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###### Securities and Exchange Commission

          - [Release No. 34-58615; File No. SR-CBOE-2008-95] 

                    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 September 16, 2008, the Chicago Board Options Exchange, Incorporated (the “Exchange” or “CBOE”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a “non-controversial” proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act [3]                                          and Rule 19b-4(f)(6) thereunder.[4]                                          The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.                 

## I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change 

                    The Exchange proposes to make technical changes to the tables setting forth the appointment costs for option classes in CBOE's rules. 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.                 

## 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 those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements.                           ( print page 56621)    

### A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 

#### 1. Purpose 

The purpose of this rule change is to make technical changes to the tables setting forth the appointment costs for option classes in CBOE's rules. 

                    In connection with CBOE's determination to trade options on the Morgan Stanley Retail Index Option class (MVR) on the Hybrid Trading System (“Hybrid”) commencing on September 23, 2008,[5]                                          CBOE proposes to delete reference to MVR in the list of Hybrid 3.0 classes in the table contained in Rule 8.3(c)(iii). MVR then would be added to the table of Hybrid classes in paragraph (c)(i) of Rule 8.3 and placed in the AA Tier, which has been reconfigured to hold all option classes which have a fixed appointment cost. CBOE intends to maintain an appointment cost of .25 for MVR when it trades on Hybrid.                 

                    As noted above, CBOE also proposes to reconfigure the AA and A+ Tiers in Rule 8.3(c)(i) such that the AA Tier would hold all option classes which have a fixed appointment cost. The reference to an A+ Tier would be deleted, and the five option classes currently in the A+ Tier would be placed in the AA Tier.[6]                                          The appointment cost of the existing AA Tier classes and the former A+ Tier classes would remain the same. CBOE is making this change for operational reasons.                 

CBOE believes that these changes to the tables are technical in nature and will facilitate CBOE's decision to trade MVR on the Hybrid Trading System. 

#### 2. Statutory Basis 

                    The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (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. Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) Act [7]                                          requirements that the rules of an exchange be designed to promote just and equitable principles of trade, in that these proposed changes are technical in nature and enable the Exchange to trade MVR on Hybrid.                 

### B. Self-Regulatory Organization's Statement on Burden on Competition 

CBOE does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. 

### C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others 

The Exchange neither solicited nor received comments on the proposal. 

## III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action 

                    Because the foregoing rule does not (i) significantly affect 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 if consistent with the protection of investors and the public interest, provided that the self-regulatory organization has given the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change or such shorter time as designated by the Commission, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act [8]                                          and Rule 19b-4(f)(6) thereunder.[9]                                          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,[10]                                          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. The Exchange states that waiving the 30 days will enable  it to begin trading MVR options on Hybrid on September 23, 2008, which would promote competition and efficiency without undue delay. Based on these reasons, the Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, and thus designates the proposal effective upon filing.[11] 

## 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 rule-comments@sec.gov.                      Please include File Number SR-CBOE-2008-95 on the subject line.                 

### Paper Comments 

    - Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

                    All submissions should refer to File Number SR-CBOE-2008-95. 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 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 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                           ( print page 56622)                        submissions should refer to File Number SR-CBOE-2008-95 and should be submitted on or before October 20, 2008.                 

                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.[12] 

Florence E. Harmon, 

Acting Secretary.

# Footnotes

1.                             15 U.S.C. 78s(b)(1).                     
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2.                             17 CFR 240.19b-4.                     
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3.                             15 U.S.C. 78s(b)(3)(A)(iii).                     
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4.                             17 CFR 240.19b-4(f)(6).                     
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5.                             MVR currently trades on the Hybrid 3.0 Platform.                     
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6.                             CBOE also proposes to make a technical change to Rule 8.85(e) and Rule 8.92(d) to delete the reference to the A+ Tier.                     
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7.                             15 U.S.C. 78f(b)(5).                     
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8.                             15 U.S.C. 78s(b)(3)(A).                    
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9.                             17 CFR 240.19b-4(f)(6).                    
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10.                                                     *Id.*
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11.                             For 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).                    
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12.                             17 CFR 200.30-3(a)(12).                    
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[FR Doc. E8-22747 Filed 9-26-08; 8:45 am] 

BILLING CODE 8010-01-P