78282 Federal Register / Vol. 75, No. 240 / Wednesday, December 15, 2010 / Notices 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 

19b–4(f)(6)(iii) requires that a self-regulatory 

organization 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 filing of the proposed rule change, or 

such shorter time as designated by the Commission. 

The Commission notes that the Exchange has 

satisfied this requirement. 

9For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 10 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

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, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 7 and Rule 19b– 

4(f)(6)(iii) thereunder.8 The Exchange 

has asked the Commission to waive the 

30-day operative delay so that the 

proposal may become operative 

immediately upon filing. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because such waiver will 

allow the pilot program to continue 

uninterrupted and help ensure 

uniformity among the national 

securities exchanges and FINRA with 

respect to the treatment of clearly 

erroneous transactions.9 Accordingly, 

the Commission waives the 30-day 

operative delay requirement and 

designates the proposed rule change as 

operative upon filing with the 

Commission. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–NASDAQ–2010–160 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–NASDAQ–2010–160. 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 (http://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– 

NASDAQ–2010–160 and should be 

submitted on or before January 5, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–31451 Filed 12–14–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63472; File No. SR–CBOE– 

2010–103] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Its Fees 

Schedule and Circular Regarding 

Trading Permit Holder Application and 

Other Related Fees 

December 8, 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 November 

30, 2010, the Chicago Board Options 

Exchange, Incorporated (‘‘CBOE’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by CBOE. 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 

Chicago Board Options Exchange, 

Incorporated (‘‘CBOE’’ or ‘‘Exchange’’) 

proposes to amend its Fees Schedule 

and circular regarding Trading Permit 

Holder application and other related 

fees (‘‘Trading Permit Fee Circular’’) as 

they apply to the description of a 

Market-Maker Trading Permit. The text 

of the proposed rule change is available 

on the Exchange’s Web site http:// 

www.cboe.org/legal/, 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, 

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. CBOE has prepared 

summaries, set forth in Sections A, B, 

and C below, of the most significant 

aspects of such statements. 


hsrobinson on DSK69SOYB1PROD with NOTICES
Federal Register / Vol. 75, No. 240 / Wednesday, December 15, 2010 / Notices 78283 

3CBOE Rule 1.1(aaa) provides that the ‘‘ ‘Hybrid 

Trading System’ refers to the Exchange’s trading 

platform that allows Market-Makers to submit 

electronic quotes in their appointed classes. ‘Hybrid 

3.0 Platform’ is an electronic trading platform on 

the Hybrid Trading System that allows one or more 

quoters to submit electronic quotes which represent 

the aggregate Market-Maker quoting interest in a 

series for the trading crowd * * * Classes 

authorized by the Exchange for trading on the 

Hybrid 3.0 Platform shall be referred to as Hybrid 

3.0 classes.’’ 

4 15 U.S.C. 78f(b). 

5 15 U.S.C. 78f(b)(4). 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(2). 8 17 CFR 200.30–3(a)(12). 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

CBOE is proposing to amend the 

Market-Maker Trading Permit 

description in its Fees Schedule and 

Trading Permit Fee Circular to 

accommodate the listing of series on the 

Hybrid Trading System, in a class that 

is typically traded on the Hybrid 3.0 

Platform.3 Currently, the bandwidth 

allowance associated with a MarketMaker Trading Permit where the 

Trading Permit Holder maintains an 

appointment in a Hybrid 3.0 class is 

proportionately reduced to [sic] by the 

appointment cost of the class. However, 

if a Market-Maker is able to submit 

electronic quotes in a Hybrid 3.0 class, 

such as a Lead Market-Maker that 

streams quotes in the class, the MarketMaker shall receive the quoting 

bandwidth allowance attributable to 

that Hybrid 3.0 class to quote in, and 

only in, that class. 

To accommodate the listing of series 

on the Hybrid Trading System in a class 

that is considered to be a Hybrid 3.0 

class, CBOE is proposing the following 

changes effective December 1, 2010. 

First, because there is only one product 

that trades on Hybrid 3.0 (the S&P 500 

Index option class or ‘‘SPX’’), and the 

appointment cost for that class is 1.0, 

CBOE is proposing to delete the 

provision in the CBOE Fees Schedule 

and the Trading Permit Fee Circular that 

reduces [sic] amount of quoting 

bandwidth proportionate to the 

appointment cost allocated to MarketMaker Trading Permit Holders that 

maintain an appointment in a Hybrid 

3.0 class and CBOE is proposing to 

delete the language referencing the 

bandwidth allowance ‘‘attributable to 

that class.’’ Second, CBOE is proposing 

to add language to the description in 

both the Fees Schedule and the Trading 

Permit Fee Circular to specifically 

reference series traded on the Hybrid 

Trading System within a Hybrid 3.0 

class. The allocated bandwidth 

allowance will continue to be limited to 

quoting only in that class. For example, 

if a particular series of SPX trades on 

the Hybrid Trading System, a MarketMaker Trading Permit Holder with an 

appointment in SPX may only use its 

allocated bandwidth to trade in SPX. 

2. Statutory Basis 

The proposed rule change will treat 

all Market-Maker Trading Permit 

Holders with an appointment in a 

Hybrid 3.0 class in a consistent manner. 

Accordingly, the Exchange believes that 

the proposed rule change is consistent 

with Section 6(b) of the Act,4 in general, 

and furthers the objectives of Section 

6(b)(4) of the Act 5 in particular, in that 

it is designed to provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among persons 

using its facilities for the reasons 

described above. 

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 

The foregoing rule has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 6 and subparagraph (f)(2) of 

Rule 19b–4 7 thereunder. At any time 

within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

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 http://www.sec.gov/ 

rules/sro.shtml; or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–CBOE–2010–103 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–2010–103. 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 http://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 

available publicly. All submissions 

should refer to File No. SR–CBOE– 

2010–103 and should be submitted on 

or before January 5, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–31437 Filed 12–14–10; 8:45 am] 

BILLING CODE 8011–01–P 


hsrobinson on DSK69SOYB1PROD with NOTICES