Federal Register / Vol. 62, No. 37 / Tuesday, February 25, 1997 / Notices 8469

5See letter from Joseph P. Corrigan, Executive

Director, OPRA, to Ivette Lopez, Assistant Director,

OMS, Division, Commission, dated November 8,

1996.

6 17 CFR 200.30–3(a)(12).

1 15 U.S.C. § 78s(b)(1) (1988).

2 17 CFR 240.19b–4.

3The components securities in the Index include:

American Management System; Analysts

International Corp.; Ciber Inc.; Computer Associates

International Inc.; Computer Horizons Corp.;

Computer Sciences Corp.; Compuware Corp.; Data

Dimensions Inc.; Dun & Bradstreet Corp; Electronic

Continued

Shares are at the same levels that apply

to options generally under Exchange

Rule 462, except, reflecting the

diversified nature of the underlying

portfolios represented by the Fund

Shares, minimum margin must be

deposited and maintained equal to

100% of the current market value of the

option plus 15% of the market value of

equivalent units of the underlying

security value. In this respect, the

margin requirements proposed for

options on Exchange-Traded Fund

Shares are comparable to margin

requirements that currently apply to

broad-based index options under

Exchange Rule 462.

The Exchange believes it has the

necessary systems capacity to support

the additional series of options that

would result from the introduction of

Fund options, and it has been advised

that the Options Price Reporting

Authority (‘‘OPRA’’) also will have the

capacity to support these additional

series now that it has implemented an

additional outgoing high speed line

from the OPRA processor.5

2. Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) of the Act, in general, and

furthers the objectives of Section 6(b)(5)

in particular, in that it is designed to

prevent fraudulent and manipulative

acts and practices, to promote just and

equitable principles of trade, and is not

designed to permit unfair

discrimination between customers,

issuers, brokers or dealers.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Amex does not believe that the

proposed rule change will impose any

inappropriate burden on competition.

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

Within 35 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

90 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 such 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.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of the

submission, all subsequent

amendments, all written statements

with respect to the proposed rule

change that are filled 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, 450 Fifth Street, N.W.,

Washington, D.C. Copies of such filing

will also be available for inspection and

copying at the principal office of the

Amex. All submissions should refer to

File No. SR–Amex–96–44 and should be

submitted by March 18, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–4611 Filed 2–24–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38307; File No. SR–Amex–

97–04]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

American Stock Exchange, Inc.,

Relating to Options on the de Jager

Year 2000 Index

February 19, 1997.

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 January

27, 1997, the American Stock Exchange,

Inc., (‘‘Amex’’ or ‘‘Exchange’’) 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 by the selfregulatory organization. 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 list and

trade options on The de Jager Year 2000

Index (‘‘Index’’), a new stock index

developed by the Amex and de Jager &

Company based on stocks (or American

Depositary Receipts (‘‘ADRs’’) thereon)

of companies whose business is

expected to benefit from the need of

companies, governments, and others to

address and resolve the ‘‘Year 2000’’

problem. In addition, the Amex

proposes to amend Exchange Rule 901C,

Commentary .01 to reflect that 90

percent of the Index’s numerical index

value will be accounted for by stocks

which meet the current criteria and

guidelines set forth in Exchange Rule

915.

II. Self-Regulatory Organization’s

Statement of the Propose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

self-regulatory organization included

statements concerning the purpose of

and basis for the proposed rule change

and discussed any comments it received

on the proposed rule change. The text

of these statements may be examined at

the places specified in Item IV below.

The self-regulatory organization 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 Amex and de Jager & Company

have developed a new index called The

de Jager Year 2000 Index, based entirely

on shares of widely-held companies

whose business is expected to benefit

from the need of companies,

governments, and others to address and

resolve the ‘‘Year 2000’’ problem.3 The
8470 Federal Register / Vol. 62, No. 37 / Tuesday, February 25, 1997 / Notices

Data Systems Corp.; Information Management

Resources Inc.; Intersolv; Keane Inc.; Peoplesoft

Inc.; Platinum Technology Inc.; Sterling Software

Inc.; Viasoft Inc.; and Zitel Corp.

4Mr. de Jager worked for many years in computer

operations and programming prior to becoming a

speaker and writer on various computer related

issues and has recently become involved in

promoting awareness of the ‘‘Year 2000’’ problem.

5See Securities Exchange Act Release No. 34157

(June 3, 1994), 59 FR 30062 (June 10, 1994) (Amex–

92–35) (approval order relating to narrow-based

index options listing standards) (‘‘Generic Index

Approval Order’’).

6 In the case of ADRs, this represents market

value as measured by total world-wide shares

outstanding.

7Surveillance procedures currently used to

monitor trading in each of the Exchange’s other

index options will also be used to monitor trading

in options on the de Jager Year 2000 Index,

including, but not limited to, insider trading

reviews of component securities and stockwatch

monitoring. Telephone conversation between Claire

P. McGrath, Managing Director and Special

Counsel, Derivatives Securities, Amex and Matthew

S. Morris, Division of Market Regulation,

Commission, on February 11, 1997.

‘‘Year 2000’’ problem arises because

most business application software

programs (mainframe, client/server, and

personal computer) written over the

past twenty-years use only two digits to

specify the year, rather than four.

Therefore, on January 1, 2000, unless

the software is corrected, most

computers with time-sensitive software

programs will recognize the year as

‘‘00’’ and may assume that this year is

‘‘1900.’’ This could either force the

computer to shut down or lead to

incorrect calculations. de Jager &

Company is a small consulting firm that,

through Peter de Jager, is solely

involved in promoting awareness of the

‘‘Year 2000’’ problem.4 The industries

represented by these companies

include: packaged software providers;

computer programming consulting

firms; and computer outsourcing

services. Each of the component

securities are traded on the Amex, the

New York Stock Exchange, Inc.

(‘‘NYSE’’), or through the facilities of

the National Association of Securities

Dealers (‘‘NASD’’) Automated Quotation

system (‘‘NASDAQ’’) and are reported

national market system securities

(‘‘NASDAQ/NMS’’). The Amex intends

to trade standardized option contracts

on the newly developed Index. The

Exchange is filing this proposal

pursuant to Exchange Rule 901C,

Commentary .02, which provides for the

commencement of trading of options on

the Index thirty days after the date of

this filing. The proposal meets all the

criteria set forth in Commentary .02 and

the Commission’s order approving that

rule.5

Eligibility Standards for Index

Components

Pursuant to Commentary .02 to

Exchange Rule 901C, (1) all of the

component securities of the Index are

listed on the Amex, the NYSE, or are

NASDAQ/NMS listed; (2) each of the

component securities has a minimum

market capitalization of at least $75

million;6 (3) seventeen of the eighteen

components have had a monthly trading

volume of at least one million shares

during the previous six months (one

component had a monthly trading

volume of 650,000 shares during the

previous six months); (4) sixteen of the

component securities in the Index

(84.21 percent) and 91.63 percent of the

Index’s numerical index value have met

the initial eligibility criteria for

standardized options trading set forth in

Exchange Rule 915; (5) foreign country

securities or ADRs thereon that are not

subject to comprehensive surveillance

sharing agreements do not in the

aggregate represent more than 20

percent of the weight of the Index; and

(6) the Index is price-weighted, and no

individual component stock in the

Index represents more than 25 percent

of the weight of the Index, and the five

highest weighted component stocks in

the Index do not in the aggregate

account for more than 60 percent of the

weight of the Index.

Maintenance of the Index

The Amex will maintain the Index in

accordance with Exchange Rule 901C,

Commentary .02 so that the Index

continues to meet the eligibility

standards set forth above, except that:

(1) the total number of component

securities will not increase or decrease

by more than 331⁄3 percent from the

number of components in the Index at

the time of its initial listing, and in no

event will the Index have less than nine

components; (2) component stocks

constituting the top 90 percent of the

Index, by weight, will have a minimum

market capitalization of $75 million,

and the component stocks constituting

the bottom 10 percent of the Index, by

weight, will have a minimum market

capitalization of $50 million; (3) the

monthly trading volume of each

component security will be at least

500,000 shares, or for each of the lowest

weighted components in the Index that

in the aggregate account for no more

than 10 percent of the weight of the

Index, the monthly trading volume will

be at least 400,000 shares; (4) no single

component will represent more than 25

percent of the weight of the Index, and

the five highest weighted components

will represent no more than 60 percent

of the Index as of the first day of January

and July in each year; and (5) 90 percent

of the Index’s numerical index value

and at least 80 percent of the total

number of component securities will

meet the then current criteria for

standardized option trading set forth in

Exchange Rule 915.

The Exchange will not open for

trading any additional option series

should the Index fail to satisfy any of

the maintenance criteria set forth above

unless such failure is determined by the

Exchange not to be significant and the

Commission concurs in that

determination, or unless the continued

listing of the Index option has been

approved by the Commission pursuant

to Section 19(b)(2) of the Act.

Index Calculation

The Index is price-weighted; the

Index value corresponds to the sum of

the prices of each of the component

stocks divided by the current index

divisor. The Index divisor was initially

determined to yield a benchmark value

of 250 on December 31, 1996. Similar to

other stock index values published by

the Exchange, the value of the Index

will be calculated continuously and

disseminated every fifteen seconds over

the Consolidated Tape Association’s

Network B.

The Index will be calculated and

maintained by the Amex. A

representative of de Jager & Company

will be available to advise the Exchange

when, pursuant to Exchange Rule

901C(b), the Amex substitutes stocks, or

adjusts the number of stocks included in

the Index, based on changing conditions

in the ‘‘Year 2000’’ industry or in the

event of certain types of corporate

actions, such as a merger or a takeover

which warrants the removal of a

component security from the Index. It is

anticipated that the Amex will consult

with de Jager & Company on a quarterly

basis to review possible candidates for

removal from or inclusion in the Index.7

Such consultations will occur after the

close of trading and any determination

to remove or to include a component in

the Index will be publicly announced

prior to the opening of trading on the

following business day. However, in the

event the Exchange determines to

increase the number of Index

component stocks to greater than 24 or

to reduce the number of component

stocks to fewer than 12, the Exchange

will submit a rule filing pursuant to

Rule 19b–4 under the Act to the

Commission. In selecting securities to

be included in the Index, the Exchange,

in conjunction with de Jager &

Company, will be guided by a number

of factors including market value of

outstanding shares and trading activity
Federal Register / Vol. 62, No. 37 / Tuesday, February 25, 1997 / Notices 8471

8The Commission notes that pursuant to Article

XVII, Section 4 of the Options Clearing

Corporation’s (‘‘OCC’’) by-laws, the OCC is

empowered to fix an exercise settlement amount in

the event it determines a current index value is

unreported or otherwise unavailable. Further, the

OCC has the authority to fix an exercise settlement

amount whenever the primary market for the

securities representing a substantial part of the

value of the underlying index is not open for

trading at the time when the current index value

(i.e., the value used for exercise settlement

purposes) ordinarily would be determined. See

Securities Exchange Act Release No. 37315 (June

17, 1996), 61 FR 32471 (June 24, 1996) (OCC–95–

18).

9See supra note 5.

and adherence to Exchange Rule 901C,

Commentary .02.

Expiration and Settlement

The proposed options on the Index

will be European-style (i.e., exercises

are permitted at expiration only), and

cash settled. Standard option trading

hours (9:30 a.m. to 4:10 p.m., New York

time) will apply. The options on The de

Jager Year 200 Index will expire on the

Saturday following the third Friday of

the expiration month (‘‘Expiration

Friday’’). The last trading day in an

expiring options series will normally be

the second to last business day

preceding the Saturday following the

third Friday of the expiration month

(normally a Thursday). Trading in

expiring options will cease at the close

of trading on the last trading day.

The Exchange plans to list options

series with expirations in the three nearterm calendar months and in the two

additional calendar months in the

February cycle. In additions, longer

term options series having up to thirtysix months to expiration may be traded.

In lieu of such long-term options on a

full value Index level, the Exchange may

instead list long-term, reduced value put

and call options based on one-tenth

(1⁄10th) the Index’s full value. In either

event, the interval between expiration

months for either a full value or reduced

long-term option will not be less than

six-months. The trading of any longterm options would be subject to the

same rules which govern the trading of

all the Exchange’s index options,

including sales practice rules, margin

requirements, and floor trading

procedures and all options will have

European-style exercise. Position limits

on reduced-value long-term de Jager

Year 2000 Index options will be

equivalent to the position limits for

regular (full-value) Index options and

would be aggregated with such options.

(For example, if the position limit for

the full-value options is 12,000

contracts on the same-side of the

market, then the position limit for the

reduced-value options will be 120,000

contracts on the same-side of the

market.)

The exercise settlement value for all

of the Index’s expiring options will be

calculated based upon the primary

exchange regular way opening sale

prices for the component stocks. In the

case of securities traded through the

NASDAQ system, the first reported

regular way sale price will be used. If

any component stock does not open for

trading on its primary market on the last

trading day before expiration, then the

prior day’s last sale price will be used

in the calculation.8

Exchange Rules Applicable to Stock

Index Options

Exchange Rules 900C through 980C

will apply to the trading of option

contracts based on the Index. These

rules cover issues such as surveillance,

exercise prices, and position limits.

Surveillance procedures currently used

to monitor trading in each of the

Exchange’s other index options will also

be used to monitor trading in options on

The de Jager Year 2000 Index. The Index

is deemed to be a Stock Index Option

under Exchange Rule 901C(a) as well as

a Stock Index Industry Group under

Exchange Rule 900C(b)(1). With respect

to Exchange Rule 903C(b), the Amex

proposes to list near-the-money (i.e.,

within ten points above or below the

current index value) option series on the

Index at 2-1⁄2 point strike (exercise)

price intervals when the value of the

Index is below 200 points. In addition,

the Amex expects that the review

required by Exchange Rule 904C(c) will

result in a position limit of 12,000

contracts with respect to options on this

Index.

2. Statutory Basis

The Amex believes that the proposed

rule change is consistent with Section

6(b) of the Act in general and furthers

the objectives of Section 6(b)(5) in

particular in that it is designed to

prevent fraudulent and manipulative

acts and practices, to promote just and

equitable principles of change, to foster

cooperation and coordination with

persons engaged in facilitating

transactions in securities, and to remove

impediments to and perfect the

mechanism of a free and open market

and a national market system.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Amex does not believe that the

proposed rule change will impose any

inappropriate burden on competition.

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 rule change

complies with the standards set forth in

the Generic Index Approval Order,9 it

has become effective pursuant to

Section 19(b)(3)(A) of the Act. Pursuant

to the Generic Index Approval Order,

the Amex may not list options for

trading on the Index prior to thirty days

after January 27, 1997, the date the

proposed rule change was filed with the

Commission. At any time within sixty

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.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549. 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 at

the Commission’s Public Reference

Section, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of the Amex. All submissions

should refer to File No. SR–Amex–97–

04 and should be submitted by March

18, 1997.
8472 Federal Register / Vol. 62, No. 37 / Tuesday, February 25, 1997 / Notices

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

2 17 CFR 240.19b–4.

3On February 12, 1997, the Exchange filed an

amendment to the rule proposal. See Letter from

Arthur Reinstein, Senior Attorney, CBOE, to Janice

Mitnick, Attorney, Division of Market Regulation,

Commission, dated February 12, 1997

(‘‘Amendment No. 1’’). Amendment No. 1 provides

that failure to file an application notifying the

Exchange of a statutory disqualification would be

a factor to be considered by the CBOE’s

Membership Committee in making determinations

with respect to the person’s membership or

association pursuant to CBOE Rule 3.4(e), instead

of constituting a waiver of the individual’s right of

appeal. Further, Amendment No. 1 describes the

procedures to be followed by the Exchange’s

Membership Committee in reviewing an application

submitted pursuant to proposed Rule 3.4(f). Finally,

Amendment No. 1 describes the composition of the

CBOE’s Business Conduct Committee (‘‘BCC’’) and

CBOE’s Membership Committee.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–4612 Filed 2–24–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38290; File No. SR–CBOE–

96–73]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Chicago Board Options Exchange,

Inc. Relating to Membership

Committee Jurisdiction Over

Continuing Membership

February 14, 1997.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 and Rule 19b–4 2 thereunder,

notice is hereby given that on November

26, 1996, the Chicago Board Options

Exchange, Inc. (‘‘CBOE’’ or ‘‘Exchange’’)

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 by the selfregulatory organization.3 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 amend

CBOE Rule 3.4 to: (i) grant the

Membership Committee, instead of the

BCC, the power to decide whether to

limit or condition the right of a person

to continue as a member, or as a person

associated with a member, when such

person fails to meet any of the

qualification requirements for

membership or association after the

membership or association has been

approved, fails to meet any condition

placed by the Membership Committee

on such membership or association,

violates an agreement with the

Exchange, or becomes subject to a

statutory disqualification under the Act;

and (ii) require a member or person

associated with a member who is

subject to a statutory disqualification to

submit an application to the

Membership Committee in order to

continue as a member or as a person

associated with a member.

The text of the proposed rule change

is available at the Office of the

Secretary, CBOE and at the Commission.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

self-regulatory organization included

statements concerning the purpose of

and basis for the proposed rule change,

and discussed any comments it received

on the proposed rule change. The text

of these statements may be examined at

the places specified in Item IV below.

The self-regulatory organization 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 grant to the CBOE’s

Membership Committee certain

authority over persons who fail to meet

conditions to their remaining as

members or persons associated with

members, or who become subject to a

statutory disqualification after becoming

a member or person associated with a

member. Presently this authority rests

with the Exchange’s BCC. The proposed

rule change also requires a member or

person associated with a member who is

subject to a statutory disqualification

and who wants to continue as a member

or in association with a member to

submit an application to that effect to

the CBOE’s Membership Committee.

CBOE Rule 3.4 (a) through (c) sets

forth the reasons the CBOE’s

Membership Committee may deny or

condition membership or a person’s

association with a member. However,

the jurisdiction of the CBOE’s

Membership Committee currently

applies only to applicants for

membership or association with a

member, not to existing members or

associated persons. CBOE Rule 3.4(e)

currently authorizes the Exchange’s BCC

to take action against an existing

member under Chapter XVII,

‘‘Discipline,’’ of the CBOE’s rules when

any of these reasons for denying or

conditioning membership (or

association with a member) comes into

existence. Under this authority, the

Exchange’s BCC may suspend or bar

from membership an existing member

for the same reasons a person applying

for membership could be denied

membership or be granted only

conditional membership. For example,

if an existing member becomes subject

to a statutory disqualification under

Sections 3(a)(39) and 15(b) under the

Act, the CBOE’s BCC may take action,

pursuant to CBOE Rule 3.4(e), to

discontinue that member’s membership.

In addition, Section 2.2 under the

CBOE’s Constitution, ‘‘Eligibility for

Membership; Good Standing,’’ provides

that the good standing of a CBOE

member may be suspended, terminated

or otherwise withdrawn, as provided in

the CBOE’s Rules, if any of the

conditions for approval cease to be

maintained or the member violates any

of its agreements with the Exchange or

any of the provisions of the

Constitution. Again, the CBOE’s BCC

currently would take action under

Section 2.2 of the Exchange’s

Constitution against existing members

or associated persons.

The CBOE believes it is more

appropriate for the Exchange’s

Membership Committee to deal with

membership related issues (whether

those issues concern an applicant for

membership or an already existing

CBOE member), and for the Exchange’s

BCC to limit its activities to disciplinary

matters involving allegations of specific

rule violations. The Exchange believes

that its Membership Committee is more

familiar with the considerations that

properly bear on decisions to deny or

condition membership, and is best able

to evaluate cases involving whether to

continue or condition the membership

of an existing member by referring to the

standards it applies when evaluating

applicants for membership. The

Exchange’s BCC may not be privy to

membership applications that were

denied by the CBOE’s Membership

Committee and the reasons for such

denial. Furthermore, the CBOE’s BCC

may not be familiar with the factors

considered by the Exchange’s

Membership Committee when acting on

membership applications, or the types

of conditions that may be imposed on

applicants. In short, the Exchange

believes that the present bifurcation of

membership issues between the two

committees could result in the CBOE’s