Document ID: SEC-2006-0454-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: Chicago Board Options Exchange, Inc.
Posted Date: 2006-04-06T04:00Z

[Federal Register: April 6, 2006 (Volume 71, Number 66)]
[Notices]               
[Page 17529]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr06ap06-109]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53567; File No. SR-CBOE-2006-09]

 
Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Order Approving Proposed Rule Change Relating to the 
Exposure Period for Crossing Orders in the Hybrid Trading System

March 29, 2006.
    On January 30, 2006, the Chicago Board Options Exchange, 
Incorporated (``CBOE'' or ``Exchange''), filed with the Securities and 
Exchange Commission (``Commission'') a proposed rule change pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ to decrease the exposure period for 
crossing orders in its Hybrid Trading System (``Hybrid'') from 10 
seconds to 3 seconds. The proposed rule change was published for 
comment in the Federal Register on February 22, 2006.\3\ The Commission 
received no comments on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\  See Securities Exchange Act Release No. 53278 (February 13, 
2006), 71 FR 9184.
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    After careful consideration, the Commission finds that the proposed 
rule change is consistent with the requirements of Section 6(b) of the 
Act \4\ and the rules and regulations thereunder applicable to a 
national securities exchange,\5\ and in particular with Section 6(b)(5) 
of the Act.\6\ The Commission believes that, in the electronic 
environment of Hybrid, reducing the exposure period to 3 seconds could 
facilitate the prompt execution of orders, while providing participants 
in Hybrid with an adequate opportunity to compete for exposed bids and 
offers.
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    \4\ 15 U.S.C. 78f(b).
    \5\ In approving this proposal, the Commission has considered 
the proposed rule's impact on efficiency, competition, and capital 
formation. See 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b)(5).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-CBOE-2006-09) is hereby 
approved.
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    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E6-5034 Filed 4-5-06; 8:45 am]

BILLING CODE 8010-01-P