Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Reserve Orders, 498-500 [E9-31342]
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498
Federal Register / Vol. 75, No. 2 / Tuesday, January 5, 2010 / Notices
this outcome, DTC proposes changing
its procedures so that reclaims under
$15 million would not override DTC’s
risk management controls. Instead, such
reclaims would recycle until the reclaim
can settle without violating EuroCCP’s
net debit cap and collateral controls or
until the reclaim drops at the recycle
cutoff.11 This is how DTC currently
treats reclaims that are over $15 million
dollars.
Second, DTC proposes modifying its
Settlement Service Guide so that
pending valued and free transactions to
or from the EuroCCP account would fail
to settle or ‘‘drop’’ at 3:10 p.m.12 Items
that would drop include deliveries to
EuroCCP failing due to lack of position
by the delivering participant and items
failing DTC’s risk management controls.
This cutoff time would allow EuroCCP
to close its business day.
Third, the Receiver Authorized
Delivery (‘‘RAD’’) cutoff time would be
3:30 p.m. for both valued and free
delivery transactions. DTC’s current
RAD 13 deadline for valued transactions
is 3:30 p.m., but the RAD deadline for
free delivery transactions is 6:30 p.m.
To allow EuroCCP to halt transaction
processing in the EuroCCP account and
end its processing day, DTC would
require a synchronized RAD cutoff time
of 3:30 p.m. for valued and free delivery
transactions.
DTC believes the proposed rule
changes are consistent with the
requirements of Section 17A of the
Act 14 and the rules and regulations
thereunder because the proposed
changes would facilitate prompt and
accurate clearance and settlement of
securities transactions by leveraging
DTC settlement systems to process
transactions in U.S. securities that are
traded on European trading venues.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
srobinson on DSKHWCL6B1PROD with PROPOSALS
DTC does not believe that the
proposed rule change would impose any
burden on competition.
11 If the reclaim drops at the recycle cutoff, then
the receiving participant will retain the securities
and the debit for the delivery it received from
EuroCCP.
12 DTC’s current cutoff time for pending valued
transactions is 3:10 p.m. and for pending free
transactions is 6:35 p.m.
13 RAD is a control mechanism which allows a
participant to review transactions prior to
completion of processing. It limits the exposure
from misdirected or erroneously entered deliver
orders, payment orders, and pledges.
14 15 U.S.C. 78q–1.
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16:41 Jan 04, 2010
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(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments relating to the
proposed rule change have not been
solicited or received. DTC will notify
the Commission of any written
comments received by DTC.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within thirty-five 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
ninety 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 the proposed
rule change or
(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:
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–DTC–2009–17 on the
subject line.
• 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–DTC–2009–17. 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
Frm 00163
Fmt 4703
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–31204 Filed 1–4–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61248; File No. SR–CBOE–
2009–097)
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Adopt Reserve Orders
December 29, 2009.
Paper Comments
PO 00000
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
Section, 100 F Street, NE., Washington,
DC 20549–1090, on official business
days between the hours of 10 a.m. and
3 p.m. Copies of such filings will also
be available for inspection and copying
at the principal office of the DTC and on
DTC’s Web site at https://www.dtcc.com/
downloads/legal/rule_filings/2009/dtc/
2009-17.pdf. 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–DTC–
2009–17 and should be submitted on or
before January 26, 2010.
Sfmt 4703
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 December
17, 2009, 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, II, and
III below, which Items have been
prepared by the Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
1 15
E:\FR\FM\05JAN1.SGM
05JAN1
Federal Register / Vol. 75, No. 2 / Tuesday, January 5, 2010 / Notices
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
The Exchange proposes to adopt
reserve orders. The text of the proposed
rule change is available on the
Exchange’s website (https://
www.cboe.org/Legal), on the
Commission’s Web site at https://
www.sec.gov, at the Exchange’s Office of
the Secretary and at the Commission’s
Public Reference Room.
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
CBOE 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.
srobinson on DSKHWCL6B1PROD with PROPOSALS
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
This filing seeks to adopt the reserve
order-type which is already available on
other exchanges. A ‘‘Reserve Order’’
permits orders to be entered with both
displayed and non-displayed amounts.
Both portions may be executed against
incoming marketable orders. The
displayed portion of a reserve order will
be executed first, while the nondisplayed portion will only be executed
after all displayed interest (from other
orders) at that price has been executed.
Once the displayed portion of a reserve
order has been executed and all
displayed interest from other orders at
that price has also been executed, the
displayed portion will be replenished
from the non-displayed portion up to
the original display amount. Each time
the display portion is replenished from
the non-displayed portion, that new
display portion will be given a new
timestamp, while the reserve, nondisplayed portion will retain the
timestamp of its original entry. With
respect to the non-displayed portion of
a reserve order, the exposure
4 17
CFR 240.19b–4(f)(6).
VerDate Nov<24>2008
16:41 Jan 04, 2010
Jkt 220001
requirement of Rule 6.45A.01 and .02
and 6.45B.01 and.02 are satisfied if the
displayable portion of the reserve order
is displayed at its displayable price for
one second (this mirrors provisions in
place at other options exchanges that
utilize reserve orders). These exposure
provisions only apply to reserve orders
that are electronically handled by the
system.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) 5 and the rules and regulations
thereunder and, in particular, the
requirements of Section 6(b) of the Act.6
Specifically, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 7 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 will give market participants
greater flexibility to manage and display
their orders, encouraging such
participants to bring further liquidity to
the market.
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
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 8 and Rule
19b–4(f)(6) thereunder.9 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 thirty days from the date
5 15
U.S.C. 78s(b)(1).
U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6).
6 15
PO 00000
Frm 00164
Fmt 4703
Sfmt 4703
499
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 10 and Rule 19b–
4(f)(6) 11 thereunder.
At any time within 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:
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–2009–097 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–2009–097. 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
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change along with a brief
description and the 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 the pre-filing requirement.
11 17
E:\FR\FM\05JAN1.SGM
05JAN1
500
Federal Register / Vol. 75, No. 2 / Tuesday, January 5, 2010 / Notices
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–2009–097 and
should be submitted on or before
January 26, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–31342 Filed 1–4–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61257; File No. SR–NYSE–
2009–116]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Approving a Proposed Rule Change To
Increase the Ceiling on Its Equity
Ownership Interest in BIDS Holdings
L.P. to Less Than 10%
srobinson on DSKHWCL6B1PROD with PROPOSALS
December 30, 2009.
On November 18, 2009, the New York
Stock Exchange LLC (‘‘NYSE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) a proposed rule
change, pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
proposing to increase the ceiling on the
Exchange’s equity ownership interest in
BIDS Holdings L.P. (‘‘BIDS’’) to less
than 10% from the current level of less
than 9%. The proposed rule change was
published for comment in the Federal
Register on November 27, 2009.3 The
Commission received no comments on
the proposal. This order approves the
proposed rule change.
On January 22, 2009, the Commission
approved the formation of New York
Block Exchange (‘‘NYBX’’), an
12 17
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Act Exchange Release No. 61043
(November 20, 2009), 74 FR 62612.
1 15
VerDate Nov<24>2008
16:41 Jan 04, 2010
Jkt 220001
electronic trading facility of the
Exchange for NYSE-listed securities,
established as a joint venture between
the Exchange and BIDS.4 The
governance structure as approved is
reflected in the Limited Liability
Company Agreement (‘‘LLC
Agreement’’) of New York Block
Exchange LLC (‘‘Company’’), the entity
that owns and operates NYBX. Pursuant
to the LLC Agreement, the Exchange
and BIDS each own a 50% economic
interest in the Company. In addition,
the Exchange, through its wholly-owned
subsidiary, NYSE Market, Inc., owns
less than 9% of the aggregate limited
partnership interest in BIDS. BIDS,
through its subsidiary, BIDS Trading,
L.P. (‘‘BIDS Trading’’), operates BIDS
Alternative Trading System (ATS). In
connection with the establishment of
NYBX, BIDS Trading became a member
of the Exchange.
Absent prior Commission approval,
the foregoing ownership arrangements
would violate NYSE Rule 2B 5 for two
reasons. First, the Exchange’s indirect
ownership interest in BIDS Trading
violates the prohibition in Rule 2B
against the Exchange maintaining an
ownership interest in a member
organization. Second, BIDS Trading is
an affiliate of an affiliate of the
Exchange,6 which violates the
prohibition in Rule 2B against a member
of the Exchange having such affiliation.
Consequently, in the Approval Order,
the Commission permitted an exception
to NYSE Rule 2B, subject to a number
of limitations and conditions. One of the
conditions for Commission approval of
the ownership arrangements was that
the proposed exception from NYSE Rule
2B to permit NYSE’s indirect interest in
BIDS Trading and BIDS Trading’s
affiliation with the Company would be
for a pilot period of 12 months.7
Another condition for Commission
approval was that NYSE, or any of its
affiliates, would not directly or
indirectly increase its equity interest in
4 See Securities Exchange Act Release No. 59281
(January 22, 2009), 74 FR 5014 (January 28, 2009)
(order approving SR–NYSE–2008–120) (‘‘Approval
Order’’).
5 NYSE Rule 2B provides, in relevant part, that:
‘‘[w]ithout prior SEC approval, the Exchange or any
entity with which it is affiliated shall not, directly
or indirectly, acquire or maintain an ownership
interest in a member organization. In addition, a
member organization shall not be or become an
affiliate of the Exchange, or an affiliate of any
affiliate of the Exchange. * * * The term affiliate
shall have the meaning specified in Rule 12b–2
under the Act.’’
6 Specifically, the Company is an affiliate of the
Exchange, and BIDS Trading is an affiliate of the
Company. The affiliation in each case is the result
of the 50% ownership interest in the Company by
each of the Exchange and BIDS.
7 See Approval Order, 74 FR at 5018.
PO 00000
Frm 00165
Fmt 4703
Sfmt 4703
BIDS without prior Commission
approval.8
The Exchange proposes to increase
the ceiling of its equity ownership in
BIDS from the current limit of less than
9% to less than 10%. BIDS is offering
its members the opportunity to invest,
on a pro rata basis, in a new class of
preferred equity interests, and the
Exchange wishes to participate in the
new round of capital raising by BIDS
without inadvertently exceeding the
current limit. The Exchange represents
that, based on its expectations, the
participation of the Exchange in the
capital raising could slightly increase its
percentage ownership in BIDS to
between 9% and 10%. Other than this
increase in the Exchange’s equity
ownership, all of the other limitations
and conditions required by the terms of
the Approval Order for the exception to
NYSE Rule 2B would continue to apply
during the pilot period.9 Further, the
Exchange and its affiliates do not, and
would continue not to, have any voting
or other control arrangement with any of
the other limited partners or general
partner of BIDS.10
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.11 In particular, the
Commission finds that the proposed
rule change furthers the objectives of
Section 6(b)(1) of the Act,12 which
requires a national securities exchange
to be so organized and have the capacity
to carry out the purposes of the Act and
to comply, and to enforce compliance
by its members and persons associated
with its members, with the provisions of
the Act. The Commission also finds that
the proposed rule change is consistent
with, and furthers the objectives of
Section 6(b)(5) of the Act,13 in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities, to
remove impediments to and perfect the
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
8 See
id.
id.
10 See id., n. 69.
11 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
12 15 U.S.C. 78f(b)(1).
13 15 U.S.C. 78f(b)(5).
9 See
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]]>Agencies
[Federal Register Volume 75, Number 2 (Tuesday, January 5, 2010)]
[Notices]
[Pages 498-500]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-31342]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61248; File No. SR-CBOE-2009-097)
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Adopt Reserve Orders
December 29, 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 December 17, 2009, 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, II, and III 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)
[[Page 499]]
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
The Exchange proposes to adopt reserve orders. The text of the
proposed rule change is available on the Exchange's website (https://www.cboe.org/Legal), on the Commission's Web site at https://www.sec.gov, at the Exchange's Office of the Secretary and at the
Commission's Public Reference Room.
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 CBOE 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
This filing seeks to adopt the reserve order-type which is already
available on other exchanges. A ``Reserve Order'' permits orders to be
entered with both displayed and non-displayed amounts. Both portions
may be executed against incoming marketable orders. The displayed
portion of a reserve order will be executed first, while the non-
displayed portion will only be executed after all displayed interest
(from other orders) at that price has been executed. Once the displayed
portion of a reserve order has been executed and all displayed interest
from other orders at that price has also been executed, the displayed
portion will be replenished from the non-displayed portion up to the
original display amount. Each time the display portion is replenished
from the non-displayed portion, that new display portion will be given
a new timestamp, while the reserve, non-displayed portion will retain
the timestamp of its original entry. With respect to the non-displayed
portion of a reserve order, the exposure requirement of Rule 6.45A.01
and .02 and 6.45B.01 and.02 are satisfied if the displayable portion of
the reserve order is displayed at its displayable price for one second
(this mirrors provisions in place at other options exchanges that
utilize reserve orders). These exposure provisions only apply to
reserve orders that are electronically handled by the system.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') \5\ and the rules and
regulations thereunder and, in particular, the requirements of Section
6(b) of the Act.\6\ Specifically, the Exchange believes the proposed
rule change is consistent with the Section 6(b)(5) \7\ 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 will give
market participants greater flexibility to manage and display their
orders, encouraging such participants to bring further liquidity to the
market.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(1).
\6\ 15 U.S.C. 78f(b).
\7\ 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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
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
thirty 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 \10\ and Rule 19b-4(f)(6) \11\
thereunder.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change along with a
brief description and the 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 the pre-filing requirement.
---------------------------------------------------------------------------
At any time within 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:
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-2009-097 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-2009-097. 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
[[Page 500]]
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-2009-097 and should be submitted on or before
January 26, 2010.
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,
Deputy Secretary.
[FR Doc. E9-31342 Filed 1-4-10; 8:45 am]
BILLING CODE 8011-01-P
