Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Two Pilot Programs, 11143-11144 [E9-5566]
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BILLING CODE 6325–39–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59539; File No. SR–CBOE–
2009–015]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Two Pilot
Programs
March 9, 2009.
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 February
27, 2009, the Chicago Board Options
Exchange, Incorporated (the ‘‘Exchange’’
or ‘‘CBOE’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposed rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(6) thereunder,4 which renders
it effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
Executive Office of the President
DSGS69758 Foreign Affairs Officer to
the Ambassador-At-Large (War
VerDate Nov<24>2008
17:08 Mar 13, 2009
Jkt 217001
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
PO 00000
Frm 00066
Fmt 4703
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 rules relating to two pilot
programs. 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
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 rule change is to
delete reference to two existing pilot
programs in CBOE’s rules that CBOE no
longer utilizes and which are scheduled
to expire on March 14, 2009.
One pilot program allows a MarketMaker, Off-Floor DPM, Off-Floor LMM
or an e-DPM to have an affiliated
Market-Maker physically present in the
trading crowds where it operates as a
Market-Maker, Off-Floor DPM, Off-Floor
LMM, or e-DPM, respectively. The
second pilot program allows a CBOE
member or member firm to have
multiple aggregation units operating as
separate Market-Makers within the same
class, provided they satisfy certain
criteria set forth in Rule 8.3(c)(vi).5
CBOE notes that these pilot programs
were initially adopted, in part, due to
CBOE’s usage of an algorithm that
allocates electronic trades, in whole or
in part, in an equal percentage based on
the number of market participants
quoting at the best bid or offer—
specifically CBOE’s ultimate matching
algorithm ‘‘UMA.’’ In January 2008,
5 These pilot programs previously were extended
for one year until March 14, 2009. See Rel. No.
57519 (March 18, 2008), 73 FR 15805 (March 25,
2008) (immediate effectiveness of SR–CBOE–2008–
29).
1 15
Department of State
11143
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E:\FR\FM\16MRN1.SGM
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11144
Federal Register / Vol. 74, No. 49 / Monday, March 16, 2009 / Notices
CBOE determined to utilize a pro-rata
algorithm, instead of UMA, as the
applicable matching algorithm in all
Hybrid classes. As a result, these pilot
programs are no longer being utilized
and CBOE proposes to delete reference
to them in its rules in connection with
their expiration on March 14, 2009.
As amended, Rule 8.3(c)(vi) states that
a Market-Maker may not hold an
appointment and submit electronic
quotations in any class in which an
affiliated DPM, LMM or e-DPM is
appointed, or in which an affiliated
Market-Maker holds an appointment
and submits electronic quotations, if
CBOE uses in that class an allocation
algorithm that allocates electronic
trades, in whole or in part, in an equal
percentage based on the number of
market participants quoting at the best
bid or offer. However, Rule 8.3(c)(vi)
also notes that: (i) The foregoing
restriction does not apply if CBOE uses
in a particular options class an
allocation algorithm that does not
allocate electronic trades, in whole or in
part, in an equal percentage based on
the number of market participants
quoting at the best bid or offer; and (ii)
there is no restriction on affiliated
Market-Makers holding an appointment
in the same class for purposes of trading
in open outcry. These exceptions are
currently contained in Rule 8.3(c)(vi)(3).
2. Statutory Basis
The Exchange believes the proposed
rule change 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. Specifically, the Exchange believes
the proposed rule change is consistent
with the Section 6(b)(5) Act 6
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, in that deleting
reference to two existing pilot programs
in CBOE’s rules that CBOE no longer
utilizes and which are scheduled to
expire on March 14, 2009 clarifies the
rules that members are obligated to
comply with.
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.
6 15
U.S.C. 78f(b)(5).
VerDate Nov<24>2008
15:38 Mar 13, 2009
Jkt 217001
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 does not:
(i) Significantly affect the protection
of investors or the public interest;
(ii) Impose any significant burden on
competition; and
(iii) Become operative for 30 days
from the date on which it was filed, or
such shorter time as the Commission
may designate, 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 7 and Rule 19b–4(f)(6) thereunder.8
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:
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–2009–015 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–CBOE–2009–015. This file
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the self-regulatory organization
to submit to 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 has satisfied this requirement.
8 17
PO 00000
Frm 00067
Fmt 4703
Sfmt 4703
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 on official business days between
the hours of 10 a.m. and 3 p.m. Copies
of such filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–CBOE–
2009–015 and should be submitted on
or before April 6, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–5566 Filed 3–13–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59546; File No. SR–CBOE–
2009–016]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Modify the Hybrid
Rule Pertaining to Orders Represented
in Open Outcry
March 10, 2009.
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 March 6,
2009, the Chicago Board Options
Exchange, Incorporated (‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\16MRN1.SGM
16MRN1
]]>Agencies
[Federal Register Volume 74, Number 49 (Monday, March 16, 2009)]
[Notices]
[Pages 11143-11144]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-5566]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59539; File No. SR-CBOE-2009-015]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Two Pilot Programs
March 9, 2009.
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 February 27, 2009, the Chicago Board Options Exchange,
Incorporated (the ``Exchange'' or ``CBOE'') filed with the Securities
and Exchange Commission (the ``Commission'') the proposed rule change
as described in Items I and II below, which Items have been prepared by
the Exchange. The Exchange filed the proposed rule change pursuant to
Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\
which renders it effective upon filing with the Commission. 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).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend CBOE rules relating to two pilot
programs. 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 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 rule change is to delete reference to two
existing pilot programs in CBOE's rules that CBOE no longer utilizes
and which are scheduled to expire on March 14, 2009.
One pilot program allows a Market-Maker, Off-Floor DPM, Off-Floor
LMM or an e-DPM to have an affiliated Market-Maker physically present
in the trading crowds where it operates as a Market-Maker, Off-Floor
DPM, Off-Floor LMM, or e-DPM, respectively. The second pilot program
allows a CBOE member or member firm to have multiple aggregation units
operating as separate Market-Makers within the same class, provided
they satisfy certain criteria set forth in Rule 8.3(c)(vi).\5\
---------------------------------------------------------------------------
\5\ These pilot programs previously were extended for one year
until March 14, 2009. See Rel. No. 57519 (March 18, 2008), 73 FR
15805 (March 25, 2008) (immediate effectiveness of SR-CBOE-2008-29).
---------------------------------------------------------------------------
CBOE notes that these pilot programs were initially adopted, in
part, due to CBOE's usage of an algorithm that allocates electronic
trades, in whole or in part, in an equal percentage based on the number
of market participants quoting at the best bid or offer--specifically
CBOE's ultimate matching algorithm ``UMA.'' In January 2008,
[[Page 11144]]
CBOE determined to utilize a pro-rata algorithm, instead of UMA, as the
applicable matching algorithm in all Hybrid classes. As a result, these
pilot programs are no longer being utilized and CBOE proposes to delete
reference to them in its rules in connection with their expiration on
March 14, 2009.
As amended, Rule 8.3(c)(vi) states that a Market-Maker may not hold
an appointment and submit electronic quotations in any class in which
an affiliated DPM, LMM or e-DPM is appointed, or in which an affiliated
Market-Maker holds an appointment and submits electronic quotations, if
CBOE uses in that class an allocation algorithm that allocates
electronic trades, in whole or in part, in an equal percentage based on
the number of market participants quoting at the best bid or offer.
However, Rule 8.3(c)(vi) also notes that: (i) The foregoing restriction
does not apply if CBOE uses in a particular options class an allocation
algorithm that does not allocate electronic trades, in whole or in
part, in an equal percentage based on the number of market participants
quoting at the best bid or offer; and (ii) there is no restriction on
affiliated Market-Makers holding an appointment in the same class for
purposes of trading in open outcry. These exceptions are currently
contained in Rule 8.3(c)(vi)(3).
2. Statutory Basis
The Exchange believes the proposed rule change 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.
Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) Act \6\ 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, in that deleting reference
to two existing pilot programs in CBOE's rules that CBOE no longer
utilizes and which are scheduled to expire on March 14, 2009 clarifies
the rules that members are obligated to comply with.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE does not believe that the proposed rule change will impose any
burden on competition not necessary or appropriate in furtherance of
the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not:
(i) Significantly affect the protection of investors or the public
interest;
(ii) Impose any significant burden on competition; and
(iii) Become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, 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 \7\ and
Rule 19b-4(f)(6) thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the self-regulatory organization to submit to 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 has satisfied this requirement.
---------------------------------------------------------------------------
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:
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-2009-015 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2009-015. 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 on official business
days between the hours of 10 a.m. and 3 p.m. Copies of such filing also
will be available for inspection and copying at the principal office of
the Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
CBOE-2009-015 and should be submitted on or before April 6, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-5566 Filed 3-13-09; 8:45 am]
BILLING CODE 8011-01-P
