[Federal Register Volume 64, Number 42 (Thursday, March 4, 1999)]
[Notices]
[Pages 10517-10521]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-5371]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-41112; File No. SR-CBOE-99-05]


Self-Regulatory Organizations; Order Granting Accelerated 
Approval of Proposed Rule Change and Notice of Filing and Order 
Granting Accelerated Approval of Amendment No. 1 to Proposed Rule 
Change by the Chicago Board Options Exchange, Incorporated Relating to 
Listing of Options on the Dow Jones E* Commerce Index

February 25, 1999.

I. Introduction

    On January 28, 1999, the Chicago Board Options Exchange, 
Incorporated (``CBOE'' or ``Exchange''), submitted to the Securities 
Exchange Commission (``SEC'' or ``Commission''), pursuant to Section 
19(b)(1) of the Securities Exchange Act of 1934 (``Exchange Act''),\1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to provide for the 
listing and trading of options on the Dow Jones E*Commerce Index, 
(``E*Commerce Index'' or ``Index'') a narrow-based index designed by 
Dow Jones & Company, Inc. (``Dow Jones TM'').\3\ The 
Commission published the proposed rule change for comment in the 
Federal Register on February 4, 1999.\4\ No comments were received. On 
February 17, 1999, the CBOE submitted Amendment No. 1 to the proposed 
rule.\5\ This order approves the proposed rule change on an accelerated 
basis and also Amendment No. 1 on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Dow Jones & Company, Inc. (``Dow Jones'') has licensed ``Dow 
JonesTM,'' and ``Dow Jones E*Commerce Index'' for use for 
certain purposes to the Chicago Board Options Exchange, 
Incorporated. CBOE's options based on the Dow Jones E*Commerce Index 
are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow 
Jones makes no representation regarding the advisability of 
investing in such products.
    \4\ Securities Exchange Act Release No. 40995 (January 28, 1999) 
64 FR 5693 (February 4, 1999).
    \5\ Amendment No. 1 clarifies that the base date for the Dow 
Jones E*Commerce Index has been changed to June 30, 1998. The index 
level on that date was set to 100.00. Based on this adjustment, the 
index level on January 21, 1999 was 233.75. See letter from William 
M. Speth, Research and Planning, CBOE to Marianne H. Duffy, Special 
Counsel, Division of Market Regulation, SEC, dated February 17, 
1999.
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II. Description of the Proposal

A. Index Design

    The E*Commerce Index has been designed to measure the performance 
of certain Internet commerce stocks. All of the stocks in the Index are 
U.S.

[[Page 10518]]

securities and currently trade through the facilities of the National 
Association of Securities Dealers Automated Quotation System 
(``Nasdaq'') and are reported national market system securities. In 
addition, all of the stocks are ``reported securities'' as defined in 
Rule 11Aa3-1 under the Exchange Act. The Exchange seeks to list and 
trade cash-settled, European-style stock index options on the Dow Jones 
E*Commerce Index. The Index is a modified capitalization-weighted index 
of 15 of the largest, most liquid U.S. Internet commerce stocks. 
Internet commerce companies are involved in providing a good or service 
through an open network such as the Internet.
    The Exchange represents that in all but one respect, options on the 
E*Commerce Index meet the generic listing criteria for options on 
narrow-based indexes which may be filed with the Commission under 
Exchange Rule 24.2(b) as a stated policy, practice, or interpretation 
within the meaning of paragraph (3)(A) of section 19(b) of the Exchange 
Act. The only variation is that the Index is calculated using a 
modified capitalization-weighting methodology.
    Each of the stocks in the E*Commerce Index has a market 
capitalization in excess of $75 million. Specifically, the stocks 
comprising the Index range in capitalization from $378.9 million to 
$26.15 billion as of January 21, 1999. The total capitalization as of 
that date was $76.50 billion. The mean capitalization was $5.10 
billion. The median capitalization was $1.94 billion.
    The CBOE indicated in its filing that all but two of the component 
stocks met the trading volume criteria set forth in paragraph (b)(3) of 
CBOE Rule 24.2. E-Bay, Inc. did not meet the criteria of CBOE Rule 
24.2(b)(e) because it was the subject of an initial public offering on 
September 24, 1998. Since that time, however, E-Bay, Inc. has exceeded 
the trading volume criteria.\6\ Ticketmaster On-line CitySearch does 
not meet the volume criteria because it was the subject of a spin-off 
on December 3, 1998. However, the Exchange represents that the company 
currently satisfies the requirements of CBOE Rule 5.3 applicable to 
individual underlying securities and is the subject of options trading. 
Furthermore, since the company was spun off, it has averaged 1.51 
million shares per day. The Exchange represents that each of the 
component stocks in the E*Commerce Index has had monthly trading volume 
in excess of one million shares over the six month period through 
January 1999. The average monthly volume over the six-month period for 
the stocks in the Index ranged from a low of 8.3 million shares to a 
high of 292.5 million shares. Consequently, all of the fifteen stocks 
in the Index are eligible for individual options trading pursuant to 
CBOE Rule 5.3.
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    \6\ Telephone call between Eileen Smith, Research and Planning, 
CBOE and Katherine A. England, Assistant Director, Division of 
Market Regulation, SEC on February 25, 1999.
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    As of the initial re-balancing on January 4, 1999, the largest 
stock accounted for 10.00% of the total weight of the Index, while the 
smallest accounted for 1.43%. The top five stocks in the Index 
accounted for 50.00% of the total weight of the Index. Accordingly, the 
Exchange's generic listing standards for narrow based indexes are more 
than met with respect to the criteria of market capitalization, 
weighting constraints and trading volume.

B. Calculation and Dissemination of Index Value

    The E*Commerce Index is calculated on a ``modified capitalization-
weighted'' method. This method is a hybrid between equal weighting 
(which may pose liquidity concerns for smaller-cap stocks) and normal-
cap weighting (which may result in two or three stocks dominating the 
index's performance). Under this method, the maximum weight for any 
stock in the Index will be set to 10%, or ``capped,'' on the quarterly 
rebalancing date. The weight of all the remaining stocks shall be 
market capitalization weighted. Thus, the weights of these remaining 
stocks are not ``capped.''
    For stocks which are not ``capped,'' index shares will equal the 
company's outstanding common shares. For stocks that are ``capped,'' 
index shares will equal their maximum weight, multiplied by the 
adjusted total market capitalization of the Index, divided by the 
stock's closing price on the rebalancing date. The index's adjusted 
total market capitalization is the total outstanding market 
capitalization adjusted to reflect the combined weight of all of the 
``capped'' stocks.
    The level of the Index reflects the adjusted total capitalization 
of the component stocks divided by the Index Divisor. The Index divisor 
was initially calculated to yield a benchmark level of 100 at the close 
of trading on June 30, 1998. Based on this adjustment, the index level 
on January 21, 1999 was 233.75 \7\ The Index divisor will be adjusted 
as needed to ensure continuity whenever there are additions or 
deletions from an index, share changes, or adjustments to a component's 
price to reflect rights offerings, spin-offs and special cash 
dividends.
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    \7\ See Amendment No. 1, supra note 1.
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    The values of the Index will be calculated by Dow Jones or its 
designee and will be disseminated to market information vendors at 15-
second intervals during regular CBOE trading hours via the Options 
Price Reporting Authority or the Consolidated Tape Association. If a 
component stock is not currently being traded, the most recent price at 
which the stock traded will be used in the Index calculation.

C. Index Maintenance

    The CBOE represents that Dow Jones is responsible for maintenance 
of the E*Commerce Index. Index maintenance generally includes 
monitoring and completing the adjustments for company additions and 
deletions, stock splits, stock dividends (other than an ordinary cash 
dividend), and stock price adjustments due to company restructuring or 
spin-offs. If required, the Index Divisor will be adjusted to account 
for any of the above changes.
    The Exchange represents that the Index will satisfy the maintenance 
criteria set forth in CBOE Rule 24.2(c). The Index will be re-balanced 
at the close of business on expiration Friday on the March quarterly 
cycle. In addition, the number of Index components will not increase to 
more than 20 nor decrease to fewer than 10. Component changes will be 
made such that 90% of the Index by weight and 80% of the total number 
of stocks in the index are eligible for options trading under CBOE Rule 
5.3.
    If the Index fails at any time to satisfy the maintenance criteria, 
the CBOE will immediately notify the Commission and will not open for 
trading any additional series of options on the Index, unless the 
continued listing of options has been approved by the Commission under 
Section 19(b)(2) of the Exchange Act.

D. Index Option Trading

    In addition to regular Index options, the Exchange may provide for 
the listing of long-term index option series (``LEAPS'') 
and reduced-value LEAPS on the Index. For reduced-value LEAPS, the 
underlying value would be computed at one-tenth of the Index level. The 
current and closing index value of any such reduced-value LEAP will, 
after such initial computation, be rounded to the nearest one-
hundredth. Exhibit C to File No. SR-CBOE-99-05 presents proposed 
contract specifications for the E*Commerce Index options.

[[Page 10519]]

    Strike prices will be set to bracket the index in a minimum of 2\1/
2\ point increments for strikes below 200 and 5 point increments above 
200. The minimum tick size for series trading below $3 will be \1/16\ 
and for series trading above $3 the minimum tick will be \1/8\. The 
trading hours for options on the Index will be from 8:30 a.m. to 3:02 
p.m. Chicago time.

E. Exercise and Settlement

    The CBOE proposes that options on the Index will expire on the 
Saturday following the third Friday of the expiration month. Trading in 
the expiring contract month will normally cease at 3:02 p.m. (Chicago 
time) on the business day preceding the last day of trading in the 
component securities of the Index (ordinarily the Thursday before 
expiration Saturday, unless there is an intervening holiday). The 
exercise settlement value of the Index at option expiration will be 
calculated by Dow Jones or its designee based on the opening prices of 
the component securities on the business day prior to expiration. If a 
stock fails to open for trading, the last available price on the stock 
will be used in the calculation of the index, as is done for currently 
listed indexes. When the last trading day is moved because of Exchange 
holidays (such as when CBOE is closed on the Friday before expiration), 
the last trading day for expiring options will be Wednesday and the 
exercise settlement value of Index options at expiration will be 
determined at the opening of regular Thursday trading.

F. Surveillance and Position Limits

    The Exchange will use the same surveillance procedures currently 
utilized for each of the Exchange's other index options to monitor 
trading in Index options and Index LEAPS. Options on the E*Commerce 
Index would be subject to the position limits for industry index 
options set forth in CBOE Rule 24.4A.

G. Exchange Rules Applicable

    The Rules in Chapter XXIV will be applicable to options on the 
E*Commerce Index. Narrow-based margin rules will apply to the Index as 
set forth in CBOE Rule 24.11.

H. Capacity

    CBOE believes it has the necessary systems capacity to support new 
series that would result from the introduction of options on the 
E*Commerce Index. CBOE has also been informed that the Options Price 
Reporting Authority (``OPRA'') also has the capacity to support the new 
series.

III. Discussion

    The Commission finds that proposed rule change is consistent with 
Section 6(b) \8\ of the Act in general and furthers the objectives of 
Section 6(b)(5) \9\ in particular. Specifically, the Commission finds 
that the trading of options based on the E*Commerce Index, including 
LEAPS and reduced value LEAPS, will serve to promote the public 
interest as well as to help remove impediments to a free and open 
securities market. The Commission also believes that the trading of 
options on the Index will allow investors holding positions in some or 
all of the securities underlying the Index to hedge the risks 
associated with their portfolios. Accordingly, the Commission believes 
that the Index options will provide investors with an important trading 
and hedging mechanism.\10\ By broadening the hedging and investment 
opportunities of investors, the Commission believes that the trading of 
options on the E*Commerce Index will serve to protect investors and 
contribute to the maintenance of fair and orderly markets.\11\
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
    \10\ Pursuant to Section 6(b)(5) of the Act, the Commission must 
predicate approval of any new securities product upon a finding that 
the introduction of such product is in the public interest. Such a 
finding would be difficult with respect to a product that served no 
hedging or other economic function, because any benefits that might 
be derived by market participants likely would be outweighed by the 
potential for manipulation, diminished public confidence in the 
integrity of the markets, and other valid regulatory concerns. In 
this regard, the trading of listed Index options will provide 
investors with a hedging vehicle that should reflect the overall 
market of Internet commerce stocks.
    \11\ In approving this proposed rule change, the Commission 
notes that that it has considered the proposed rule's impact on 
efficiency, competition and capital formation. 15 U.S.C. 78c(f).
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    Nevertheless, the trading of options on the E*Commerce Index raises 
several issues related to the design and structure of the Index, 
customer protection, surveillance, and market impact. The Commission, 
believes, however, that the CBOE has adequately addressed these issues.

A. Index Design and Structure

    The Commission believes that it is appropriate for the CBOE to 
designate the Index as narrow-based for purposes of index option 
trading. First, the E*Commerce Index has been designed to measure the 
performance of certain Internet commerce stocks. The Index is a 
modified capitalization-weighted index of 15 of the largest, most 
liquid U.S. Internet commerce stocks. Internet commerce companies are 
involved in providing a good or service through an open network such as 
the Internet.
    Second, all of the stocks in the Index are U.S. securities and 
currently trade through the facilities of the Nasdaq and are reported 
national market system securities. In addition, all of the stocks are 
``reported securities'' as defined in Rule 11Aa3-1 under the Exchange 
Act. The CBOE indicated in its filing that all but two of the component 
stocks met the trading volume criteria set forth in paragraph (b)(3) of 
CBOE Rule 24.2. E-Bay, Inc. did not meet the criteria of CBOE Rule 
24.2(b)(e) because it was the subject of an initial public offering on 
September 24, 1998. E-Bay, Inc., however, met the criteria of CBOE Rule 
24.2(b)(e) in February 1999. Ticketmaster On-line CitySearch does not 
meet the volume criteria because it was the subject of a spin-off on 
December 3, 1998. However, the Exchange represents that the company 
currently satisfies the requirements of CBOE Rule 5.3 applicable to 
individual underlying securities and is the subject of options trading. 
Furthermore, since the company was spun off, it has averaged 1.51 
million shares per day. The Exchange represents that each of the 
component stocks in the E*Commerce Index has had monthly trading volume 
in excess of one million shares over the six month period through 
January 1999. The average monthly volume over the six-month period for 
the stocks in the Index ranged from a low of 8.3 million shares to a 
high of 292.5 million shares. Consequently, all of the fifteen stocks 
in the Index are eligible for options trading.
    The Exchange also represents that the Index will satisfy the 
maintenance criteria set forth in CBOE Rule 24.2(c). The Index will be 
re-balanced at the close of business on expiration Friday on the March 
quarterly cycle. In addition, the number of Index components will not 
increase to more than 20 nor decrease to fewer than 10. Component 
changes will be made such that 90% of the Index by weight and 80% of 
the total number of stocks in the index are eligible for options 
trading under CBOE Rule 5.3.\12\
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    \12\ The Exchange's option listing standards, contained in CBOE 
Rule 5.3, which are uniform among the options exchanges, provide 
that a security underlying an option must, among other things, meet 
the following requirements: the public float must be at least 7 
million shares; there must be a minimum of 2,000 stockholders; 
trading volume must have been at least 2.4 million shares over the 
preceding twelve months; and the market price per share must have 
been at least $7.50 for a majority of business days during the 
preceding three calendar months.

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[[Page 10520]]

    Third, the Exchange represents that in all but one respect, options 
on the E*Commerce Index meet the generic listing criteria for options 
on narrow-based indexes which may be filed with the Commission under 
Exchange Rule 24.2(b) as a stated policy, practice, or interpretation 
within the meaning of paragraph (3)(A) of subsection 19(b) of the 
Exchange Act. The only variation is that the Index is calculated using 
a modified capitalization-weighting methodology.

B. Potential for Manipulation

    The Commission also believes that the capitalization and weighting 
methodology of the index and the depth and liquidity of the securities 
comprising the Index significantly minimize the potential for 
manipulation of the Index. First, the Commission notes that the Index 
is a modified capitalization-weighted index whose value is more 
difficult to affect than that of a price-weighted index. Second, the 
CBOE has represented that the Index will satisfy the maintenance 
criteria set forth in CBOE Rule 24.2(c). The Index will be re-balanced 
at the close of business on expiration Friday on the March quarterly 
cycle. In addition, the number of Index components will not increase to 
more than 20 nor decrease to fewer than 10. Component changes will be 
made such that 90% of the Index by eight and 80% of the total number of 
stocks in the index are eligible for options trading under CBOE Rule 
5.3.
    If the Index fails at any time to satisfy the maintenance criteria, 
the CBOE will immediately notify the Commission and will not open for 
trading any additional series of options on the Index, unless the 
continued listing of options has been approved by the Commission under 
Section 19(b)(2) of the Exchange Act.\13\
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    \13\ If the composition of the Index was to substantially 
change, the Commission may reevaluate its decision regarding the 
appropriateness of the Index's current maintenance standards and may 
consider whether additional approval under Section 19(b) of the 
Exchange Act is necessary to continue to trade the Index options.
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    Third, the Exchange has proposed reasonable position and exercise 
limits for the index options that will serve to minimize potential 
manipulation and other market concerns. Accordingly, the Commission 
believes that these factors minimize the potential for manipulation 
because it is unlikely that attempted manipulations of the prices of 
the Index components would affect significantly the Index's value. 
Moreover, the surveillance procedures discussed below should detect, as 
well as deter, potential manipulation and other trading abuses.

C. Customer Protection

    The Commission believes that a regulatory system designed to 
protect public customers must be in place before the trading of 
sophisticated financial instruments, such as options on the Index, 
including LEAPS and reduced-value LEAPS, can commence on a national 
securities exchange. The Commission notes that the trading of 
standardized, exchange-traded options occur in an environment that is 
designed to ensure, among other things, that: the special risks of 
options are disclosed to public customers; only investors capable of 
evaluating the bearing the risks of options trading are engaged in such 
trading; and special compliance procedures are applicable to options 
accounts. Accordingly, because the Index options, including LEAPS and 
reduced-value LEAPS, will be subject to the same regulatory regime as 
other standardized options currently traded on the CBOE, the Commission 
believes that adequate safeguards are in place to ensure protection of 
investors in options on the Index.

D. Surveillance

    The Commission generally believes that a surveillance sharing 
agreement between an exchange proposing to list a stock index 
derivative and the exchange(s) trading the stocks underlying the 
derivative product is an important measure for the surveillance of the 
derivatives and underlying securities markets. Such agreements ensure 
the availability of information necessary to detect and deter potential 
manipulations and other trading abuses, thereby making the stock index 
product less readily susceptible to manipulation.\14\ In this regard, 
the CBOE and the market upon which all of the Index component stocks 
trade, Nasdaq, through the National Association of Securities Dealers, 
Inc., are members of the Intermarket Surveillance Group. In addition, 
the Exchange will apply the same surveillance procedures as those used 
for existing narrow-based index option trading on the CBOE. 
Furthermore, Dow Jones & Company also has a policy in place to prevent 
the potential misuse of material, non-public information by members of 
Wall Street Journal managerial and editorial staff in connection with 
maintenance of the Index.
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    \14\ See e.g., Securities Exchange Act Release No. 31243 
(September 28, 1992), 57 FR 45849 (October 5, 1992) (order approving 
the listing and trading of options on the CBOE Biotech Index).
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E. Market Impact

    The Commission believes that the listing and trading of options, 
including LEAPS and reduced-value LEAPS, on the Index will not 
adversely affect the underlying securities markets.\15\ First, as 
described above, the Index is narrow-based and comprised of 15 stocks, 
with no one stock dominating the Index. Second, the Exchange has 
proposed reasonable position and exercise limits for the index options 
that will serve to minimize potential manipulation and other market 
concerns. Third, currently, all Index components are eligible for 
options trading under CBOE rule 5.3 and the CBOE has represented that 
the Index will satisfy the maintenance criteria set forth in CBOE Rule 
24.2(c). The Index will be re-balanced at the close of business on 
expiration Friday on the March quarterly cycle. In addition, the number 
of Index components will not increase to more than 20 nor decrease to 
fewer than 10. Component changes will be made such that 90% of the 
Index by weight and 80% of the total number of stocks in the index are 
eligible for options trading under CBOE Rule 5.3. If the Index fails at 
any time to satisfy the maintenance criteria, the CBOE will immediately 
notify the Commission and will not open for trading any additional 
series of options on the Index, unless the continued listing of options 
has been approved by the Commission under Section 19(b)(2) of the 
Exchange Act.\16\
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    \15\ In addition, the CBOE has represented that it and OPRA have 
the necessary systems capacity to support those new series of index 
options that would result from the introduction of Index options.
    \16\ See note 13, supra.
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    Fourth, the risk to investors of contra-party one-performance will 
be minimized because the Index options, LEAPS, and reduced-value LEAPS 
will be issued and guaranteed by the Options Clearing Corporation, 
similar to all other standardized options traded in the United States. 
Lastly, the Commission believes that settling expiring options based on 
the opening prices of component securities is reasonable and consistent 
with the Exchange Act. As noted in other contexts, valuing options for 
exercise settlement on expiration based on opening prices rather than 
on closing prices may help reduce the adverse effects on markets for 
stock underlying options on the Index.\17\
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    \17\ See, e.g., Securities Exchange Act Release No. 30944 (July 
21, 1992), 57 FR 33376 (July 28, 1992) (order approving position 
limits for European-style Standard & Poor's 500 Stock Index options 
settled based on the opening prices of component securities).

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[[Page 10521]]

F. Accelerated Approval of Proposed Rule Change and Amendment No. 1

    The Commission finds good cause to approve the proposed rule change 
prior to the thirtieth day after the date of publication of notice of 
filing thereof in the Federal Register. First, the Commission notes 
that no comments were received on the original proposal, which was 
subject to the full 21-day notice and comment period. Second, the 
Commission believes that the trading of options on the Index will allow 
investors holding positions in some or all of the securities underlying 
the Index to hedge the risks associated with their portfolios. The 
Commission also believes that the Index options will provide investors 
with an important trading and hedging mechanism.\18\ Finally, the 
Commission believes that the trading of options on the E*Commerce Index 
will serve to broaden the hedging and investment opportunities of 
investors.
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    \18\ See note 10, supra.
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    With respect to Amendment No. 1, the Commission notes that 
Amendment No. 1 does not change, but rather clarifies, the proposed 
rule change, and thus does not raise any new regulatory issues.\19\ 
Specifically, Amendment No. 1 clarifies that the base date for the 
E*Commerce Index has been changed to June 30, 1998. The index level on 
that date was set to 100.00. Based on this adjustment, the index level 
on January 21, 1999 was 233.75.\20\
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    \19\ See note 5, supra.
    \20\ In the original proposal the Index divisor was initially 
calculated to yield a benchmark level of 200.00 at the close of 
trading on January 4, 1999 with the Index having a closing level of 
259.43 on January 21, 1999.
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    Accordingly, the Commission believes that it is consistent with 
Sections 6(b)(5) and 19(b)(2) \21\ of the Act to approve the proposed 
rule change, and Amendment No. thereto, on an accelerated basis.
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    \21\ 15 U.S.C. 78s(b)(2).
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IV. Solicitation of Comments

    Interested person are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposal is 
consistent with the Act. Persons making written submissions should file 
six copies thereof with the Secretary, Securities and Exchange 
Commission, 450 Fifth Street, NW, Washington, DC 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 in the Commission's 
Public Reference Section, 450 Fifth Street, NW, Washington, DC 20549. 
Copies of such filing will also be available for inspection and copying 
at the principal office of CBOE. All submissions should refer to file 
number SR-CBOE-99-05 in the caption above and should be submitted by 
March 25, 1999.

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule change (SR-CBOE-99-05), including Amendment No. 
1, is approved.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-5371 Filed 3-3-99; 8:45 am]
BILLING CODE 8010-01-M