Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend its Fees Schedule, 58999-59000 [E8-23763]
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Federal Register / Vol. 73, No. 196 / Wednesday, October 8, 2008 / Notices
internal cross reference stating that the
intervals between strike prices for MiniNDX option series would be determined
in accordance with proposed new
Interpretation and Policy .01(h) to Rule
24.9.
Capacity
CBOE has analyzed its capacity and
represents that it believes the Exchange
and the Options Price Reporting
Authority have the necessary systems
capacity to handle the additional traffic
associated with the listing and trading
of $1 strikes or greater for Mini-NDX
options.
2. Statutory Basis
The Exchange believes this rule
proposal is consistent with the
Securities Exchange Act of 1934 (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.7 Specifically, the Exchange
believes that the proposed rule change
is consistent with the Section 6(b)(5)
Act 8 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.
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.
jlentini on PROD1PC65 with NOTICES
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 self-regulatory
organization consents, the Commission
will:
A. By order approve such proposed
rule change, or
7 15
8 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
VerDate Aug<31>2005
18:10 Oct 07, 2008
Jkt 217001
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
58999
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–23757 Filed 10–7–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58700; File No. SR–CBOE–
2008–100]
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–CBOE–2008–96 on the subject
line.
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change to Amend its Fees
Schedule
October 1, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
• Send paper comments in triplicate
notice is hereby given that on
to Secretary, Securities and Exchange
September 22, 2008, Chicago Board
Commission, 100 F Street, NE.,
Options Exchange, Incorporated
Washington, DC 20549–1090.
(‘‘Exchange’’ or ‘‘CBOE’’) filed with the
Securities and Exchange Commission
All submissions should refer to File
(the ‘‘Commission’’) the proposed rule
Number SR–CBOE–2008–96. This file
change as described in Items I, II, and
number should be included on the
III below, which Items have been
subject line if e-mail is used. To help the prepared by the Exchange. The
Commission process and review your
Exchange has designated this proposal
comments more efficiently, please use
as one establishing or changing a due,
only one method. The Commission will fee, or other charge imposed by CBOE
post all comments on the Commission’s under Section 19(b)(3)(A)(ii) of the Act 3
Internet Web site (https://www.sec.gov/
and Rule 19b–4(f)(2) thereunder.4 The
rules/sro.shtml). Copies of the
Commission is publishing this notice to
submission, all subsequent
solicit comments on the proposed rule
amendments, all written statements
change from interested persons.
with respect to the proposed rule
I. Self-Regulatory Organization’s
change that are filed with the
Statement of the Terms of Substance of
Commission, and all written
the Proposed Rule Change
communications relating to the
proposed rule change between the
The Exchange proposes to amend its
Commission and any person, other than Fees Schedule to establish fees for
those that may be withheld from the
transactions in CBOE S&P 500 BuyWrite
public in accordance with the
Index (1/10th value) (‘‘BXO’’) options
provisions of 5 U.S.C. 552, will be
and CBOE S&P 500 Three-Month
Realized Volatility (‘‘RUH’’) options.
available for inspection and copying in
The text of the proposed rule change is
the Commission’s Public Reference
available on the Exchange’s Web site
Room, 100 F Street, NE., Washington,
(https://www.cboe.org/Legal), at the
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m. Exchange’s Office of the Secretary and
at the Commission.
Copies of such filing also will be
available for inspection and copying at
II. Self-Regulatory Organization’s
the principal office of the Exchange. All Statement of the Purpose of, and
comments received will be posted
Statutory Basis for, the Proposed Rule
without change; the Commission does
Change
not edit personal identifying
In its filing with the Commission, the
information from submissions. You
self-regulatory organization included
should submit only information that
you wish to make available publicly. All
9 17 CFR 200.30–3(a)(12).
submissions should refer to File
1 15 U.S.C. 78s(b)(1).
Number SR–CBOE–2008–96 and should
2 17 CFR 240.19b–4.
be submitted on or before October 29,
3 15 U.S.C. 78s(b)(3)(A)(ii).
2008.
4 17 CFR 240.19b–4(f)(2).
Paper Comments
PO 00000
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E:\FR\FM\08OCN1.SGM
08OCN1
59000
Federal Register / Vol. 73, No. 196 / Wednesday, October 8, 2008 / Notices
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 the
Statutory Basis for, the Proposed Rule
Change
jlentini on PROD1PC65 with NOTICES
1. Purpose
The Exchange recently received
approval to list and trade options on
BXO and RUH, both of which are
calculated by the Exchange.5 The
purpose of this rule change is to
establish transaction fees for these new
products. The Exchange states that the
proposed transactions fees for BXO
options and RUH options are identical
to those established for options on
volatility indexes.6
The amount of the transactions fees
for BXO and RUH options shall be as
follows:
• $0.20 per contract for MarketMaker, Designated Primary MarketMaker and Remote Market-Maker
transactions; 7
• $0.20 per contract for member firm
proprietary transactions;
• $0.25 per contract for manually
executed broker-dealer transactions;
• $0.45 per contract for electronically
executed broker-dealer transactions;
• $0.40 per contract for voluntary
professional transactions;
• $0.40 per contract for customer
transactions; and
• $0.10 per contract CFLEX surcharge
fee.
The Exchange also proposes to adopt
a $.06 per contract surcharge fee on all
non-public customer transactions in
BXO and RUH options to help the
Exchange recoup license fees the
Exchange pays to the reporting
authority. The proposed surcharge fee is
identical to the surcharge fee currently
assessed non-public customer
transactions in options on the S&P 100
Index (‘‘OEX’’ and ‘‘XEO’’), S&P 500
Index (‘‘SPX’’) and volatility indexes.
The Exchange’s Liquidity Provider
Sliding Scale 8 shall apply to transaction
5 See Securities Exchange Act Release Nos. 58207
(July 22, 2008), 73 FR 43963 (July 29, 2008) (SR–
CBOE–2008–26) and 58171 (July 16, 2008), 73 FR
422841 (July 23, 2008) (SR–CBOE–2008–31).
6 For purposes of CBOE’s Fees Schedule, RUH
options shall be treated as index options.
7 This is the standard rate that is subject to the
Liquidity Provider Sliding Scale as set forth in
Footnote 10 to the Fees Schedule.
8 See Footnote 10 of the Fees Schedule.
VerDate Aug<31>2005
18:10 Oct 07, 2008
Jkt 217001
fees in BXO and RUH options, but the
Exchange’s marketing fee 9 shall not
apply. The Exchange believes the rule
change will further the Exchange’s goal
of introducing new products to the
marketplace that are competitively
priced.10
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the
Act,11 in general, and furthers the
objectives of Section 6(b)(4) 12 of the
Act, in particular, in that it is designed
to provide for the equitable allocation of
reasonable dues, fees, and other charges
among CBOE members and other
persons using its facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition 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 foregoing proposed rule
change establishes or changes a due, fee,
or other charge imposed by the
Exchange, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 13 and subparagraph (f)(2) of Rule
19b–4 14 thereunder. At any time within
60 days of the filing of the proposed rule
change, the Commission may summarily
abrogate such rule change if it appears
to the Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
9 See
Footnote 6 of the Fees Schedule.
order fees are inapplicable for options
on CBOE’s proprietary products.
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(4).
13 15 U.S.C. 78s(b)(3)(A).
14 17 C.F.R. 240.19b–4(f)(2).
10 Linkage
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
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–2008–100 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–2008–100. 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 CBOE. 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–2008–100 and
should be submitted on or before
October 29, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–23763 Filed 10–7–08; 8:45 am]
BILLING CODE 8011–01–P
15 17
E:\FR\FM\08OCN1.SGM
CFR 200.30–3(a)(12).
08OCN1
]]>Agencies
[Federal Register Volume 73, Number 196 (Wednesday, October 8, 2008)]
[Notices]
[Pages 58999-59000]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-23763]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58700; File No. SR-CBOE-2008-100]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change to Amend its Fees Schedule
October 1, 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 September 22, 2008, Chicago Board Options Exchange,
Incorporated (``Exchange'' or ``CBOE'') filed with the Securities and
Exchange Commission (the ``Commission'') the proposed rule change as
described in Items I, II, and III below, which Items have been prepared
by the Exchange. The Exchange has designated this proposal as one
establishing or changing a due, fee, or other charge imposed by CBOE
under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2)
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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its Fees Schedule to establish fees
for transactions in CBOE S&P 500 BuyWrite Index (1/10th value)
(``BXO'') options and CBOE S&P 500 Three-Month Realized Volatility
(``RUH'') options. The text of the proposed rule change is available on
the Exchange's Web site (https://www.cboe.org/Legal), at the Exchange's
Office of the Secretary and at the Commission.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included
[[Page 59000]]
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange recently received approval to list and trade options
on BXO and RUH, both of which are calculated by the Exchange.\5\ The
purpose of this rule change is to establish transaction fees for these
new products. The Exchange states that the proposed transactions fees
for BXO options and RUH options are identical to those established for
options on volatility indexes.\6\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release Nos. 58207 (July 22,
2008), 73 FR 43963 (July 29, 2008) (SR-CBOE-2008-26) and 58171 (July
16, 2008), 73 FR 422841 (July 23, 2008) (SR-CBOE-2008-31).
\6\ For purposes of CBOE's Fees Schedule, RUH options shall be
treated as index options.
---------------------------------------------------------------------------
The amount of the transactions fees for BXO and RUH options shall
be as follows:
$0.20 per contract for Market-Maker, Designated Primary
Market-Maker and Remote Market-Maker transactions; \7\
---------------------------------------------------------------------------
\7\ This is the standard rate that is subject to the Liquidity
Provider Sliding Scale as set forth in Footnote 10 to the Fees
Schedule.
---------------------------------------------------------------------------
$0.20 per contract for member firm proprietary
transactions;
$0.25 per contract for manually executed broker-dealer
transactions;
$0.45 per contract for electronically executed broker-
dealer transactions;
$0.40 per contract for voluntary professional
transactions;
$0.40 per contract for customer transactions; and
$0.10 per contract CFLEX surcharge fee.
The Exchange also proposes to adopt a $.06 per contract surcharge
fee on all non-public customer transactions in BXO and RUH options to
help the Exchange recoup license fees the Exchange pays to the
reporting authority. The proposed surcharge fee is identical to the
surcharge fee currently assessed non-public customer transactions in
options on the S&P 100 Index (``OEX'' and ``XEO''), S&P 500 Index
(``SPX'') and volatility indexes.
The Exchange's Liquidity Provider Sliding Scale \8\ shall apply to
transaction fees in BXO and RUH options, but the Exchange's marketing
fee \9\ shall not apply. The Exchange believes the rule change will
further the Exchange's goal of introducing new products to the
marketplace that are competitively priced.\10\
---------------------------------------------------------------------------
\8\ See Footnote 10 of the Fees Schedule.
\9\ See Footnote 6 of the Fees Schedule.
\10\ Linkage order fees are inapplicable for options on CBOE's
proprietary products.
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\11\ in general, and furthers the objectives of Section 6(b)(4)
\12\ of the Act, in particular, in that it is designed to provide for
the equitable allocation of reasonable dues, fees, and other charges
among CBOE members and other persons using its facilities.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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 foregoing proposed rule change establishes or changes a
due, fee, or other charge imposed by the Exchange, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \13\ and
subparagraph (f)(2) of Rule 19b-4 \14\ thereunder. 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.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 C.F.R. 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-2008-100 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-2008-100. 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 CBOE. 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-2008-100 and should be
submitted on or before October 29, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-23763 Filed 10-7-08; 8:45 am]
BILLING CODE 8011-01-P
