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]
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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 (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 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 (https://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).
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9 17
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PO 00000
CFR 200.30–3(a)(12).
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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).
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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 (https://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 (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 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).
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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, https://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
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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).
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]]>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]
-----------------------------------------------------------------------
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.
---------------------------------------------------------------------------
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 (https://
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 (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 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\
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\12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-21167 Filed 9-11-08; 8:45 am]
BILLING CODE 8010-01-P
