchange, the Commission's 
Public Reference Room, and https://www.cboe.org/Legal.

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 self-regulatory organization 
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 those 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 proposes to amend its rules to delete references to Hybrid 2.0 
option classes and the Hybrid 2.0 Platform. Initially, when CBOE 
implemented its Hybrid Trading System in 2003, it permitted Market-
Makers to stream electronic quotes in their appointed classes provided 
they were physically present at the trading station. CBOE subsequently 
implemented an enhanced version of Hybrid called the Hybrid 2.0 
Platform which allowed remote quoting in option classes, i.e., Hybrid 
2.0 option classes. (See Rule 1.1(aaa).) Over time, CBOE migrated 
nearly all of its option classes to the Hybrid 2.0 Platform and 
permitted Market-Makers and formerly Remote Market-Makers \5\ to quote 
remotely.\6\
---------------------------------------------------------------------------

    \5\ CBOE recently deleted reference to Remote Market-Makers in 
its rules. All Remote Market-Makers are now called Market-Makers. 
See Securities Exchange Act Release No. 57615 (April 3, 2008), 73 FR 
19537 (April 10, 2008) (SR-CBOE-2007-120).
    \6\ Presently, only three option classes are not traded on the 
Hybrid 2.0 Platform--MVR, OEX, and SPX. These three option classes 
are traded on the Hybrid 3.0 Platform, which is an electronic 
trading platform on the Hybrid Trading System that allows a single 
quoter to submit an electronic quote which represents the aggregate 
Market-Maker quoting interest in a series for the trading crowd. 
(See Rule 1.1(aaa).) CBOE is not deleting reference to the Hybrid 
3.0 Platform in this rule filing.

---------------------------------------------------------------------------

[[Page 41387]]

    In light of these changes, CBOE no longer believes it is necessary 
to distinguish in its rules between Hybrid option classes and Hybrid 
2.0 option classes. Accordingly, CBOE proposes to delete the references 
in its rules to the Hybrid 2.0 Platform and Hybrid 2.0 option classes. 
Going forward, all option classes, except for the three traded on the 
Hybrid 3.0 Platform, would be referred to as Hybrid classes and traded 
on the Hybrid Trading System. CBOE also proposes to delete reference to 
``non-Hybrid'' classes, since there are not any of these classes. 
Finally, CBOE proposes to make other technical changes to its rules 
necessitated by the deletion of Hybrid 2.0 option classes and the 
Hybrid 2.0 Platform, such as deleting duplicative material.
    CBOE believes that the foregoing changes to the rules are simply 
administrative in nature and are not substantive.
2. Statutory Basis
    The Exchange 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. Specifically, the Exchange believes the 
proposed rule change is consistent with the Section 6(b)(5) Act \7\ 
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. Deleting the references to Hybrid 2.0 option classes and the 
Hybrid 2.0 Platform also will eliminate any confusion regarding the 
trading platforms on which certain option classes trade.
---------------------------------------------------------------------------

    \7\ 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 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

    The Exchange neither solicited nor received comments on the 
proposal.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the proposed rule change does not: (i) Significantly affect 
the protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days after the date of filing, or such shorter time as the Commission 
may designate if consistent with the protection of investors and the 
public interest, the proposed rule change has become effective pursuant 
to Section 19(b)(3)(A) of the Act \8\ and subparagraph (f)(6) of Rule 
19b-4 thereunder.\9\ As required under Rule 19b-4(f)(6)(iii),\10\ CBOE 
provided 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 5 days prior to the filing of the 
proposed rule change.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally may 
not become operative prior to the 30th day after the date of 
filing.\11\ However, Rule 19b-4(f)(6)(iii) \12\ permits the Commission 
to designate a shorter time if such action is consistent with the 
protection of investors and the public interest. CBOE requested that 
the Commission waive the 30-day operative delay and make the proposed 
rule change operative upon filing because deleting the references to 
Hybrid 2.0 option classes and the Hybrid 2.0 Platform is administrative 
in nature and does not substantively change CBOE's rules. Additionally, 
by making these changes, CBOE believes it will eliminate confusion as 
to the whether an option class is traded on the Hybrid Trading System 
or Hybrid 2.0 Platform. For these reasons, the Commission believes that 
waiving the 30-day operative delay is consistent with the protection of 
investors and the public interest. Accordingly, the Commission 
designates the proposed rule change operative upon filing with the 
Commission.\13\
---------------------------------------------------------------------------

    \11\ See id.
    \12\ Id.
    \13\ 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 Number SR-CBOE-2008-67 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-2008-67. 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-CBOE-2008-67 and should be 
submitted on or before August 8, 2008.


[[Page 41388]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-16460 Filed 7-17-08; 8:45 am]
BILLING CODE 8010-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.