Self-Regulatory Organizations; Chicago Board Options Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by Chicago Board Options Exchange, Inc. Amending CBOE Rule 52.3, 53062-53064 [E8-21167]

Download as PDF 53062 Federal Register / Vol. 73, No. 178 / Friday, September 12, 2008 / Notices proposed rule change is consistent with the section 6(b)(5) 8 requirements 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 proposed rule change would help the Exchange more efficiently address scenarios where an opening transaction that does not satisfy the requirements of Rule 5.4 may occur inadvertently. 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 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 the Exchange 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. ebenthall on PROD1PC60 with NOTICES 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: 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–2008–90. 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 (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 the 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–2008–90 and should be submitted on or before September 29, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Acting Secretary. [FR Doc. E8–21164 Filed 9–11–08; 8:45 am] BILLING CODE 8010–01–P Electronic Comments • 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 Number SR–CBOE–2008–90 on the subject line. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58462; File No. SR–CBOE– 2008–91] Self-Regulatory Organizations; Chicago Board Options Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by Chicago Board Options Exchange, Inc. Amending CBOE Rule 52.3 September 4, 2008. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that on August 27, 2008, Chicago Board Options Exchange, Inc. (‘‘CBOE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change described in Items I, and II below, which Items have been 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 52.3 in order to clarify a circumstance under which the Exchange will commence a trading halt in Derivative Securities Products listed and trading on the Exchange. 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 Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 8 15 U.S.C. 78f(b)(5). VerDate Aug<31>2005 15:18 Sep 11, 2008 9 17 Jkt 214001 PO 00000 CFR 200.30–3(a)(12). Frm 00119 Fmt 4703 Sfmt 4703 E:\FR\FM\12SEN1.SGM 12SEN1 Federal Register / Vol. 73, No. 178 / Friday, September 12, 2008 / Notices A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose In order to provide clarity to CBSX Traders,4 the Exchange proposes to amend its Rules by adding new CBOE Rule 52.3(d), in order to clarify that the Exchange will halt trading in Derivative Securities Products 5 listed and trading on the CBOE Stock Exchange 6 (‘‘CBSX’’) when the Exchange becomes aware that the Net Asset Value (‘‘NAV’’) of the Derivative Securities Products (and in the case of managed fund shares, the disclosed portfolio) is not being disseminated to all market participants at the same time. Specifically, with respect to Derivative Securities Products listed on CBSX for which an NAV (and in the case of managed fund shares, a disclosed portfolio) is disseminated, if the Exchange becomes aware that the NAV (or in the case of managed fund shares, the disclosed portfolio) is not being disseminated to all market participants at the same time, it will halt trading in the affected Derivative Securities Product on CBSX until such time as the NAV (or in the case of managed fund shares, the disclosed portfolio, as applicable) is available to all market participants. The Exchange believes that adding this clarification to its rules promotes the just and equitable principles of trade and promotes a fair and transparent marketplace. The Exchange notes that, in the event the NAV (or disclosed portfolio, as applicable) for one of the securities referred to above is no longer calculated or disseminated, the Exchange would halt trading in such security and would resume trading at such time as the NAV (or disclosed portfolio, as applicable) is available. ebenthall on PROD1PC60 with NOTICES 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with and furthers the objectives of Section 6(b)(5) of the Act,7 in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove 4 See CBOE Rule 50.3 for the definition of ‘‘CBSX Traders.’’ 5 Pursuant to Rule 52.3(c)(5)(i), the term Derivative Securities Product includes a series of Equity-Linked Term Notes, Index-Linked Exchangeable Notes, IPRs, IPSs, or TIRs, which is based on an underlying security or index. Those products are described in CBOE Rules 31.5I, 31.5O, 31.5L, 31.5M, and 31.5N, respectively. 6 The CBOE Stock Exchange is the stock trading facility of CBOE. 7 15 U.S.C. 78f(b)(5). VerDate Aug<31>2005 15:18 Sep 11, 2008 Jkt 214001 impediments to, and perfect the mechanism of, a free and open market and a national market system, and, in general, to protect investors and the public interest. 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 that is not necessary or appropriate in furtherance of the purpose of the Act. 53063 designates the proposed rule change as operative immediately.11 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 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. • 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 Number SR–CBOE–2008–91 on the subject line. Paper Comments 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: (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) by its terms, does not become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. Additionally, the Exchange provided the Commission with written notice of its intention to file the proposed rule change at least five business days before its filing. Therefore, the foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 8 and Rule 19b–4(f)(6) thereunder.9 The Exchange has requested that the Commission waive the 30-day operative delay, which would make the rule change operative upon filing. The Exchange believes that waiver of the 30day operative delay is consistent with the protection of investors and the public interest as it will clarify a circumstance under which the Exchange will halt trading in Derivative Securities Products listed on the Exchange. This proposal is similar to rule changes by other national securities exchanges, and does not raise any new or unique issues.10 Therefore, the Commission U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 10 See Securities Exchange Act Release No. 58111 (July 7, 2008), 73 FR 40643 (July 15, 2008) (SR– Amex–2008–40; SR–NASDAQ–2008–046; SR– NYSE–2008–39; SR–NYSEArca–2008–50). • 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–2008–91. 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 (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 the filing also will be available for inspection and copying at the principal office of the self-regulatory organization. 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– 8 15 9 17 PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 11 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). E:\FR\FM\12SEN1.SGM 12SEN1 53064 Federal Register / Vol. 73, No. 178 / Friday, September 12, 2008 / Notices 2008–91 and should be submitted on or before October 3, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Acting Secretary. [FR Doc. E8–21167 Filed 9–11–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58467; File No. SR–NYSE– 2008–77] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Amend Its Rule Governing EquityLinked Debt Securities To Permit the Listing of Equity-Linked Debt Securities Linked To Baskets of Up to Thirty Underlying Securities and To Provide for Greater Flexibility in Listing Criteria September 5, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on August 26, 2008, New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice and order to solicit comments on the proposed rule change from interested persons and to approve the proposal on an accelerated basis. ebenthall on PROD1PC60 with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Section 703.21 of the Exchange’s Listed Company Manual (the ‘‘Manual’’) to permit the listing of Equity-Linked Debt Securities (‘‘ELDS’’) related to up to thirty (30) underlying stocks and to provide for greater flexibility in the listing criteria for ELDS. The text of the proposed rule change is available at NYSE, http://www.nyse.com, and the Commission’s Public Reference Room. 12 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 15:18 Sep 11, 2008 Jkt 214001 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 III below. The NYSE 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 Exchange proposes to amend Section 703.21 of the Manual to permit the listing of ELDS related to up to thirty (30) underlying stocks and to provide for greater flexibility in the listing criteria for ELDS. The Exchange wishes to make this change in order to harmonize Section 703.21 with the comparable rules of the American Stock Exchange (the ‘‘Amex’’),3 as well as the rules of NYSE Arca, Inc., which were recently conformed to the Amex rules.4 Number of Linked Securities Currently, the Exchange defines ELDS as non-convertible debt of an issuer where the value of the debt is based, at least in part, on the value of another issuer’s common stock, non-convertible preferred stock, common units of a master limited partnership or any other common equity security of a type classified for trading as stocks by the Exchange. The Exchange proposes to amend the definition to state that ELDS 3 Amex’s initial listing standards for EquityLinked Notes are set forth in Section 107A of the Amex Company Guide, which was approved by the Commission in March 1990, and Section 107B of the Amex Company Guide, which was approved by the Commission in May 1993. These sections have been amended several times. The filings that are relevant to the topics discussed in this filing follow. See Securities Exchange Act Release Nos. 27753 (March 1, 1990), 55 FR 8626 (March 8, 1990) (SR– Amex–89–29); 32343 (May 20, 1993), 58 FR 30833 (May 27, 1993) (SR–Amex–92–42); 34549 (August 18, 1994), 59 FR 43873 (August 25, 1994) (SR– Amex–93–46); 36990 (March 20, 1996), 61 FR 13545 (March 27, 1996) (SR–Amex–95–44); 37783 (October 4, 1996), 61 FR 53246 (October 10, 1996) (SR–Amex–96–31); 47055 (December 19, 2002), 67 FR 79669 (December 30, 2002) (SR–Amex–2002– 110); 55733 (May 10, 2007), 72 FR 27602 (May 16, 2007) (SR–Amex–2007–34) (collectively, ‘‘Amex Releases’’). 4 See Securities Exchange Act Release No. 56924 (December 7, 2007), 72 FR 70918 (December 13, 2007) (SR–NYSEArca–2007–98) (‘‘NYSE Arca Release’’). PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 are defined as debt securities that are linked, in whole or in part, to the value of up to thirty (30) underlying stocks. This change conforms to NYSE Arca Equities Rule 5.1(b)(14), NYSE Arca Equities Rule 5.2(j)(2), and Section 107B of the Amex Company Guide.5 The Exchange proposes to expand the number of stocks that may be linked to ELDS in order to accommodate the varying types of ELDS products that are currently offered in the marketplace. The Exchange believes that expanding the number of stocks that may be linked to ELDS will also provide investors with enhanced investment flexibility. The Exchange also believes that there would be no investor protection concerns with expanding the number of stocks linked to ELDS because each linked stock is required to individually satisfy the applicable listing standards set forth in Section 703.21. Equity-Linked Debt Security Listing Standards Section 703.21(B) currently provides that an issue of ELDS must have a minimum public distribution of one million ELDS, a minimum of 400 holders, a minimum market value of $4 million, and a minimum term of one year. The Exchange proposes to add an exception to the minimum holders standard in Section 703.21(B) to provide that, if the ELDS is traded in $1,000 denominations, there will be no minimum number of holders. The Exchange also proposes to add an exception to the public distribution standard to provide that, if an issuance of ELDS is traded in $1,000 denominations, there will be no minimum public distribution requirement. These changes correspond to NYSE Arca Equities Rule 5.2(j)(2)(B) and Section 107A(b) of the Amex Company Guide.6 The Exchange notes that, without the exception to the one million ELDS minimum public distribution requirement, the Exchange would be unable to list ELDS in $1,000 dollar denominations having a market value of less than $1 billion. The Exchange believes that the proposed exception is a reasonable accommodation for those issuances in $1,000 denominations. In addition, the Exchange proposes to add an exception to the holders requirement in Section 703.21(B) to provide that, if the ELDS are redeemable at the option of the holders thereof on 5 See Amex Company Guide Section 107 and NYSE Arca Equities Rules 5.1(b)(14) and 5.2(j)(2). 6 See Amex Company Guide Section 107 and NYSE Arca Equities Rule 5.2(j)(2)(B). E:\FR\FM\12SEN1.SGM 12SEN1

Agencies

[Federal Register Volume 73, Number 178 (Friday, September 12, 2008)]
[Notices]
[Pages 53062-53064]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-21167]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58462; File No. SR-CBOE-2008-91]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change by Chicago Board Options Exchange, Inc. Amending CBOE Rule 52.3

September 4, 2008.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that on August 27, 2008, Chicago Board Options Exchange, Inc. 
(``CBOE'' or the ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change described in Items 
I, and II below, which Items have been 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend CBOE Rule 52.3 in order to clarify a 
circumstance under which the Exchange will commence a trading halt in 
Derivative Securities Products listed and trading on the Exchange.

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 Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

[[Page 53063]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    In order to provide clarity to CBSX Traders,\4\ the Exchange 
proposes to amend its Rules by adding new CBOE Rule 52.3(d), in order 
to clarify that the Exchange will halt trading in Derivative Securities 
Products \5\ listed and trading on the CBOE Stock Exchange \6\ 
(``CBSX'') when the Exchange becomes aware that the Net Asset Value 
(``NAV'') of the Derivative Securities Products (and in the case of 
managed fund shares, the disclosed portfolio) is not being disseminated 
to all market participants at the same time.
---------------------------------------------------------------------------

    \4\ See CBOE Rule 50.3 for the definition of ``CBSX Traders.''
    \5\ Pursuant to Rule 52.3(c)(5)(i), the term Derivative 
Securities Product includes a series of Equity-Linked Term Notes, 
Index-Linked Exchangeable Notes, IPRs, IPSs, or TIRs, which is based 
on an underlying security or index. Those products are described in 
CBOE Rules 31.5I, 31.5O, 31.5L, 31.5M, and 31.5N, respectively.
    \6\ The CBOE Stock Exchange is the stock trading facility of 
CBOE.
---------------------------------------------------------------------------

    Specifically, with respect to Derivative Securities Products listed 
on CBSX for which an NAV (and in the case of managed fund shares, a 
disclosed portfolio) is disseminated, if the Exchange becomes aware 
that the NAV (or in the case of managed fund shares, the disclosed 
portfolio) is not being disseminated to all market participants at the 
same time, it will halt trading in the affected Derivative Securities 
Product on CBSX until such time as the NAV (or in the case of managed 
fund shares, the disclosed portfolio, as applicable) is available to 
all market participants. The Exchange believes that adding this 
clarification to its rules promotes the just and equitable principles 
of trade and promotes a fair and transparent marketplace.
    The Exchange notes that, in the event the NAV (or disclosed 
portfolio, as applicable) for one of the securities referred to above 
is no longer calculated or disseminated, the Exchange would halt 
trading in such security and would resume trading at such time as the 
NAV (or disclosed portfolio, as applicable) is available.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with and furthers the objectives of Section 6(b)(5) of the Act,\7\ in 
that it is designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade, to remove 
impediments to, and perfect the mechanism of, a free and open market 
and a national market system, and, in general, to protect investors and 
the public interest.
---------------------------------------------------------------------------

    \7\ 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 that is not necessary or appropriate 
in furtherance of the purpose 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 the proposed rule change as one 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) by its terms, does not become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate if consistent with the protection of investors 
and the public interest. Additionally, the Exchange provided the 
Commission with written notice of its intention to file the proposed 
rule change at least five business days before its filing. Therefore, 
the foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
---------------------------------------------------------------------------

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

    The Exchange has requested that the Commission waive the 30-day 
operative delay, which would make the rule change operative upon 
filing. The Exchange believes that waiver of the 30-day operative delay 
is consistent with the protection of investors and the public interest 
as it will clarify a circumstance under which the Exchange will halt 
trading in Derivative Securities Products listed on the Exchange. This 
proposal is similar to rule changes by other national securities 
exchanges, and does not raise any new or unique issues.\10\ Therefore, 
the Commission designates the proposed rule change as operative 
immediately.\11\
---------------------------------------------------------------------------

    \10\ See Securities Exchange Act Release No. 58111 (July 7, 
2008), 73 FR 40643 (July 15, 2008) (SR-Amex-2008-40; SR-NASDAQ-2008-
046; SR-NYSE-2008-39; SR-NYSEArca-2008-50).
    \11\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

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 Number SR-CBOE-2008-91 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-2008-91. 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 (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 the filing also will be available for 
inspection and copying at the principal office of the self-regulatory 
organization. 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-

[[Page 53064]]

2008-91 and should be submitted on or before October 3, 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. E8-21167 Filed 9-11-08; 8:45 am]
BILLING CODE 8010-01-P