[Federal Register Volume 68, Number 33 (Wednesday, February 19, 2003)]
[Notices]
[Pages 8064-8068]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-3942]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47356; File No. SR-OC-2003-01]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change and Amendments Nos. 1 and 2 
Thereto by OneChicago, LLC Relating to Initial Listing Standards of 
Single Stock Futures

February 12, 2003.
    Pursuant to section 19(b)(7) of the Securities Exchange Act of 1934 
(``Act''),\1\ and rule 19b-7 under the Act,\2\ notice is hereby given 
that on January 23, 2003, OneChicago, LLC (``OneChicago'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule changes described in 
items I, II, and III below, which items have been prepared by 
OneChicago. On January 27, 2003, OneChicago filed Amendment No. 1 to 
the proposed rule change.\3\ On February 5, 2003, OneChicago filed 
Amendment No. 2 to the proposed rule change.\4\ The Commission is 
publishing this notice to solicit comments on the proposed rule change, 
as amended, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(7).
    \2\ 17 CFR 240.19b-7.
    \3\ See letter dated January 24, 2003, from Madge M. Hamilton, 
Deputy General Counsel, OneChicago, to Florence Harmon, Senior 
Special Counsel, Division of Market Regulation, Commission 
(``Amendment No. 1''). In Amendment No. 1, the Exchange corrected 
technical errors in the proposed rule text and added proposed rule 
text that was inadvertently omitted in its initial filing.
    \4\ See letter dated February 3, 2003, from Madge M. Hamilton, 
Deputy General Counsel, OneChicago, to Florence Harmon, Senior 
Special Counsel, Division of Market Regulation, Commission 
(``Amendment No. 2''). In Amendment No. 2, the Exchange amended 
section II.A.2 of the proposal to specify that the proposed rule 
change was consistent with section 6(b)(5) of the Act. In addition 
the Exchange amended section II.C of the proposal to state that the 
Exchange has not received any comments on the proposal.
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    OneChicago also has filed the proposed rule change with the 
Commodity Futures Trading Commission (``CFTC''). OneChicago filed a 
written certification with the CFTC under section 5c(c) of the

[[Page 8065]]

Commodity Exchange Act \5\ on January 23, 2003.
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    \5\ 7 U.S.C. 7a-2(c).
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I. Self-Regulatory Organization's Description of the Proposed Rule 
Change

    OneChicago proposes to amend its initial listing standards for a 
security futures product based on a single security (``single stock 
future'') relating to the pricing of the underlying security.
    The text of the proposed rule change appears below. New text is in 
italics. Deleted text is in brackets.
Eligibility and Maintenance Criteria for Security Futures Products
    I. Initial listing standards for a security futures product based 
on a single security.
    A. For a security futures product that is physically settled to be 
eligible for initial listing, the security underlying the futures 
contract must meet each of the following requirements:
    (i)--(vii) No Change
    (viii) If the underlying security is a ``covered security'' as 
defined under section 18(b)(1)(A) of the Securities Act of 1933, the 
market price per share of the underlying security has been at least 
$3.00 for the previous five consecutive business days preceding the 
date on which the Exchange submits a certificate to The Options 
Clearing Corporation for listing and trading. For purposes of this 
provision, the market price of such underlying security is measured by 
the closing price reported in the primary market in which the 
underlying security is traded. Requirement (viii) as Applied to 
Restructure Securities: Look-Back Test: In determining whether a 
Restructure Security that is issued or distributed to the shareholders 
of an Original Equity Security (but not a Restructure Security that is 
issued pursuant to a public offering or rights distribution) satisfies 
this requirement, OneChicago may ``look back'' to the market price 
history of the Original Equity Security prior to the ex-date of the 
Restructuring Transaction if the following Look-Back Test is satisfied:
    (a) The Restructure Security has an aggregate market value of at 
least $500 million;
    (b) The aggregate market value of the Restructure Security equals 
or exceeds the Relevant Percentage (defined below) of the aggregate 
market value of the Original Equity Security;
    (c) The aggregate book value of the assets attributed to the 
business represented by the Restructure Security equals or exceeds both 
$50 million and the Relevant Percentage of the aggregate book value of 
the assets attributed to the business represented by the Original 
Equity Security; or
    (d) The revenues attributed to the business represented by the 
Restructure Security equals or exceeds both $50 million and the 
Relevant Percentage of the revenues attributed to the business 
represented by the Original Equity Security.
    For purposes of determining whether the Look-Back Test is 
satisfied, the term ``Relevant Percentage'' means: (i) 25%, when the 
applicable measure determined with respect to the Original Equity 
Security or the business it represents includes the business 
represented by the Restructure Security; and (ii) 33\1/3\%, when the 
applicable measure determined with respect to the Original Equity 
Security or the business it represents excludes the business 
represented by the Restructure Security.
    In calculating comparative aggregate market values, OneChicago will 
use the Restructure Security's closing price on its primary market on 
the last business day prior to the Selection Date, or the Restructure 
Security's opening price on its primary market on the Selection Date, 
and will use the corresponding closing or opening price of the related 
Original Equity Security.
    Furthermore, in calculating comparative asset values and revenues, 
OneChicago will use the issuer's (i) latest annual financial statements 
or (ii) most recently available interim financial statements (so long 
as such interim financial statements cover a period of not less than 
three months), whichever are more recent. Those financial statements 
may be audited or unaudited and may be pro forma.
    Restructure Securities Issued in Public Offering or Rights 
Distribution: In determining whether a Restructure Security that is 
distributed pursuant to a public offering or a rights distribution 
satisfies requirement (viii), OneChicago may look back to the market 
price history of the Original Equity Security if: (i) The foregoing 
Look-Back Test is satisfied; (ii) the Restructure Security trades 
``regular way'' on an Exchange or automatic quotation system for at 
least five trading days immediately preceding the Selection Date; and 
(iii) at the close of trading on each trading day on which the 
Restructure Security trades ``regular way'' prior to the Selection 
Date, as well as at the opening of trading on Selection Date, the 
market price of the Restructure Security was at least $3.00.
    Limitation on Use of Look-Back Test: Except in the case of a 
Restructure Security that is distributed pursuant to a public offering 
or rights distribution, OneChicago will not rely upon the market price 
history of an Original Equity Security for any trading day unless it 
also relies upon the trading volume history for that trading day. In 
addition, once OneChicago commences to rely upon a Restructure 
Security's trading volume and market price history for any trading day, 
OneChicago will not rely upon the trading volume and market price 
history of the related Original Equity Security for any trading day 
thereafter.
    (ix) If the underlying security is not a ``covered security'' as 
defined under section 18(b)(1)(A) of the Securities Act of 1933, [I]it 
must have had a market price per security of at least $7.50, as 
measured by the lowest closing price reported in any market in which it 
has traded, for the majority of business days during the three calendar 
months preceding the date of selection.
    Requirement [(viii)] (ix) as Applied to Restructure Securities: 
Look-Back Test: In determining whether a Restructure Security that is 
issued or distributed to the shareholders of an Original Equity 
Security (but not a Restructure Security that is issued pursuant to a 
public offering or rights distribution) satisfies this requirement, 
OneChicago may ``look back'' to the market price history of the 
Original Equity Security prior to the ex-date of the Restructuring 
Transaction if the following Look-Back Test is satisfied:
    (a) The Restructure Security has an aggregate market value of at 
least $500 million;
    (b) The aggregate market value of the Restructure Security equals 
or exceeds the Relevant Percentage (defined below) of the aggregate 
market value of the Original Equity Security;
    (c) The aggregate book value of the assets attributed to the 
business represented by the Restructure Security equals or exceeds both 
$50 million and the Relevant Percentage of the aggregate book value of 
the assets attributed to the business represented by the Original 
Equity Security; or
    (d) The revenues attributed to the business represented by the 
Restructure Security equals or exceeds both $50 million and the 
Relevant Percentage of the revenues attributed to the business 
represented by the Original Equity Security.

For purposes of determining whether the Look-Back Test is satisfied, 
the term ``Relevant Percentage'' means: (i) 25%, when the applicable 
measure determined with respect to the Original Equity Security or the 
business it represents includes the business represented by the 
Restructure Security;

[[Page 8066]]

and (ii) 33\1/3\%, when the applicable measure determined with respect 
to the Original Equity Security or the business it represents excludes 
the business represented by the Restructure Security.
    In calculating comparative aggregate market values, OneChicago will 
use the Restructure Security's closing price on its primary market on 
the last business day prior to the Selection Date, or the Restructure 
Security's opening price on its primary market on the Selection Date, 
and will use the corresponding closing or opening price of the related 
Original Equity Security.
    Furthermore, in calculating comparative asset values and revenues, 
OneChicago will use the issuer's (i) latest annual financial statements 
or (ii) most recently available interim financial statements (so long 
as such interim financial statements cover a period of not less than 
three months), whichever are more recent. Those financial statements 
may be audited or unaudited and may be pro forma.
    Restructure Securities Issued in Public Offering or Rights 
Distribution: In determining whether a Restructure Security that is 
distributed pursuant to a public offering or a rights distribution 
satisfies requirement [(viii)](ix), OneChicago may look back to the 
market price history of the Original Equity Security if: (i) The 
foregoing Look-Back Test is satisfied; (ii) the Restructure Security 
trades ``regular way'' on an Exchange or automatic quotation system for 
at least five trading days immediately preceding the Selection Date; 
and (iii) at the close of trading on each trading day on which the 
Restructure Security trades ``regular way'' prior to the Selection 
Date, as well as at the opening of trading on Selection Date, the 
market price of the Restructure Security was at least $7.50.
    Limitation on Use of Look-Back Test: Except in the case of a 
Restructure Security that is distributed pursuant to a public offering 
or rights distribution, OneChicago will not rely upon the market price 
history of an Original Equity Security for any trading day unless it 
also relies upon the trading volume history for that trading day. In 
addition, once OneChicago commences to rely upon a Restructure 
Security's trading volume and market price history for any trading day, 
OneChicago will not rely upon the trading volume and market price 
history of the related Original Equity Security for any trading day 
thereafter.
    [(ix)] (x) If the underlying security is an ADR:
    (a) OneChicago must have in place an effective surveillance sharing 
agreement with the primary exchange in the home country where the stock 
underlying the ADR is traded;
    (b) The combined trading volume of the ADR and other related ADRs 
and securities in the U.S. ADR market, or in markets with which 
OneChicago has in place an effective surveillance sharing agreement, 
represents (on a share equivalent basis) at least 50% of the combined 
worldwide trading volume in the ADR, the security underlying the ADR, 
other classes of common stock related to the underlying security, and 
ADRs overlying such other stock over the three-month period preceding 
the dates of selection of the ADR for futures trading (``Selection 
Date'');
    (c)(1) The combined trading volume of the ADR and other related 
ADRs and securities in the U.S. ADR market, and in markets with which 
OneChicago has in place an effective surveillance sharing agreement, 
represents (on a share equivalent basis) at least 20% of the combined 
worldwide trading volume in the ADR and in other related ADRs and 
securities over the three-month period preceding the Selection Date;
    (2) The average daily trading volume for the ADR in the U.S. 
markets over the three-month period preceding the Selection Date is at 
least 100,000 receipts; and
    (3) The daily trading volume for the ADR is at least 60,000 
receipts in the U.S. markets on a majority of the trading days for the 
three-month period preceding the Selection Date; or
    (d) The Securities and Exchange Commission and Commodity Futures 
Trading Commission have otherwise authorized the listing.
    [(x)] (xi) OneChicago will not list for trading any security 
futures product where the underlying security is a Restructure Security 
that is not yet issued and outstanding, regardless of whether the 
Restructure Security is trading on a ``when issued'' basis or on 
another basis that is contingent upon the issuance or distribution of 
securities.
    II. Maintenance standards for a security futures product based on a 
single security.
    A. [Absent exceptional circumstances,] OneChicago will not open for 
trading any security futures product that is physically settled with a 
new delivery month, and may prohibit any opening purchase transactions 
in the security futures product already trading, to the extent it deems 
such action necessary or appropriate, unless the underlying security 
meets each of the following maintenance requirements; provided that, if 
the underlying security is an ETF Share, TIR or Closed-End Fund Share, 
the applicable requirements for initial listing of the related security 
futures product (as described in I.A. above) shall apply in lieu of the 
following maintenance requirements:
    (i) It must be registered under section 12 of the Exchange Act.
    (ii) There must be at least 6,300,000 shares or receipts evidencing 
the underlying security outstanding that are owned by persons other 
than those who are required to report their security holdings pursuant 
to section 16(a) of the Exchange Act.
    (iii) There must be at least 1,600 securityholders.
    (iv) It must have had an average daily trading volume (across all 
markets in which the underlying security is traded) of least 82,000 
shares or receipts evidencing the underlying security in each of the 
preceding 12 months. Requirement (iv) as Applied to Restructure 
Securities:
    If a Restructure Security is approved for a security futures 
product trading under the initial listing standards in section I, the 
average daily trading volume history of the Original Equity Security 
(as defined in section I) prior to the commencement of trading in the 
Restructure Security (as defined in section I), including ``when-
issued'' trading, may be taken into account in determining whether this 
requirement is satisfied.
    (v) It must have had a market price per security of at least $5.00, 
as measured by the highest closing price reported in any market in 
which it has traded, for a majority of business days during the 
preceding six calendar months; provided, however, that OneChicago may 
waive this requirement and open for trading a security futures product 
with a new delivery month, if:
    (a) The aggregate market value of the underlying security equals or 
exceeds $50 million;
    (b) Customer open interest (reflected on a two-sided basis) equals 
or exceeds 4,000 contracts for all delivery months;
    (c) Its average daily trading volume (in all markets in which the 
underlying security is traded) has been at least 109,000 shares or 
receipts evidencing the underlying security in each of the preceding 12 
months; and
    (d) The market price per share or receipt of the underlying 
security closed at $3.00 or above on a majority of the business days 
during the preceding six calendar months, as measured by the highest 
closing price for the underlying security reported in any market in 
which the underlying security traded, and the market price per share or 
receipt of the underlying security is at least

[[Page 8067]]

$3.00 at the time such additional series are authorized for trading. 
During the next consecutive six calendar month period, to satisfy this 
paragraph, the market price per share or receipt of the underlying 
security must be at least $4.00.

Requirement (v) as Applied to Restructure Securities:

    If a Restructure Security is approved for security futures product 
trading under the initial listing standards in section I, the market 
price history of the Original Equity Security prior to the commencement 
of trading in the Restructure Security, including ``when-issued'' 
trading, may be taken into account in determining whether this 
requirement is satisfied.
    (vi) If the underlying security is an ADR and was initially deemed 
appropriate for security futures product trading under paragraph 
[(viii)(b)] (x)(b) or [(viii)(c)] (x)(c) in section I, OneChicago will 
not open for trading security futures products having additional 
delivery months on the ADR unless:
    (a) The percentage of worldwide trading volume in the ADR and other 
related securities that takes place in the U.S. and in markets with 
which OneChicago has in place an effective surveillance sharing 
agreement for any consecutive three-month period is: (1) At least 30%, 
without regard to the average daily trading volume in the ADR; or (2) 
at least 15% when the average U.S. daily trading volume in the ADR for 
the previous three months is at least 70,000 receipts;
    (b) OneChicago has in place an effective surveillance sharing 
agreement with the primary exchange in the home country where the 
security underlying the ADR is traded; or
    (c) The Securities and Exchange Commission and Commodity Futures 
Trading Commission have otherwise authorized the listing.
    B--D No Change.
    III. No Change.
    IV. No Change.

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

    OneChicago has prepared statements concerning the purpose of, and 
basis for, the proposed rule change, burdens on competition, and 
comments received from members, participants, and others. The text of 
these statements may be examined at the places specified in item IV 
below. These statements are set forth in sections A, B, and C below.

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

1. Purpose
    OneChicago proposes to amend its Eligibility and Maintenance 
Criteria for Security Futures Products (``Listing Standards'') 
pertaining to the price requirement of an underlying security for the 
initial listing of a single stock future. OneChicago's current initial 
Listing Standards for single stock futures require, among other things, 
that the market price of the underlying security, as measured by the 
lowest closing price reported in any market, be at least $7.50 for the 
majority of business days during the three calendar months preceding 
the selection. Provided all other initial Listing Standards 
requirements are met, the proposed rule change would permit a single 
stock future to be listed on a ``covered security'' as defined under 
section 18(b)(1)(A) for the Securities Act of 1933 (``Securities Act'') 
\6\ that has a market price of at least $3.00 for the five consecutive 
business days prior to the date on which OneChicago submits a 
certificate to The Options Clearing Corporation (``OCC'') for listing 
and trading the future contract.\7\ The market price of the underlying 
security would be measured by the closing price reported in the primary 
market in which the underlying security is traded. The proposed rule 
change also amends the initial Listing Standards to require that an 
underlying security that is not a ``covered security'' meet 
OneChicago's current price requirement that it have a market price of 
$7.50 for the majority of the trading days for the three calendar 
months preceding selection.
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    \6\ Section 18(b)(1)(A) of the Securities Act provides that, 
``[a] security is a covered security if such security is--listed, or 
authorized for listing, on the New York Stock Exchange [(``NYSE'')] 
or the American Stock Exchange [(``Amex'')], or listed, or 
authorized for listing, on the National Market System of the Nasdaq 
Stock Market [(``Nasdaq'')] (or any successor to such entities). * * 
*'' 15 U.S.C. 77r(b)(1)(A). The term ``covered security'' would not 
include those securities defined under section 19(b)(1)(B) of the 
Securities Act. 15 U.S.C. 77r(b)(1)(B).
    \7\ The proposed rule change amends OneChicago's Listing 
Standard I.A.viii and renumbers the subsequent initial listing 
standards requirements for single stock futures. The proposed rule 
change also makes a conforming amendment to Listing Standard 
II.A.vi. In addition, the proposed rule change deletes, ``Absent 
exceptional circumstances'' in OneChicago's Listing Standard II.A.
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    OneChicago states that the proposed rule change would permit 
OneChicago to list single stock futures that would be beneficial to 
investors for hedging and speculative purposes, while still providing 
adequate protection for investors. Under current market conditions, 
some securities meet all of the requirements in the initial Listing 
Standards for securities underlying a single stock future, except for 
the market price requirement of $7.50. OneChicago believes that if 
those securities are ``covered securities'' and they meet the other 
requirements in the initial Listing Standards, it is appropriate to 
require the underlying security to have a market price of $3.00 or 
above for the five business days preceding the notification to OCC. A 
``covered security'' as used in the proposed rule change would be a 
security that is listed or authorized for listing on NYSE, Amex, or 
Nasdaq. As the Chicago Board Options Exchange, Inc. (``CBOE'') noted in 
its proposed rule change requesting a similar amendment, ``this 
particular criteria [no longer] serves to accomplish its presumed 
intended purpose, i.e., to prevent the proliferation of option classes 
on overlying securities that lack liquidity needed to maintain fair and 
orderly markets.'' \8\
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    \8\ See Securities Exchange Act Release No. 46957 (December 6, 
2002), 67 FR 77106 (December 16, 2002) (publishing SR-CBOE-2002-62 
for public comment).
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    OneChicago states that its initial Listing Standard requirements, 
as well as the listing requirements of the NYSE, Amex and Nasdaq, would 
provide adequate investor protection. Under OneChicago's initial 
Listing Standards, a ``covered security'' would still be required to 
have: a minimum of 7,000,000 shares owned by public investors; \9\ a 
minimum of 2,000 securityholders; \10\ and an average daily trading 
volume (``ADTV'') of at least 109,000 shares in each of the preceding 
12 months \11\ in order for OneChicago to list a single stock future on 
the security. In addition to the initial Listing Standard requirements, 
OneChicago will monitor and adhere to its maintenance standards for 
single stock futures.
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    \9\ OneChicago's Listing Standard I.A.iv.
    \10\ OneChicago's Listing Standard I.A.v.
    \11\ OneChicago's Listing Standard I.A.vi. OneChicago notes that 
the comparable option listing standards requires a trading volume of 
at least 2,400,000 shares in the preceding 12 months. The Division 
of Market Regulation's Staff Legal Bulletin No. 15, which provided 
guidance to exchanges developing listing standards for security 
futures, states that a minimum monthly trading volume of 2,400,000 
million shares is comparable to an average daily trading volume of 
109,000 shares for the preceding 12 months. See Division of Market 
Regulation: Staff Legal Bulletin No. 15, Listing Standards for 
Trading Securities Futures Products (September 5, 2001), n. 6. The 
109,000 figure was arrived at by dividing 2.4 million by 22, which 
is the typical number of trading days in a calendar month.

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[[Page 8068]]

    In addition to investor protections provided by the Listing 
Standards requirements, the design of the proposed rule change provides 
safeguards against price manipulation and provides a reliability test 
for stability in reasonable time period for qualifying the price of the 
underlying security. The proposed rule change requires that the 
``covered security'' have a price on the primary market above $3.00 for 
five days prior to notifying OCC of OneChicago's intent to list and 
trade the single stock future. This provision is designed to prevent 
the manipulation of the price of the ``covered security'' immediately 
prior to the listing of a single stock future. First, the price of a 
``covered security'' must be above $3.00 for five business days, which 
makes it more difficult for someone to enter the underlying market to 
manipulate the price. In addition, the price of the ``covered 
security'' must be on the primary market, i.e., NYSE, Amex or Nasdaq, 
which would be more liquid and thus more difficult to manipulate. In 
determining to list any single stock futures, OneChicago must ensure 
that its own systems, including price dissemination system, have the 
capacity to handle the potential increased capacity requirements.
    Section 6(h)(3)(C) of the Act requires that Listing Standards for 
security futures ``be no less restrictive than comparable Listing 
Standards for options traded on a national securities exchange * * *.'' 
\12\ The Commission has approved a similar rule change for the 
CBOE.\13\ Since CBOE has a comparable Listing Standard, OneChicago 
believes that the proposed rule change meets the requirement of section 
6(h)(3)(C) of the Act.\14\
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    \12\ 15 U.S.C. 78f(h)(3)(C).
    \13\ Securities Exchange Act Release No. 47190 (January 15, 
2003), 68 FR 3072 (January 22, 2003) (approving SR-CBOE-2002-62).
    \14\ 15 U.S.C. 17f(h)(3)C).
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2. Statutory Basis
    The proposed rule change is consistent with section 6(b)(5) of the 
Act \15\ in that it promotes competition, is designed to prevent 
fraudulent and manipulative acts and practices, and is designed to 
protect investors and the public interest. The proposed rule change 
would promote competition and is designed to protect investors and the 
public interest by providing products that could be used by investors 
for hedging and speculative purposes, while at the same time providing 
investor protection through the design of the proposed rule change and 
the Listing Standard requirements that would be applicable.
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    \15\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    OneChicago believes that the proposed rule change will not unduly 
burden competition. In fact, OneChicago believes the proposed rule 
change would promote competition by permitting OneChicago to list a 
broader array of single stock futures, without jeopardizing investor 
protection.

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

    Comments on the proposed rule change have not been solicited and no 
comments on the proposed rule change have been received.

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

    The proposed rule change has become effective on January 23, 2003, 
except that the technical changes made in Amendment Nos. 1 and 2 have 
become effective on January 24, 2003, and February 4, 2003, 
respectively. Within 60 days of the date of effectiveness of the 
proposed rule change, the Commission, after consultation with the CFTC, 
may summarily abrogate the proposed rule change and require that the 
proposed rule change be refiled in accordance with the provisions of 
section 19(b)(1) of the Act.\16\
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    \16\ 15 U.S.C. 78s(b)(1).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule 
change conflicts with the Act. Persons making written submissions 
should file nine copies of the submission with the Secretary, 
Securities and Exchange Commission, 450 Fifth Street, NW., Washington, 
DC 20549-0609. Comments also may be submitted electronically to the 
following e-mail address: [email protected]. 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. Copies of these filings also will be available 
for inspection and copying at the principal office of OneChicago. All 
submissions should refer to File No. SR-OC-2003-01 and should be 
submitted by March 12, 2003.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(75).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-3942 Filed 2-18-03; 8:45 am]
BILLING CODE 8010-01-U