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###### Securities and Exchange Commission

          - [Release No. 34-62997; File No. SR-CBOE-2010-088]

                    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 21, 2010, the Chicago Board Options Exchange, Incorporated (“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 has designated this proposal as one constituting a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule under Section 19(b)(3)(A)(i) of the Act, and Rule 19b-4(f)(1) thereunder, 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 persons.                

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

                    The Exchange proposes to make technical amendments to its rules to insert the specific dates for two pilot programs. 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 61238)    

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

#### 1. Purpose

CBOE proposes to make technical amendments to its rules to insert specific dates for two pilot programs.

                    First, the Commission has approved the Exchange's proposal to modify the clearly erroneous policy of the CBOE Stock [sic] on a pilot basis.[3]                                          This rule change proposes to amend the text of Rule 52.4,                     *Clearly Erroneous Policy,*                     to insert the approval date of the pilot program, which is September 10, 2010.                

                    Second, the Commission has approved the Exchange's proposal to establish a pilot program that would permit P.M.-settled options on broad-based indexes that expire: (a) on any Friday of the month, other than the third Friday-of-the-month, and (b) the last trading [4]                                          [sic] of the month (“EOW/EOM Pilot Program”) under a 14-month pilot program.[5]                                          This rule change proposes to amend the text of Rule 29.4(e) [6]                                          [sic],                     *Terms of Index Option Contracts,*                     to insert the specific conclusion date of the EOW/EOM Pilot Program, which is December 14, 2011.[7] 

#### 2. Statutory Basis

                    The basis under the Act for this proposed rule change is the requirement under Section 6(b)(5) [8]                                          that an exchange have rules that are designed to promote just and equitable principles of trade, and to remove impediments to and perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest. In particular, the proposed rule change seeks to update rule text to insert specific dates for two pilot programs in a manner that is consistent with the original approval orders of the pilot programs.                

### 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

                    The foregoing proposed rule change will take effect upon filing with the Commission pursuant to Section 19(b)(3)(A)(i) of the Act [9]                                          and Rule 19b-4(f)(1) thereunder,[10]                                          because it constitutes a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule.                

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 rule-comments@sec.gov.                      Please include File No. SR-CBOE-2010-088 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 No. SR-CBOE-2010-088. 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 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 website 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 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 No. SR-CBOE-2010-088 and should be submitted on or before October 25, 2010.                

                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.[11] 

Florence E. Harmon, 

Deputy 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.                                                     *See*                         Securities Exchange Act Release No. 62886 (September 10, 2010) (approving SR-CBOE-2010-056).                    
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4.                             The Commission notes that the correct reference is to the “last trading                         *day*                         of the month.”                    
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5.                                                     *See*                         Securities Exchange Act Release No. 62911 (September 14, 2010) (approving SR-CBOE-2009-075).                    
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6.                             The Commission notes that the correct rule number is Rule 24.9(e).                    
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7.                             Previously the rule text indicated that the Exchange would insert the date 14 months from the next full month from approval, which approval occurred on September 14, 2010.                         *See supra*                         note 5.                    
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8.                             15 U.S.C. 78f(b)(5).                    
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9.                             15 U.S.C. 78s(b)(3)(A)(i).                    
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10.                             17 CFR 240.19b-4(f)(1).                    
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11.                                 17 CFR 200.30-3(a)(12).                        
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[FR Doc. 2010-24770 Filed 10-1-10; 8:45 am]

BILLING CODE 8010-01-P