[Federal Register Volume 66, Number 248 (Thursday, December 27, 2001)]
[Notices]
[Pages 66956-66957]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-31697]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45166, File No. 4-208]


Joint Industry Plan; Order Approving Amendments To Add Chicago 
Board Options Exchange, Inc. as Participant to Joint-SRO Plan Under 
Rule 11Ac1-5

December 18, 2001.

I. Introduction

    On July 11, 2001, the Chicago Board Options Exchange, Inc. 
(``CBOE'' or ``Exchange'') submitted to the Securities and Exchange 
Commission (``SEC'' or ``Commission'') in accordance with section 11A 
of the Securities Exchange Act of 1934 (``Act'') \1\ and rule 11Aa3-2 
thereunder,\2\ a proposed amendment to the national market system plan 
establishing procedures under rule 11Ac1-5 (``Joint-SRO Plan'' or 
``Plan'').\3\ Under the proposed amendment, the CBOE would be added as 
a participant to the Joint-SRO Plan. Notice of filing and an order 
granting temporary effectiveness of the proposal through December 19, 
2001 was published in the Federal Register on August 21, 2001.\4\ The 
Commission did not receive any comments on the proposed amendment. This 
order approves the amendment on a permanent basis.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 240.11Aa3-2.
    \3\ See Securities and Exchange Act Release No. 44177 (April 12, 
2001), 66 FR 19814.
    \4\ See Securities and Exchange Act Release No. 44703 (August 
15, 2001), 66 FR 43924.
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II. Discussion

    The Joint-SRO Plan establishes procedures for market centers to 
follow in making their monthly reports required pursuant to rule 11Ac1-
5, available to the public in a uniform, readily accessible, and usable 
electronic format. The current participants to the Plan are the 
American Stock Exchange LLC, Boston Stock Exchange, Inc., Chicago Stock 
Exchange, Inc., Cincinnati Stock Exchange, Inc., National Association 
of Securities Dealers, Inc., New York Stock Exchange, Inc., Pacific 
Exchange, Inc., and Philadelphia Stock Exchange, Inc.
    The amendment adds the CBOE as a participant to the Joint-SRO Plan. 
Section III(b) of the Joint-SRO Plan provides that a national 
securities exchange or national securities association may become a 
party to the Plan by: (1) Executing a copy of the Plan, as then in 
effect (with the only changes being the addition of the new 
participant's name in section II(a) of the Plan and the new 
participant's single-digit code in section VI(a)(1) of the Plan) and 
(ii) submitting such executed plan to the Commission for approval. The 
CBOE submitted a signed copy of the Joint-SRO Plan to the Commission in 
accordance with the procedures set forth in the Plan regarding new 
participants.
    After careful review, the Commission finds that the amendment to 
the Joint-SRO Plan is consistent with the requirements of the Act and 
the rules and regulations thereunder. Specifically, the Commission 
finds that the proposed amendment is consistent with the requirements 
of section 11A of the Act,\5\ and rule 11Aa3-2 \6\ thereunder. The Plan 
established appropriate procedures for market centers to follow in 
making their monthly reports required pursuant to rule 11Ac1-5 
available to the public in a uniform, readily accessible, and usable 
electronic format. The amendment to include the CBOE as a participant 
in the Joint-SRO Plan should contribute to the maintenance of fair and 
orderly markets and remove impediments to and perfect the mechanisms of 
a national market system by facilitating the uniform public disclosure 
of order execution information by all market centers. The Commission 
believes that it is necessary and appropriate in the public interest, 
for the maintenance of fair and orderly markets, to remove impediments 
to, and perfect mechanisms of, a national market system to allow the 
CBOE to become a participant in the Joint-SRO Plan. The Commission 
finds, therefore, that approving the amendment to the Joint-SRO Plan is 
appropriate and consistent with section 11A of the Act.\7\
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    \5\ 15 U.S.C. 78k-1.
    \6\ 17 CFR 240.11Aa3-2.
    \7\ 15 U.S.C. 78k-1.
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III. Conclusion

    It is therefore ordered, pursuant to section 11A(a)(3)(B) of the 
Act \8\ and rule 11Aa3-2 thereunder,\9\ that the amendment to the 
Joint-SRO Plan to add the CBOE as a participant is approved and the 
CBOE is authorized to act jointly with the other participants to the 
Joint-SRO Plan in planning, developing, operating, or regulating the 
Plan as a means of facilitating a national market system.
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    \8\ 17 CFR 200.30\1/3\(a)(16).
    \9\ 17 CFR 240.11Aa3-2.


[[Page 66957]]


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    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(29).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-31697 Filed 12-26-01; 8:45 am]
BILLING CODE 8010-01-M