Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Conforming Changes in Connection With Demutualization, 38164-38167 [2010-15998]
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Federal Register / Vol. 75, No. 126 / Thursday, July 1, 2010 / Notices
Traders (‘‘SQT’’) 8, Remote Streaming
Quote Traders (‘‘RSQT’’) 9, BrokerDealers and Firms. Customers would
continue to remain free in FLEX equity
options as they currently are in equity
option products.
The Exchange currently waives the
Firm equity options transaction fees for
members executing facilitation orders
pursuant to Exchange Rule 1064 when
such members are trading in their own
proprietary account.10 Similar to the
equity option fees, which are currently
subject to the aforementioned waiver,
the Exchange would continue to apply
the waiver to members executing
facilitation orders pursuant to Exchange
Rule 1064 to FLEX equity option
transactions.
While changes to the Exchange’s Fee
Schedule pursuant to this proposal are
effective upon filing, the Exchange has
designated this proposal to be effective
for trades settling on or after July 1,
2010.
2. Statutory Basis
The Exchange believes that its
proposal to amend its Fee Schedule is
consistent with Section 6(b) of the Act 11
in general, and furthers the objectives of
Section 6(b)(4) of the Act 12 in
particular, in that it is an equitable
allocation of reasonable fees and other
charges among Exchange members. The
Exchange believes that the proposed
fees for FLEX options are equitable and
reasonable because all participants will
equally be assessed $.10 per contract
and Customers will continue to remain
free for equity options transactions
executed pursuant to Exchange Rule
1079.
Additionally, the Exchange’s proposal
to extend the current waiver for
members executing facilitation orders
pursuant to Exchange Rule 1064 to
FLEX equity options is reasonable and
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8 An
SQT is an Exchange Registered Options
Trader (‘‘ROT’’) who has received permission from
the Exchange to generate and submit option
quotations electronically through an electronic
interface with AUTOM via an Exchange approved
proprietary electronic quoting device in eligible
options to which such SQT is assigned. See
Exchange Rule 1014(b)(ii)(A).
9 An RSQT is an ROT that is a member or member
organization with no physical trading floor
presence who has received permission from the
Exchange to generate and submit option quotations
electronically through AUTOM in eligible options
to which such RSQT has been assigned. An RSQT
may only submit such quotations electronically
from off the floor of the Exchange. See Exchange
Rule 1014(b)(ii)(B).
10 The waiver does not apply to orders where a
member is acting as agent on behalf of a nonmember. See Securities Exchange Act Release No.
60477 (August 11, 2009), 74 FR 41777 (August 18,
2009) (SR–Phlx–2009–67).
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(4).
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equitable because it would continue to
allow members the benefit of a waiver
they receive today.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition 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 either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 13 and
paragraph (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:
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–Phlx–2010–87 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–Phlx-2010–87. 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 Web site viewing and
printing 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
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
publicly available. All submissions
should refer to File Number SR–Phlx–
2010–87 and should be submitted on or
before July 22, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–15996 Filed 6–30–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62382; File No. SR–CBOE–
2010–058]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Conforming
Changes in Connection With
Demutualization
June 25, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 18,
2010, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
15 17
13 15
U.S.C. 78s(b)(3)(A)(ii).
14 17 CFR 240.19b–4(f)(2).
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CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 75, No. 126 / Thursday, July 1, 2010 / Notices
change as described in Items I and II
below, which Items have been prepared
by the CBOE. CBOE has filed the
proposal pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(6)
thereunder,4 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 parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CBOE is filing this proposed rule
change to make certain conforming and
technical changes to Chapters IV–LIV of
CBOE’s rules, to the CBOE Fee
Schedule, to CBOE’s circular regarding
membership application and other
membership fees (‘‘CBOE Membership
Fee Circular’’), and to the CBOE Stock
Exchange, LLC (‘‘CBSX’’) Fee Schedule
in connection with the restructuring of
CBOE from a non-stock corporation to a
stock corporation and wholly-owned
subsidiary of CBOE Holdings, Inc.
(‘‘CBOE Holdings’’).
The text of the proposed amendments
to CBOE’s rules, the proposed
amendments to the CBOE Fee Schedule,
the proposed amendments to the CBOE
Membership Fee Circular, and the
proposed amendments to the CBSX Fee
Schedule is available on the Exchange’s
Web site (https://www.cboe.org/Legal/),
at the Exchange’s Office of the
Secretary, at the Commission’s Public
Reference Room and on the
Commission’s Web site https://
www.sec.gov.
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II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
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 these statements
may be examined at the places specified
in Item IV below. The CBOE has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Commission has approved a rule
filing (‘‘Demutualization Filing’’) by the
3 15
4 17
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
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Exchange to adopt a new Certificate of
Incorporation and Bylaws for CBOE
Holdings and to replace the Exchange’s
Certificate of Incorporation and
Constitution with a new Certificate of
Incorporation and Bylaws in connection
with the restructuring of the Exchange
from a non-stock corporation to a stock
corporation and wholly-owned
subsidiary of CBOE Holdings
(‘‘Restructuring Transaction’’).5 In
general, these changes are designed to
restructure the Exchange in the manner
described in the preceding sentence and
to address the operation of the Exchange
as a self-regulatory organization in this
new structure.
As part of the Demutualization Filing,
the Exchange amended Chapters I–III of
its rules to provide for the use of
Trading Permits to access the Exchange
and to make certain technical and
conforming changes. These changes
became effective upon the
consummation of the Restructuring
Transaction on June 18, 2010.
Accordingly, as indicated in the
Demutualization Filing, the Exchange
now is submitting this companion filing
to make the changes proposed in
Chapters I–III to the remaining chapters
of the Exchange’s rules (Chapters IV–
LIV).6 This companion filing also
proposes to make corollary changes to
the CBOE Fee Schedule, the
Membership Fee Circular, and the CBSX
Fee Schedule. The Exchange decided to
make the changes in this manner
because of the length of the
Demutualization Filing and the fact that
the substantive changes to Exchange’s
rules regarding trading access were
subject to notice and comment as part
of the Demutualization Filing.
Listed below are the changes to the
rules in Chapters I–III made by the
Demutualization Filing that will be
made to the rules in the remaining
chapters and to the Fee Schedule by this
filing:
• The Exchange is proposing to
change references to the term ‘‘member’’
in the rules in Chapters IV–LIV, the
CBOE Fee Schedule, and the CBOE
Membership Fee Circular to ‘‘Trading
Permit Holder.’’ 7 As part of this change,
5 Securities Exchange Act Release No. 62158 (May
24, 2010), 75 FR 30082 (May 28, 2010) (SR–CBOE–
2008–88).
6 The Exchange also amended CBOE Rule 8.3 in
the Demutualization Filing.
7 The term ‘‘Trading Permit Holder’’ is defined in
Section 1.1(f) of the CBOE Bylaws as:
any individual, corporation, partnership, limited
liability company or other entity authorized by the
Rules that holds a Trading Permit. If a Trading
Permit Holder is an individual, the Trading Permit
Holder may also be referred to as an ‘‘individual
Trading Permit Holder.’’ If a Trading Permit Holder
is not an individual, the Trading Permit Holder may
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38165
references to an ‘‘individual member’’
will be changed to an ‘‘individual
Trading Permit Holder’’ and references
to a ‘‘member organization’’ will be
changed to a ‘‘TPH organization.’’
• The Exchange is proposing to
change references to the term
‘‘membership’’ in the rules in Chapters
IV–LIV, the CBOE Fee Schedule, and
the CBOE Membership Fee Circular to
either ‘‘Trading Permit’’ or ‘‘Trading
Permit Holder’’ depending on the
circumstances of its usage. In certain
circumstances, the term ‘‘membership’’
is used to refer to the possession of the
right to trade on the Exchange.8 In those
circumstances, the term will be changed
to ‘‘Trading Permit.’’ In addition,
because a Trading Permit will be a
license issued by the Exchange,
references in those circumstances
related to ‘‘owning’’ or ‘‘leasing’’ a
membership will be changed to
‘‘holding’’ a Trading Permit. In other
circumstances, the term ‘‘membership’’
is used to refer to the members of the
Exchange.9 In those circumstances, the
term will be changed to ‘‘Trading Permit
Holders.’’ In still other circumstances,
the term ‘‘membership’’ is used to refer
to being or becoming a member of the
Exchange.10 In those circumstances, the
term will be changed to ‘‘Trading Permit
Holder.’’
• In connection with the change of
the term ‘‘member’’ to ‘‘Trading Permit
Holder,’’ the Exchange is proposing to
change references to the term ‘‘Clearing
Member’’ in the rules in Chapters IV—
also be referred to as a ‘‘TPH organization.’’ A
Trading Permit Holder is a ‘‘member’’ solely for
purposes of the Act; however, one’s status as a
Trading Permit Holder does not confer on that
Person any ownership interest in the Exchange.
CBOE Rule 1.1(gg) also defines the term ‘‘Trading
Permit Holder’’ by cross-referencing this definition
in the CBOE Bylaws.
8 For example, the number of ‘‘memberships’’
owned or leased by a Market Maker serves as the
basis in CBOE Rule 8.3 for determining the number
of options classes that the Market Maker can trade.
The term ‘‘membership’’ when used in this manner
will be changed to ‘‘Trading Permit.’’
9 For example, the Exchange is required in CBOE
Rule 6.2B(a) to provide notice to the ‘‘membership’’
of the period of time before the opening of trading
in the underlying security when the Hybrid System
will accept orders and quotes. The term
‘‘membership’’ when used in this manner will be
changed to ‘‘Trading Permit Holders.’’
10 For example, CBOE Rule 4.6 in part prohibits
members, persons associated with members and
applicants for ‘‘membership’’ from making any
willful or material misrepresentation, including a
misstatement or false statement, or omission in any
application, report or other communication to the
Exchange. This provision will be amended to
prohibit Trading Permit Holders, persons associated
with Trading Permit Holders and applicants to be
Trading Permit Holders from making any willful or
material misrepresentation, including a
misstatement or false statement, or omission in any
application, report or other communication to the
Exchange.
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LIV and the CBOE Fee Schedule to
‘‘Clearing Trading Permit Holder.’’ 11 The
Exchange is also proposing to change
certain references to the term ‘‘member
firm’’ in the CBOE Fee Schedule to
‘‘Clearing Trading Permit Holder’’ (as the
term ‘‘member firm’’ has also been used
to refer to a CBOE Clearing Member
because Clearing Members utilize the
‘‘F’’ (or ‘‘Firm’’) order origin code).
Similarly, the Exchange is proposing to
change references to the term ‘‘Person
Associated with a Member’’ in the rules
in Chapters IV—LIV, the CBOE Fee
Schedule, and the CBOE Membership
Fee Circular to ‘‘Person Associated with
a Trading Permit Holder.’’ 12 In addition,
the Exchange is proposing to change
references to the ‘‘Membership
Department’’ in the rules in Chapters
IV—LIV to ‘‘TPH Department.’’ 13
• The Exchange is proposing to
change references to the term
‘‘Constitution’’ in the rules in Chapters
IV—LIV to ‘‘Bylaws.’’ 14 The Exchange is
making this change because it now has
‘‘Bylaws’’ rather than a ‘‘Constitution’’
following the restructuring of the
Exchange to a for-profit stock
corporation.
• The Exchange is proposing to delete
the reference to the term ‘‘lessor’’ and the
related language in CBOE Rule 4.18
because the concept of leasing
memberships no longer exists after the
restructuring of the Exchange.15
• The Exchange is proposing to delete
references to the concept of registering
11 See CBOE Rule 1.1(f) (amended in the
Demutualization Filing to change the defined term
‘‘Clearing Member’’ to ‘‘Clearing Trading Permit
Holder’’). The substance of the definition of
‘‘Clearing Member’’ is unchanged.
12 See CBOE Rule 1.1(qq) (amended in the
Demutualization Filing to change the defined term
‘‘Person Associated with a Member’’ to ‘‘Person
Associated with a Trading Permit Holder’’). The
substance of the definition of ‘‘Person Associated
with a Member’’ is unchanged.
13 See CBOE Rule 1.1(iii) (amended in the
Demutualization Filing to define the term ‘‘TPH
Department’’). This provision defines the term as
the department or division of the Exchange (which
may be referred to by the Exchange from time to
time by a name other than the TPH Department)
that has the functions set forth in the Rules for the
TPH Department. The Exchange initially plans to
refer to the department of the Exchange that has the
functions set forth in the Rules for the TPH
Department as the ‘‘Registration Services
Department’’ and uses that term in reference to the
TPH Department in the revised CBOE Fee Schedule
and CBOE Membership Fee Circular.
14 See CBOE Rule 1.1(b) (amended in the
Demutualization Filing to change the defined term
‘‘Constitution’’ to ‘‘Bylaws’’).
15 See CBOE Rule 1.1(ff) (amended in the
Demutualization Filing to delete the defined term
‘‘Lessor’’ and replace it with the defined term
‘‘Person’’). The Exchange also deleted the term
‘‘Lessee’’ in the Demutualization Filing. See CBOE
Rule 1.1(gg) (amended in the Demutualization
Filing to delete the defined term ‘‘Lessee’’ and
replace it with the defined term ‘‘Trading Permit
Holder’’).
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a membership for a member
organization because that concept does
not exist now that Trading Permits are
used to provide trading access to the
Exchange.16
• The Exchange is proposing to delete
references relating to the requirement to
post notices of proposed actions on the
Exchange Bulletin Board.17 As noted in
the Demutualization Filing, the use of a
physical bulletin board at the Exchange
has become outdated as trading on the
Exchange has become more electronic
and remote from the Exchange. Despite
this change, the Exchange will still be
required to provide persons with notice
of proposed actions. The Exchange will
also continue to provide notice of
proposed actions via electronic means,
such as through its Web site.
In addition to these changes, the
Exchange is proposing to make
technical, non-substantive changes to
clarify its regulatory authority to revoke
Trading Permits when a Trading Permit
Holder experiences operational or
financial difficulty, as well as its
regulatory authority to suspend or
revoke Trading Permits when a Trading
Permit Holder is disciplined by the
Exchange. For example, the Exchange is
proposing to amend CBOE Rule 16.4 to
provide that the Exchange can revoke a
Trading Permit of a Trading Permit
Holder who has been suspended for
operational or financial difficulty in the
event the holder does not apply for
reinstatement (or does not obtain
reinstatement) in accordance with CBOE
Rule 16.3. In addition, the Exchange is
proposing to amend Rule 17.1 to
provide the Exchange with the authority
to suspend or revoke one or more
Trading Permits of a Trading Permit
Holder in the event the holder has been
disciplined by the Exchange. The
proposed changes to Rules 16.4 and 17.1
apply the new terminology without
altering the existing revocation and
suspension authority.
The Exchange is also proposing to
make technical, non-substantive
changes to a few rules in Chapters IV—
LIV to make certain corrections to them.
For example, the Exchange is updating
a cross-reference in CBOE Rule 6.7. In
general, this provision limits the
liability of the Exchange, its directors,
officers and employees, and provides
that this limitation of liability is in
addition to the limitation of liability
provided in Article Thirteenth of the
Exchange’s Certificate of
16 See, e.g., CBOE Rule 3.8 as amended in the
Demutualization Filing.
17 See CBOE Rule 3.9(e) as amended in the
Demutualization Filing.
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Incorporation.18 As a result of the
replacement of the Exchange’s
Certificate of Incorporation as
mentioned above, the substance of
current Article Thirteenth has been
moved to Article Eighth in the
Exchange’s new Certificate of
Incorporation. Accordingly, this crossreference in CBOE Rule 6.7 is being
updated to refer to Article Eighth of the
Exchange’s Certificate of Incorporation.
Finally, in addition to updating the
provisions of the CBOE Fee Schedule
and the CBOE Membership Fee Circular
to reflect the new terminology and
Trading Permit structure that will be in
place following the restructuring of the
Exchange, the Exchange is proposing to
revise the CBOE Fee Schedule and the
CBOE Membership Fee Circular to
eliminate certain fees that will no longer
be in place as a result of the
restructuring. The eliminated fees
include: (i) The member dues monthly
fee, which is being terminated in
connection with the demutualization of
the Exchange; (ii) the lessor firm
application fee, which is being
eliminated because the Exchange no
longer has lessor members; (iii) the postdemutualization trading permit
application fee, which terminated by its
terms upon the effective date of the
demutualization of the Exchange (and
which is also being deleted from the
CBSX Fee Schedule); (iv) the fee to
transfer a membership into trust,
because the Exchange no longer has
memberships that are owned by
members and that can be transferred
into trust; (v) the member death benefit
fee, because the Exchange has
eliminated the member death benefit
through the deletion of previous CBOE
Rule 3.24 in the Demutualization Filing;
(vi) the temporary membership status
access fee, which is being eliminated
because the Exchange no longer has
temporary members; and (vii) the
Interim Trading Permit access fee,
which is being eliminated because the
Exchange no longer has an Interim
Trading Permit program. In conjunction
with the elimination of the Interim
Trading Permit program and because the
Exchange no longer has lessors or
member dues, the Exchange is also
proposing to delete the dues waiver that
was provided to lessors with open
leases under the Interim Trading Permit
program.
2. Statutory Basis
The proposed rule change updates
references in the Exchange’s rules,
18 Article Thirteenth generally limits the fiduciary
liability of directors to the fullest extent permitted
by the General Corporation Law of Delaware.
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Federal Register / Vol. 75, No. 126 / Thursday, July 1, 2010 / Notices
eliminates potential uncertainty about
the application of various rules
following the Exchange’s
demutualization by removing obsolete
terminology from the rules, and does
not change the substantive application
of the Exchange’s rules. Accordingly,
the Exchange believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,19 in
general, and with Section 6(b)(5) of the
Act,20 in particular, in that it is designed
to prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to remove
impediments to and perfect the
mechanism of a free and open market
and, in general, to protect investors and
the public interest. In addition, the fee
changes provided for in the proposed
rule change eliminate obsolete fees from
the CBOE Fee Schedule, the CBOE
Membership Fee Circular, and the CBSX
Fee Schedule and will not have an
impact on Trading Permit Holders.
Therefore, the Exchange believes that
the proposed rule change also furthers
the objections of Section 6(b)(4) of the
Act 21 in that it is designed to provide
for the equitable allocation of reasonable
fees and charges among persons using
Exchange 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 that is 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.
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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 prior to 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, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
19 15
U.S.C. 78f.
U.S.C. 78f(b)(5).
21 15 U.S.C. 78f(b)(4).
20 15
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of the Act 22 and Rule 19b–4(f)(6)(iii)
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing.23 However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange requested that the
Commission waive the 30-day operative
delay, as specified in Rule 19b–
4(f)(6)(iii),24 which would make the rule
change effective and operative upon
filing.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because it will allow the Exchange to
promptly update its rulebook and avoid
potential confusion by deleting obsolete
terminology and amending the
Exchange’s rulebook to reflect postdemutualization terminology.
Accordingly, the Commission
designates the proposed rule change as
operative upon filing with the
Commission.25
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
22 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires the self-regulatory
organization to give the Commission 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.
CBOE has satisfied this requirement.
24 17 CFR 240.19b–4(f)(6)(iii).
25 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
23 17
PO 00000
Frm 00096
Fmt 4703
Sfmt 9990
38167
Number SR–CBOE–2010–058 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–2010–058. 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 Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
self-regulatory organization. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–CBOE–2010–058 and
should be submitted on or before July
22, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–15998 Filed 6–30–10; 8:45 am]
BILLING CODE 8010–01–P
26 17
E:\FR\FM\01JYN1.SGM
CFR 200.30–3(a)(12).
01JYN1
Agencies
[Federal Register Volume 75, Number 126 (Thursday, July 1, 2010)]
[Notices]
[Pages 38164-38167]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-15998]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62382; File No. SR-CBOE-2010-058]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Conforming Changes in Connection With
Demutualization
June 25, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 18, 2010, the Chicago Board Options Exchange, Incorporated
(``CBOE'' or the ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule
[[Page 38165]]
change as described in Items I and II below, which Items have been
prepared by the CBOE. CBOE has filed the proposal pursuant to Section
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ 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 parties.
---------------------------------------------------------------------------
\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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CBOE is filing this proposed rule change to make certain conforming
and technical changes to Chapters IV-LIV of CBOE's rules, to the CBOE
Fee Schedule, to CBOE's circular regarding membership application and
other membership fees (``CBOE Membership Fee Circular''), and to the
CBOE Stock Exchange, LLC (``CBSX'') Fee Schedule in connection with the
restructuring of CBOE from a non-stock corporation to a stock
corporation and wholly-owned subsidiary of CBOE Holdings, Inc. (``CBOE
Holdings'').
The text of the proposed amendments to CBOE's rules, the proposed
amendments to the CBOE Fee Schedule, the proposed amendments to the
CBOE Membership Fee Circular, and the proposed amendments to the CBSX
Fee Schedule is available on the Exchange's Web site (https://www.cboe.org/Legal/), at the Exchange's Office of the Secretary, at the
Commission's Public Reference Room and on the Commission's Web site
https://www.sec.gov.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, 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 these statements may be examined at the places specified in
Item IV below. The CBOE has prepared summaries, set forth in Sections
A, B, and C below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Commission has approved a rule filing (``Demutualization
Filing'') by the Exchange to adopt a new Certificate of Incorporation
and Bylaws for CBOE Holdings and to replace the Exchange's Certificate
of Incorporation and Constitution with a new Certificate of
Incorporation and Bylaws in connection with the restructuring of the
Exchange from a non-stock corporation to a stock corporation and
wholly-owned subsidiary of CBOE Holdings (``Restructuring
Transaction'').\5\ In general, these changes are designed to
restructure the Exchange in the manner described in the preceding
sentence and to address the operation of the Exchange as a self-
regulatory organization in this new structure.
---------------------------------------------------------------------------
\5\ Securities Exchange Act Release No. 62158 (May 24, 2010), 75
FR 30082 (May 28, 2010) (SR-CBOE-2008-88).
---------------------------------------------------------------------------
As part of the Demutualization Filing, the Exchange amended
Chapters I-III of its rules to provide for the use of Trading Permits
to access the Exchange and to make certain technical and conforming
changes. These changes became effective upon the consummation of the
Restructuring Transaction on June 18, 2010. Accordingly, as indicated
in the Demutualization Filing, the Exchange now is submitting this
companion filing to make the changes proposed in Chapters I-III to the
remaining chapters of the Exchange's rules (Chapters IV-LIV).\6\ This
companion filing also proposes to make corollary changes to the CBOE
Fee Schedule, the Membership Fee Circular, and the CBSX Fee Schedule.
The Exchange decided to make the changes in this manner because of the
length of the Demutualization Filing and the fact that the substantive
changes to Exchange's rules regarding trading access were subject to
notice and comment as part of the Demutualization Filing.
---------------------------------------------------------------------------
\6\ The Exchange also amended CBOE Rule 8.3 in the
Demutualization Filing.
---------------------------------------------------------------------------
Listed below are the changes to the rules in Chapters I-III made by
the Demutualization Filing that will be made to the rules in the
remaining chapters and to the Fee Schedule by this filing:
The Exchange is proposing to change references to the term
``member'' in the rules in Chapters IV-LIV, the CBOE Fee Schedule, and
the CBOE Membership Fee Circular to ``Trading Permit Holder.'' \7\ As
part of this change, references to an ``individual member'' will be
changed to an ``individual Trading Permit Holder'' and references to a
``member organization'' will be changed to a ``TPH organization.''
---------------------------------------------------------------------------
\7\ The term ``Trading Permit Holder'' is defined in Section
1.1(f) of the CBOE Bylaws as:
any individual, corporation, partnership, limited liability
company or other entity authorized by the Rules that holds a Trading
Permit. If a Trading Permit Holder is an individual, the Trading
Permit Holder may also be referred to as an ``individual Trading
Permit Holder.'' If a Trading Permit Holder is not an individual,
the Trading Permit Holder may also be referred to as a ``TPH
organization.'' A Trading Permit Holder is a ``member'' solely for
purposes of the Act; however, one's status as a Trading Permit
Holder does not confer on that Person any ownership interest in the
Exchange.
CBOE Rule 1.1(gg) also defines the term ``Trading Permit
Holder'' by cross-referencing this definition in the CBOE Bylaws.
---------------------------------------------------------------------------
The Exchange is proposing to change references to the term
``membership'' in the rules in Chapters IV-LIV, the CBOE Fee Schedule,
and the CBOE Membership Fee Circular to either ``Trading Permit'' or
``Trading Permit Holder'' depending on the circumstances of its usage.
In certain circumstances, the term ``membership'' is used to refer to
the possession of the right to trade on the Exchange.\8\ In those
circumstances, the term will be changed to ``Trading Permit.'' In
addition, because a Trading Permit will be a license issued by the
Exchange, references in those circumstances related to ``owning'' or
``leasing'' a membership will be changed to ``holding'' a Trading
Permit. In other circumstances, the term ``membership'' is used to
refer to the members of the Exchange.\9\ In those circumstances, the
term will be changed to ``Trading Permit Holders.'' In still other
circumstances, the term ``membership'' is used to refer to being or
becoming a member of the Exchange.\10\ In those circumstances, the term
will be changed to ``Trading Permit Holder.''
---------------------------------------------------------------------------
\8\ For example, the number of ``memberships'' owned or leased
by a Market Maker serves as the basis in CBOE Rule 8.3 for
determining the number of options classes that the Market Maker can
trade. The term ``membership'' when used in this manner will be
changed to ``Trading Permit.''
\9\ For example, the Exchange is required in CBOE Rule 6.2B(a)
to provide notice to the ``membership'' of the period of time before
the opening of trading in the underlying security when the Hybrid
System will accept orders and quotes. The term ``membership'' when
used in this manner will be changed to ``Trading Permit Holders.''
\10\ For example, CBOE Rule 4.6 in part prohibits members,
persons associated with members and applicants for ``membership''
from making any willful or material misrepresentation, including a
misstatement or false statement, or omission in any application,
report or other communication to the Exchange. This provision will
be amended to prohibit Trading Permit Holders, persons associated
with Trading Permit Holders and applicants to be Trading Permit
Holders from making any willful or material misrepresentation,
including a misstatement or false statement, or omission in any
application, report or other communication to the Exchange.
---------------------------------------------------------------------------
In connection with the change of the term ``member'' to
``Trading Permit Holder,'' the Exchange is proposing to change
references to the term ``Clearing Member'' in the rules in Chapters
IV--
[[Page 38166]]
LIV and the CBOE Fee Schedule to ``Clearing Trading Permit Holder.''
\11\ The Exchange is also proposing to change certain references to the
term ``member firm'' in the CBOE Fee Schedule to ``Clearing Trading
Permit Holder'' (as the term ``member firm'' has also been used to
refer to a CBOE Clearing Member because Clearing Members utilize the
``F'' (or ``Firm'') order origin code). Similarly, the Exchange is
proposing to change references to the term ``Person Associated with a
Member'' in the rules in Chapters IV--LIV, the CBOE Fee Schedule, and
the CBOE Membership Fee Circular to ``Person Associated with a Trading
Permit Holder.'' \12\ In addition, the Exchange is proposing to change
references to the ``Membership Department'' in the rules in Chapters
IV--LIV to ``TPH Department.'' \13\
---------------------------------------------------------------------------
\11\ See CBOE Rule 1.1(f) (amended in the Demutualization Filing
to change the defined term ``Clearing Member'' to ``Clearing Trading
Permit Holder''). The substance of the definition of ``Clearing
Member'' is unchanged.
\12\ See CBOE Rule 1.1(qq) (amended in the Demutualization
Filing to change the defined term ``Person Associated with a
Member'' to ``Person Associated with a Trading Permit Holder''). The
substance of the definition of ``Person Associated with a Member''
is unchanged.
\13\ See CBOE Rule 1.1(iii) (amended in the Demutualization
Filing to define the term ``TPH Department''). This provision
defines the term as the department or division of the Exchange
(which may be referred to by the Exchange from time to time by a
name other than the TPH Department) that has the functions set forth
in the Rules for the TPH Department. The Exchange initially plans to
refer to the department of the Exchange that has the functions set
forth in the Rules for the TPH Department as the ``Registration
Services Department'' and uses that term in reference to the TPH
Department in the revised CBOE Fee Schedule and CBOE Membership Fee
Circular.
---------------------------------------------------------------------------
The Exchange is proposing to change references to the term
``Constitution'' in the rules in Chapters IV--LIV to ``Bylaws.'' \14\
The Exchange is making this change because it now has ``Bylaws'' rather
than a ``Constitution'' following the restructuring of the Exchange to
a for-profit stock corporation.
---------------------------------------------------------------------------
\14\ See CBOE Rule 1.1(b) (amended in the Demutualization Filing
to change the defined term ``Constitution'' to ``Bylaws'').
---------------------------------------------------------------------------
The Exchange is proposing to delete the reference to the
term ``lessor'' and the related language in CBOE Rule 4.18 because the
concept of leasing memberships no longer exists after the restructuring
of the Exchange.\15\
---------------------------------------------------------------------------
\15\ See CBOE Rule 1.1(ff) (amended in the Demutualization
Filing to delete the defined term ``Lessor'' and replace it with the
defined term ``Person''). The Exchange also deleted the term
``Lessee'' in the Demutualization Filing. See CBOE Rule 1.1(gg)
(amended in the Demutualization Filing to delete the defined term
``Lessee'' and replace it with the defined term ``Trading Permit
Holder'').
---------------------------------------------------------------------------
The Exchange is proposing to delete references to the
concept of registering a membership for a member organization because
that concept does not exist now that Trading Permits are used to
provide trading access to the Exchange.\16\
---------------------------------------------------------------------------
\16\ See, e.g., CBOE Rule 3.8 as amended in the Demutualization
Filing.
---------------------------------------------------------------------------
The Exchange is proposing to delete references relating to
the requirement to post notices of proposed actions on the Exchange
Bulletin Board.\17\ As noted in the Demutualization Filing, the use of
a physical bulletin board at the Exchange has become outdated as
trading on the Exchange has become more electronic and remote from the
Exchange. Despite this change, the Exchange will still be required to
provide persons with notice of proposed actions. The Exchange will also
continue to provide notice of proposed actions via electronic means,
such as through its Web site.
---------------------------------------------------------------------------
\17\ See CBOE Rule 3.9(e) as amended in the Demutualization
Filing.
---------------------------------------------------------------------------
In addition to these changes, the Exchange is proposing to make
technical, non-substantive changes to clarify its regulatory authority
to revoke Trading Permits when a Trading Permit Holder experiences
operational or financial difficulty, as well as its regulatory
authority to suspend or revoke Trading Permits when a Trading Permit
Holder is disciplined by the Exchange. For example, the Exchange is
proposing to amend CBOE Rule 16.4 to provide that the Exchange can
revoke a Trading Permit of a Trading Permit Holder who has been
suspended for operational or financial difficulty in the event the
holder does not apply for reinstatement (or does not obtain
reinstatement) in accordance with CBOE Rule 16.3. In addition, the
Exchange is proposing to amend Rule 17.1 to provide the Exchange with
the authority to suspend or revoke one or more Trading Permits of a
Trading Permit Holder in the event the holder has been disciplined by
the Exchange. The proposed changes to Rules 16.4 and 17.1 apply the new
terminology without altering the existing revocation and suspension
authority.
The Exchange is also proposing to make technical, non-substantive
changes to a few rules in Chapters IV--LIV to make certain corrections
to them. For example, the Exchange is updating a cross-reference in
CBOE Rule 6.7. In general, this provision limits the liability of the
Exchange, its directors, officers and employees, and provides that this
limitation of liability is in addition to the limitation of liability
provided in Article Thirteenth of the Exchange's Certificate of
Incorporation.\18\ As a result of the replacement of the Exchange's
Certificate of Incorporation as mentioned above, the substance of
current Article Thirteenth has been moved to Article Eighth in the
Exchange's new Certificate of Incorporation. Accordingly, this cross-
reference in CBOE Rule 6.7 is being updated to refer to Article Eighth
of the Exchange's Certificate of Incorporation.
---------------------------------------------------------------------------
\18\ Article Thirteenth generally limits the fiduciary liability
of directors to the fullest extent permitted by the General
Corporation Law of Delaware.
---------------------------------------------------------------------------
Finally, in addition to updating the provisions of the CBOE Fee
Schedule and the CBOE Membership Fee Circular to reflect the new
terminology and Trading Permit structure that will be in place
following the restructuring of the Exchange, the Exchange is proposing
to revise the CBOE Fee Schedule and the CBOE Membership Fee Circular to
eliminate certain fees that will no longer be in place as a result of
the restructuring. The eliminated fees include: (i) The member dues
monthly fee, which is being terminated in connection with the
demutualization of the Exchange; (ii) the lessor firm application fee,
which is being eliminated because the Exchange no longer has lessor
members; (iii) the post-demutualization trading permit application fee,
which terminated by its terms upon the effective date of the
demutualization of the Exchange (and which is also being deleted from
the CBSX Fee Schedule); (iv) the fee to transfer a membership into
trust, because the Exchange no longer has memberships that are owned by
members and that can be transferred into trust; (v) the member death
benefit fee, because the Exchange has eliminated the member death
benefit through the deletion of previous CBOE Rule 3.24 in the
Demutualization Filing; (vi) the temporary membership status access
fee, which is being eliminated because the Exchange no longer has
temporary members; and (vii) the Interim Trading Permit access fee,
which is being eliminated because the Exchange no longer has an Interim
Trading Permit program. In conjunction with the elimination of the
Interim Trading Permit program and because the Exchange no longer has
lessors or member dues, the Exchange is also proposing to delete the
dues waiver that was provided to lessors with open leases under the
Interim Trading Permit program.
2. Statutory Basis
The proposed rule change updates references in the Exchange's
rules,
[[Page 38167]]
eliminates potential uncertainty about the application of various rules
following the Exchange's demutualization by removing obsolete
terminology from the rules, and does not change the substantive
application of the Exchange's rules. Accordingly, the Exchange believes
that the proposed rule change is consistent with the provisions of
Section 6 of the Act,\19\ in general, and with Section 6(b)(5) of the
Act,\20\ in particular, in that it is designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and, in general, to protect investors and the
public interest. In addition, the fee changes provided for in the
proposed rule change eliminate obsolete fees from the CBOE Fee
Schedule, the CBOE Membership Fee Circular, and the CBSX Fee Schedule
and will not have an impact on Trading Permit Holders. Therefore, the
Exchange believes that the proposed rule change also furthers the
objections of Section 6(b)(4) of the Act \21\ in that it is designed to
provide for the equitable allocation of reasonable fees and charges
among persons using Exchange facilities.
---------------------------------------------------------------------------
\19\ 15 U.S.C. 78f.
\20\ 15 U.S.C. 78f(b)(5).
\21\ 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 that is 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: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative prior to 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, the proposed rule
change has become effective pursuant to Section 19(b)(3)(A) of the Act
\22\ and Rule 19b-4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------
\22\ 15 U.S.C. 78s(b)(3)(A).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing.\23\ However,
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. The Exchange requested that the Commission waive
the 30-day operative delay, as specified in Rule 19b-4(f)(6)(iii),\24\
which would make the rule change effective and operative upon filing.
---------------------------------------------------------------------------
\23\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires the self-regulatory organization to give the
Commission 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. CBOE has satisfied this requirement.
\24\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because it will allow the Exchange to promptly update its rulebook and
avoid potential confusion by deleting obsolete terminology and amending
the Exchange's rulebook to reflect post-demutualization terminology.
Accordingly, the Commission designates the proposed rule change as
operative upon filing with the Commission.\25\
---------------------------------------------------------------------------
\25\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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-2010-058 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-2010-058. 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 Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the self-regulatory
organization. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
CBOE-2010-058 and should be submitted on or before July 22, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
---------------------------------------------------------------------------
\26\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-15998 Filed 6-30-10; 8:45 am]
BILLING CODE 8010-01-P