13324 Federal Register / Vol. 72, No. 54 / Wednesday, March 21, 2007 / Notices 

10 17 CFR 200.30–3(a)(12). 

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). 

5See Rule 8.3(c)(viii) and Rule 8.4(c)(ii). 

6See Securities Exchange Act Release No. 51366 

(March 14, 2005), 70 FR 13217 (March 18, 2005) 

(approving SR–CBOE–2004–75). 

7A second exception, also adopted on a pilot 

basis and contained in Rule 8.4(c)(i), permits a 

member or member firm operating as an RMM in 

a class to have one Market-Maker affiliated with the 

RMM organization trading in open outcry in any 

specific class allocated to the RMM, provided such 

Market-Maker trades on a separate membership. 

8See Securities Exchange Act Release No. 53414 

(March 3, 2006), 71 FR 12753 (March 13, 2006) 

(approving SR–CBOE–2006–25). 

9See Securities Exchange Act Release No. 54182 

(July 20, 2006), 71FR 42692 (July 20, 2006) 

(approving SR–CBOE–2006–51). 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(5). 

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–BSE–2007–08 and should 

be submitted on or before April 11, 

2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–5115 Filed 3–20–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55474; File No. SRCBOE–

2007–20] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Extend a Pilot 

Program Relating to Multiple 

Aggregation Units 

March 15, 2007. 

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 February 

26, 2007, the Chicago Board Options 

Exchange, Incorporated (‘‘Exchange’’ or 

‘‘CBOE’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change as described 

in Items I and II below, which Items 

have been substantially prepared by the 

Exchange. The Exchange filed the 

proposal as a ‘‘non-controversial’’

proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder,4 which 

renders the proposal effective upon 

filing. The Commission is publishing 

this notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

CBOE proposes to extend for an 

additional year, until March 14, 2008, 

an existing Pilot Program that allows a 

CBOE member or member firm to have 

multiple aggregation units operating as 

separate Market-Makers or Remote 

Market-Makers (‘‘RMMs’’) within the 

same class. The text of the proposed 

rule change is available on CBOE’s Web 

site (http://www.cboe.org/Legal), at the 

CBOE’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 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to extend for an additional 

year, until March 14, 2008, an existing 

Pilot Program that allows a CBOE 

member or member firm to have 

multiple aggregation units operating as 

separate Market-Makers or RMMs 

within the same class, provided they 

satisfy certain criteria set forth in Rule 

8.4(c)(ii)(A)–(C).5

In March 2005, CBOE amended its 

rules to establish a new membership 

status called RMM, who have the ability 

to submit quotes to the CBOE from a 

location outside of the physical trading 

station of the RMM’s appointed class.6

In connection with the adoption of these 

rules, CBOE also adopted provisions in 

its rules relating to RMM affiliation 

limitations. Specifically, CBOE Rule 

8.4(c) provides that except as otherwise 

provided, an RMM may not have an 

appointment as an RMM in any class in 

which it or its member organization 

serves as DPM, e-DPM, RMM, or 

Market-Maker on CBOE. 

One exception that was approved on 

a pilot basis was the ability of a CBOE 

member or member firm to have 

multiple aggregation units operating as 

separate RMMs within the same class, 

provided certain specific criteria were 

complied with.7

In March 2006, the Pilot Program was 

extended for an additional year,8 and is 

also applicable to Market-Makers.9

CBOE believes that the Pilot Program 

has been successful, in that it allows a 

CBOE member or member firm to have 

multiple aggregation units operating as 

separate Market-Makers or RMMs 

within the same class, provided they 

comply with certain specific criteria. 

CBOE has not experienced any negative 

effects with respect to the Pilot Program. 

Thus, CBOE believes it would be 

appropriate and beneficial to extend this 

Pilot Program for an additional year, 

until March 14, 2008. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the Act 

and the rules and regulations under the 

Act applicable to a national securities 

exchange and, in particular, the 

requirements of Section 6(b) of the 

Act.10 Specifically, the Exchange 

believes the proposed rule change is 

consistent with the Section 6(b)(5) of the 

Act,11 which requires that the rules of 

an exchange be designed to promote just 

and equitable principles of trade, to 

prevent fraudulent and manipulative 

acts and, in general, to protect investors 

and the public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE does not believe that the 

proposed rule change will impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Exchange Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither received nor 

solicited written comments on the 

proposal. 


jlentini on PROD1PC65 with NOTICES
Federal Register / Vol. 72, No. 54 / Wednesday, March 21, 2007 / Notices 13325 

12 15 U.S.C. 78s(b)(3)(A)(iii). 

13 17 CFR 240.19b–4(f)(6). 

14 Id. 

15For purposes only of waiving the operative date 

of this proposal, the Commission has considered 

the proposed rule’s impact on efficiency, 

competition and capital formation. 15 U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Changes are marked to the rule text that appears 

in the electronic manual of Nasdaq found at 

http://www.complinet.com/nasdaq. 

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)(iii) of the Act 12 and 

subparagraph (f)(6) of Rule 19b–4 13

thereunder because it does not: (i) 

Significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; (iii) become operative for 

30 days from the date on which it was 

filed, or such shorter time as the 

Commission may designate; and the 

Exchange has given the Commission 

written notice of its intention to file the 

proposed rule change at least five 

business days prior to filing. 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. 

Under Rule 19b–4(f)(6) of the Act,14

the proposal does not become operative 

for 30 days after the date of its filing, or 

such shorter time as the Commission 

may designate if consistent with the 

protection of investors and the public 

interest. The Exchange has requested 

that the Commission waive the 30-day 

operative date, so that proposal may 

take effect upon filing. The Commission 

believes that the proposed rule change 

does not raise any new regulatory issues 

and, consistent with the protection of 

investors and the public interest, has 

determined to waive the 30-day 

operative date, so that the pilot may 

continue without interruption.15

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–2007–20 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE, Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–CBOE–2007–20. 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 inspection and copying in 

the Commission’s Public Reference 

Section, 100 F Street, NE, Washington, 

DC 20549. Copies of such 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–2007–20 and should 

be submitted on or before April 11, 

2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.16

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–5116 Filed 3–20–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55443; File No. SR–

NASDAQ–2006–048] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing of Proposed Rule Change To 

Establish a Data Entitlement Named 

‘‘Depth Feed’’ Consisting of Data 

Feeds Nasdaq TotalView and Nasdaq 

OpenView, and To Establish a 

Distribution Charge for Depth Feed 

March 12, 2007. 

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 November 

16, 2006, The NASDAQ Stock Market 

LLC (‘‘Nasdaq’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II and III 

below, which Items have been prepared 

substantially by Nasdaq. 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 

Nasdaq proposes to modify the fee 

schedule for distribution of data from 

the Nasdaq Market Center. Specifically, 

Nasdaq is proposing to establish a data 

entitlement named ‘‘Depth Feed’’

consisting of two data feeds: Nasdaq 

TotalView and Nasdaq OpenView. 

Nasdaq also proposes to establish a 

distribution charge for Depth Feed. 

The text of the proposed rule change 

is available at Nasdaq, 

www.nasdaq.com, and the 

Commission’s Public Reference Room.3

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

Nasdaq included statements concerning 

the purpose of and basis for the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. 

Nasdaq has prepared summaries, set 

forth in Sections A, B, and C below, of 

the most significant aspects of such 

statements. 


jlentini on PROD1PC65 with NOTICES