Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delete Chapter XXX and References to Chapter XXX Throughout the CBOE Rulebook, 62350-62351 [E8-24738]
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Federal Register / Vol. 73, No. 203 / Monday, October 20, 2008 / Notices
VI. Conclusion
This order gives effect to the amended
Plan submitted to the Commission that
is contained in File No. 4–551.
It is therefore ordered, pursuant to
Section 17(d) of the Act,15 that the Plan,
as amended, made by and between
Amex, BSE, CBOE, ISE, FINRA,
NASDAQ, NYSE Arca, and Phlx filed
with the Commission pursuant to Rule
17d–2 on October 1, 2008 is hereby
approved and declared effective.
It is further ordered that those SRO
Participants that are not the DOSR as to
a particular common member are
relieved of those regulatory
responsibilities allocated to the common
member’s DOSR under the amended
Plan to the extent of such allocation.
It is further ordered that the SRO
Participants are relieved of the
examination responsibilities with
respect to the delta hedging exemption
from options position limits for all
common members allocated to FINRA
under the amended Plan to the extent of
such allocation.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–24740 Filed 10–17–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58771; File No. SR–CBOE–
2008–101]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change to Delete Chapter XXX
and References to Chapter XXX
Throughout the CBOE Rulebook
mstockstill on PROD1PC66 with NOTICES
October 10, 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 October
6, 2008, the 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 and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
15 15
U.S.C. 78q(d).
CFR 200.30–3(a)(34).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
16 17
VerDate Aug<31>2005
16:42 Oct 17, 2008
Jkt 217001
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
CBOE proposes to delete Chapter XXX
(Trading in Stocks, Warrants and Other
Securities) from the CBOE Rulebook. In
addition, CBOE proposes to delete
references to Chapter XXX rules
throughout the CBOE Rulebook. The
text of the rule proposal 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
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
The purpose of this proposed rule
change is to delete Chapter XXX
(Trading in Stocks, Warrants and Other
Securities) from the CBOE Rulebook.5 In
addition, CBOE proposes to delete
references to Chapter XXX rules
throughout the CBOE Rulebook. Chapter
XXX governed the trading of non-option
securities traded on CBOE’s stand-alone
stock platform in an open-outcry
environment. All non-option securities
that previously traded under Chapter
XXX now trade pursuant to Chapters L
through LIV.6 Consequently, it is no
longer necessary to include Chapter
XXX in the CBOE Rulebook, and the
3 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b-4(f)(6).
5 Chapter XXX was adopted in 1990. See
Securities Exchange Act Release No. 28556 (October
19, 1990), 55 FR 43233 (October 26, 1990) (SR–
CBOE–90–08).
6 Chapters L through LIV govern the trading of
non-option securities on the CBOE Stock Exchange
(CBSX), a screen-based facility of CBOE.
4 17
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
chapter will be deleted in its entirety,
along with all references to Chapter
XXX rules throughout the CBOE
Rulebook.7
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements provided under
Section 6(b)(5) 8 of the Act, 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
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
Because the foregoing proposed rule
change does not: (1) Significantly affect
the protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) 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, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 9 and Rule 19b4(f)(6) thereunder.10 At any time within
7 The Exchange is also proposing to amend the
Introduction paragraph to Chapter L, which
references Chapter XXX. In addition, the Exchange
is replacing references to Chapter 55 with Chapter
54 in the Introduction paragraph for Chapter L and
in the Appendix A to Chapters 50 to 54, since
Chapter 55 was previously deleted. See Securities
Exchange Act Release No. 55034 (December 29,
2006), 72 FR 1350 (January 11, 2007) (notice for SR–
CBOE–2006–112) (filing, among other things,
deleted all rules (Chapter LV) regarding the
Intermarket Trading Systems); see also Securities
Exchange Act Release No. 55392 (March 2, 2007),
73 FR 10572 (March 8, 2007) (approval order for
SR–CBOE–2006–112).
8 15 U.S.C. 78s(b)(5).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6). In addition, when
filing a proposed rule change pursuant to Rule 19b–
4(f)(6) under the Act, an Exchange is required to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
E:\FR\FM\20OCN1.SGM
20OCN1
Federal Register / Vol. 73, No. 203 / Monday, October 20, 2008 / Notices
60 days of the filing of such 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:
mstockstill on PROD1PC66 with NOTICES
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–2008–101 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–2008–101. 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 CBOE. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
provided such notice to the Commission.
VerDate Aug<31>2005
16:42 Oct 17, 2008
Jkt 217001
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–CBOE–2008–101 and
should be submitted on or before
November 10, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–24738 Filed 10–17–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58763; File No. SR–CBOE–
2008–106]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Increase the Class
Quoting Limit in One Option Class
October 9, 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 October
8, 2008, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the CBOE. The Exchange
has designated this proposal as one
constituting a stated policy, practice, or
interpretation with respect to the
meaning, administration, or
enforcement of an existing rule under
Section 19(b)(3)(A)(i) of the Act, and
Rule 19b–4(f)(1) thereunder, which
renders the proposal effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to increase
the class quoting limit in one option
class. The text of the proposed rule
change is available on CBOE’s Web site
(https://www.cboe.org/legal), at the
CBOE’s Office of the Secretary, and at
the Commission’s public reference
room.
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections (A), (B), and (C) below,
of the most significant 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 Rule 8.3A, Maximum Number
of Market Participants Quoting
Electronically per Product, establishes
class quoting limits (‘‘CQLs’’) for each
class traded on the Hybrid Trading
System.3 A CQL is the maximum
number of quoters that may quote
electronically in a given product and
Rule 8.3A, Interpretation .01(a) provides
that the current levels are generally
established at 50.
In addition, Rule 8.3A, Interpretation
.01(b) provides a procedure by which
the President of the Exchange may
increase the CQL for an existing or new
product. In this regard, the President of
the Exchange may increase the CQL in
a particular product when he deems it
appropriate. The effect of an increase in
the CQL is procompetitive in that it
increases the number of market
participants that may quote
electronically in a product. The purpose
of this filing is to increase the CQL in
the option class Wachovia Corp. (WB)
from its current limit of 50 to 65.
Given the unusual market conditions
in the past several weeks, CBOE’s
President has determined that it would
be appropriate to increase the CQL in
WB. Increasing the CQL to 65 will
accommodate Market-Makers that are
currently on the wait-list to be
appointed to the option class, and will
enable the Exchange to enhance the
liquidity offered, thereby offering
deeper and more liquid markets. Lastly,
CBOE represents that it has the systems
capacity to support this increase in the
CQL.
2. Statutory Basis
CBOE believes the proposed rule
change is consistent with the Act and
1 15
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
62351
3 See
E:\FR\FM\20OCN1.SGM
Rule 8.3A.01.
20OCN1
]]>Agencies
[Federal Register Volume 73, Number 203 (Monday, October 20, 2008)]
[Notices]
[Pages 62350-62351]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-24738]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58771; File No. SR-CBOE-2008-101]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change to Delete Chapter XXX and References to Chapter XXX
Throughout the CBOE Rulebook
October 10, 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 October 6, 2008, the 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 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
CBOE proposes to delete Chapter XXX (Trading in Stocks, Warrants
and Other Securities) from the CBOE Rulebook. In addition, CBOE
proposes to delete references to Chapter XXX rules throughout the CBOE
Rulebook. The text of the rule proposal 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 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
The purpose of this proposed rule change is to delete Chapter XXX
(Trading in Stocks, Warrants and Other Securities) from the CBOE
Rulebook.\5\ In addition, CBOE proposes to delete references to Chapter
XXX rules throughout the CBOE Rulebook. Chapter XXX governed the
trading of non-option securities traded on CBOE's stand-alone stock
platform in an open-outcry environment. All non-option securities that
previously traded under Chapter XXX now trade pursuant to Chapters L
through LIV.\6\ Consequently, it is no longer necessary to include
Chapter XXX in the CBOE Rulebook, and the chapter will be deleted in
its entirety, along with all references to Chapter XXX rules throughout
the CBOE Rulebook.\7\
---------------------------------------------------------------------------
\5\ Chapter XXX was adopted in 1990. See Securities Exchange Act
Release No. 28556 (October 19, 1990), 55 FR 43233 (October 26, 1990)
(SR-CBOE-90-08).
\6\ Chapters L through LIV govern the trading of non-option
securities on the CBOE Stock Exchange (CBSX), a screen-based
facility of CBOE.
\7\ The Exchange is also proposing to amend the Introduction
paragraph to Chapter L, which references Chapter XXX. In addition,
the Exchange is replacing references to Chapter 55 with Chapter 54
in the Introduction paragraph for Chapter L and in the Appendix A to
Chapters 50 to 54, since Chapter 55 was previously deleted. See
Securities Exchange Act Release No. 55034 (December 29, 2006), 72 FR
1350 (January 11, 2007) (notice for SR-CBOE-2006-112) (filing, among
other things, deleted all rules (Chapter LV) regarding the
Intermarket Trading Systems); see also Securities Exchange Act
Release No. 55392 (March 2, 2007), 73 FR 10572 (March 8, 2007)
(approval order for SR-CBOE-2006-112).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements provided under Section 6(b)(5) \8\ of the Act,
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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(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
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
Because the foregoing proposed rule change does not: (1)
Significantly affect the protection of investors or the public
interest; (2) impose any significant burden on competition; and (3)
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, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\ At any time within
[[Page 62351]]
60 days of the filing of such 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). In addition, when filing a proposed
rule change pursuant to Rule 19b-4(f)(6) under the Act, an Exchange
is required to give the Commission written notice of its intent to
file the proposed rule change, along with a brief description and
text of the proposed rule change, at least five business days prior
to the date of filing of the proposed rule change, or such shorter
time as designated by the Commission. The Exchange provided such
notice to the Commission.
---------------------------------------------------------------------------
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-2008-101 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-2008-101. 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 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-2008-101 and should be
submitted on or before November 10, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-24738 Filed 10-17-08; 8:45 am]
BILLING CODE 8011-01-P
