[Federal Register Volume 68, Number 117 (Wednesday, June 18, 2003)]
[Notices]
[Pages 36617-36621]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-15353]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48024; File No. SR-Amex-2003-36]


Self-Regulatory Organizations; Notice of Filing and Order 
Granting Accelerated Approval of a Proposed Rule Change and Amendments 
No. 1 and 2 by the American Stock Exchange LLC To Initiate a Pilot 
Program That Allows the Listing of Strike Prices at One-Point Intervals 
for Certain Stocks Trading Under $20

June 12, 2003.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on April 29, 2003, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I and II below, which Items have been prepared by the Exchange. 
The Exchange filed Amendments No. 1 and 2 to the proposal on June 3, 
2003,\3\ and June 11, 2003,\4\ respectively. The Commission is 
publishing this notice to solicit comments on the proposed rule change, 
as amended, from interested persons and to grant accelerated approval 
to the proposed rule change, as amended, through June 5, 2004.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 replaces and supersedes the original filing 
in its entirety.
    \4\ See letter from Jeffrey P. Burns, Associate General Counsel, 
Amex, to Nancy Sanow, Division of Market Regulation, Commission, 
dated June 10, 2003 (``Amendment No. 2''). Amendment No. 2 revises 
the proposal to indicate that: (1) The pilot program will expire on 
June 5, 2004; (2) the strike price interval for options on 
individual stocks will be $5 or greater where the strike price is 
greater than $25 but less than $200 and $10 or greater where the 
strike price is greater than or equal to $200; and (3) the strike 
price interval for options on Exchange-Traded Fund Shares (``ETFs'') 
will be $5 or greater where the strike price is over $200.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to initiate a pilot program (``Pilot 
Program'') that will allow the Exchange to list options on selected 
stocks trading below $20 at one-point intervals. The text of the 
proposed rule change appears below. Additions are in italics.

Rule 903. Series of Options Open for Trading

    (a)-(d) No Change.

Commentary

    .01-.03 No Change.

[[Page 36618]]

    .04 The interval between strike prices of series of options on 
individual stocks may be (a) $2.50 or greater where the strike price is 
$25 or less, provided however, that the Exchange may not list $2.50 
intervals below $20 (e.g. $12.50, $17.50) for any class included within 
the $1 Strike Price Pilot Program, as detailed below in Commentary .05, 
if the addition of $2.50 intervals would cause the class to have strike 
price intervals that are $0.50 apart; (b) $5 or greater where the 
strike price is greater than $25 but less than $200; or (c) $10 or 
greater where the strike price is greater than or equal to $200. For 
series of options on Exchange-Traded Fund Shares that satisfy the 
criteria set forth in Commentary .06 to Rule 915, the interval of 
strike prices may be $1 or greater where the strike price is $200 or 
less or $5 or greater where the strike price is over $200. Exceptions 
to the strike price intervals above are set forth in Commentaries .05 
and .06 below.
    .05 The interval between strike prices of series of options on 
individual stocks may be:
    a. $1.00 or greater (``$1 Strike Prices'') provided the strike 
price is $20 or less, but not less than $3. The listing of $1 strike 
prices shall be limited to option classes overlying no more than five 
(5) individual stocks (the ``$1 Strike Price Pilot Program'') as 
specifically designated by the Exchange. The Exchange may list $1 
Strike Prices on any other option classes if those classes are 
specifically designated by other national securities exchanges that 
employ a similar $1 Strike Price Pilot Program under their respective 
rules.
    b. To be eligible for inclusion into the $1 Strike Price Pilot 
Program, an underlying security must close below $20 in the primary 
market on the previous trading day. After a security is added to the $1 
Strike Price Pilot Program, the Exchange may list $1 Strike Prices from 
$3 to $20 that are no more than $5 from the closing price of the 
underlying on the preceding day. For example, if the underlying 
security closes at $13, the Exchange may list strike prices from $8 to 
$18. The Exchange may not list series with $1 intervals within $0.50 of 
an existing $2.50 strike price (e.g. $12.50, $17.50) in the same 
series. Additionally, for an option class selected for the $1 Strike 
Price Pilot Program, the Exchange may not list $1 Strike Prices on any 
series having greater than nine (9) months until expiration.
    c. A security shall remain in the $1 Strike Price Pilot Program 
until otherwise designated by the Exchange. The $1 Strike Price Pilot 
Program shall expire on June 5, 2004.
    .06 The options exchanges may select up to 200 options classes on 
individual stocks for which the interval of strike prices will be $2.50 
where the strike price is greater than $25 but less than $50. The 200 
options classes are selected by the various options exchanges pursuant 
to any agreement mutually agreed to by the individual exchanges and 
approved by the Commission. In addition to those options selected by 
the Exchange, the strike price interval may be $2.50 in any multiply-
traded option once another exchange trading that option selects such 
option, as part of this program. The Exchange and any of the other 
options exchanges may also list strike prices of $2.50 on any option 
class that was selected by the NYSE pursuant to this program.

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 Exchange 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 these statements may be examined at the places specified in 
Item III below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

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

1. Purpose
    The Amex proposes to amend Amex Rule 903, ``Series of Options Open 
for Trading,'' to implement the Pilot Program, which will operate until 
June 5, 2004. The Pilot Program will allow the Amex to list options on 
up to five underlying equities trading below $20 at one-point intervals 
and to list $1 strike prices on any equity option included in the $1 
strike price pilot program of any other options exchange.
    In addition to implementing the Pilot Program, the Amex proposes to 
amend Amex Rule 903 to codify certain existing strike price interval 
guidelines that the Commission approved but that have not been codified 
in Amex Rule 903.\5\ In this regard, the Amex proposes to amend Amex 
Rule 903 to indicate that: (1) the strike price interval for series of 
options on individual stocks may be $2.50 or greater where the strike 
price is $25 or less,\6\ $5 or greater where the strike price is 
greater than $25 but less than $200 (except for options included in the 
options exchanges' $2 \1/2\-point strike price program, as described 
below), or $10 or greater where the strike price is greater than or 
equal to $200; and (2) the strike price interval for series of options 
on ETFs may be $1 or greater where the strike price is $200 or less or 
$5 or greater where the strike price is over $200. In addition, the 
Amex proposes to revise Amex Rule 903 to describe more specifically the 
options exchanges' 2\1/2\-point strike price program.\7\
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    \5\ See Securities Exchange Act Release Nos. 21929 (April 10, 
1985), 50 FR 15258 (April 17, 1985) (File No. SR-Amex-85-6) (order 
approving $2.50 strike price intervals for options on individual 
stocks where the strike price is $25 or less) (``April 1985 
Order''); 21644 (January 9, 1985), 50 FR 2360 (January 16, 1985) 
(File No. SR-Amex-84-31) (order approving $5 strike price intervals 
for options on stocks trading below $200); and 40157 (July 1, 1998), 
63 FR 37426 ((July 10, 1998) (File No. SR-Amex-96-44) (order 
approving strike price intervals of $1 or greater for options on 
ETFs up to a strike price of $200 and strike price intervals of $5 
or greater for ETF options where the strike price is over $200).
    \6\ As discussed more fully below, the Pilot Program will impose 
certain limitations on the Amex's ability to list $2\1/2\-point 
strike prices on options included in the Pilot Program.
    \7\ See Securities Exchange Act Release No. 40662 (November 12, 
1998), 63 FR 64297 (November 19, 1998) (File Nos. SR-Amex-98-21; SR-
CBOE-98-29; SR-PCX-98-31; and SR-PHLX-98-26) (order permanently 
approving the 2\1/2\-point strike price pilot program). The 2\1/2\-
point strike price program allows the Amex, the Chicago Board 
Options Exchange, Inc. (``CBOE''), the Pacific Exchange, Inc., and 
the Philadelphia Stock Exchange, Inc. to list up to 200 equity 
options trading at a strike price greater than $25 but less than $50 
at 2\1/2\-point intervals.
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Pilot Program
    The Amex notes that stock prices in general have dropped over the 
past few years, with many listings suffering severe declines. As a 
result, there has been a proliferation of stocks trading below $20. The 
Amex lists options on more than 900 of these stocks. Some of these 
stocks are among the most widely held and actively traded equity 
securities listed on the New York Stock Exchange, Inc., the Amex, and 
Nasdaq, including, for example, Cisco, Oracle, Lucent, JDS Uniphase, 
AT&T, and Motorola. Accordingly, the options overlying these stocks are 
among the most actively traded options.
    When a stock underlying an option trades at a lower price, it 
requires a larger percentage gain in the price of the stock for an 
option to become in-the-money. For example, when a stock trades at $10 
an investor that wants to purchase a slightly out-of-the-money call 
option would have to buy the $12.50 call. At these levels, the stock

[[Page 36619]]

price would need to increase by 25% to reach in-the-money status. 
According to the Amex, a 25% or higher gain in the price of the 
underlying stock is especially large given the lessened degree of 
volatility that has accompanied many stocks and options over the past 
several months. Accordingly, Amex member firms have expressed an 
interest in listing additional strike prices on these classes so that 
they can provide their customers with greater flexibility in achieving 
their investment strategies. For this reason, the Exchange proposes to 
implement the proposed Pilot Program.
    1. Pilot Program Eligibility: The Exchange proposes to amend Amex 
Rule 903 to allow the Exchange to list options on selected stocks 
trading below $20 at one-point intervals, provided that the strike 
prices are $20 or less, but not less than $3. An option would become 
eligible for inclusion in the Pilot Program provided that the 
underlying stock closed below $20 in its primary market on the 
preceding trading day. Once the underlying stock is part of the Pilot 
Program, the Exchange may continue to list $1 strike prices provided 
the underlying stock remains below $20. As described more fully below, 
although an option class will not be removed automatically from the 
Pilot Program if the underlying stock trades at or above $20, the Amex 
will not add $1 strike prices when the underlying stock closes above 
$20. Once the stock closes below $20, it will again be eligible for the 
addition of $1 strike prices. An underlying stock will remain in the 
Pilot Program until the Amex removes it from the Pilot Program. Options 
on stocks trading under $20 that are not included in the Pilot Program 
may continue to trade in $2.50 and $5.00 strike price intervals. 
Although the Amex may only select up to five individual stock options 
for its Pilot Program, the Exchange will not be precluded from also 
listing at $1 strike price intervals equity options included in the $1 
strike price programs of other option exchanges.
    2. Procedure for Adding $1 Strike Price Intervals: The Exchange 
proposes to amend Amex Rule 903 to set forth the standards regarding 
the addition of $1 strike price intervals. Under the Pilot Program, the 
closing price of the underlying stock serves as the reference point for 
determining which $1 strike prices the Exchange may open for trading. 
To minimize the proliferation of options series, the Exchange intends 
to restrict the number of $1 strike prices that may be added to those 
strikes that fall within a $5 range of the price of the underlying 
stock. The Amex will not add strike prices outside of the $5 range. For 
example, if the underlying stock trades at $6, the Exchange could list 
$1 strike prices from $3 to $11, while if the underlying stock trades 
at $10, the Exchange could list $1 strikes from $5 to $15. By 
restricting the number of strike prices that may be listed to a 
predetermined $5 range, the Exchange believes it will be able to 
provide investors with more flexibility without burdening The Options 
Price Reporting Authority (``OPRA'') capacity by bringing up strike 
prices that are not reasonably related to the price of the underlying 
stock.
    Currently, when an underlying stock trades below $25, the Exchange 
may list strike prices with $2.50 intervals.\8\ For this reason, 
several classes have $7.50, $12.50, and $17.50 strike prices. To 
further avoid the proliferation of series, the Exchange does not intend 
to list $1 strike prices at levels that ``bracket'' existing $2.50 
intervals (e.g., $7 and $8 strikes around a $7.50 strike). Accordingly, 
the Exchange does not intend to list $7, $8, $12, $13, $17, and $18 
levels in an expiration month where there is a corresponding $2.50 
level. As the $2.50 intervals are ``phased-out,'' as described below, 
the Exchange will introduce the $1 levels that bracket the phased-out 
price. For example, when a $7.50 series expires, the Exchange will 
replace it by issuing a new expiration month with $7 and $8 strike 
price intervals.
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    \8\ See April 1985 Order, supra note 5.
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    3. Procedures for Phasing-Out $2.50 Strike Price Intervals: When an 
individual stock becomes a part of the Pilot Program, the Exchange will 
begin to phase-out the existing $2.50 strike price intervals for 
options on that stock in favor of the $1 strike price intervals. To 
phase-out the $2.50 strike price intervals, the Exchange first will 
delist any $2.50 series for which there is no open interest. Second, 
the Exchange will no longer add new expiration months at $2.50 strike 
price intervals below $20 when existing months expire. This will cause 
the $2.50 strike price intervals below $20 to be phased-out when the 
farthest-out month with a $2.50 interval expires.
    4. $1 Strikes for Longer Dated Options: The Exchange will not list 
$1 strikes on any series of individual equity option classes that have 
greater than nine months until expiration.
    5. Procedures for Adding Expiration Months: Amex Rule 903(a)(i) 
will govern the addition of expiration months for $1 strikes series. 
Pursuant to this rule, the Exchange generally opens up to four 
expiration months for each class upon the initial listing of an options 
class for trading. Thus, for options included in the Pilot Program, the 
Amex will list an additional expiration month upon expiration of the 
near-term month, provided that the underlying stock prices closes below 
$20 on Expiration Friday. If the underlying closes at or above $20 on 
its primary market on Expiration Friday, the Exchange will not list an 
additional month of $1 strike price series until the stock again closes 
below $20.
    6. Procedures for Delisting $1 Strike Price Intervals: At any time, 
the Exchange may cease listing $1 strike prices on existing series by 
submitting a cessation notice to The Options Clearing Corporation 
(``OCC'').\9\ As discussed above, if the underlying closes at or above 
$20 on its primary market on Expiration Friday, the Amex will not list 
any additional months with $1 strike prices until the stock 
subsequently closes below $20. If the underlying stock does not 
subsequently close below $20, thereby precluding the listing of 
additional strike prices and months, the existing $1 series eventually 
will expire. When the near-term month is the only series available for 
trading, the Exchange may submit a cessation notice to OCC. Upon 
submission of that notice, the underlying stock would no longer count 
towards the five option classes available on the Exchange pursuant to 
the Pilot Program, thereby allowing the Exchange to list options on an 
additional stock at $1 strike price intervals. Once the Exchange 
submits the cessation notice it will not list any additional months 
pursuant to the Pilot Program for trading with strikes below $20, 
unless the underlying stock again closes below $20.\10\
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    \9\ The reasons for submitting a cessation notice are as 
follows: (1) Expiration of available $1 strikes (i.e. the underlying 
stock price remains at or above $20); (2) series proliferation 
concerns; and (3) delisting because of, among other things, low 
price, merger, or takeover. In any event, with prior notice to the 
membership and customers, the Amex will continue to have the ability 
to cease trading any series that has became inactive and has no open 
interest.
    \10\ If the underlying stock trades below $20 after the Amex 
submits a cessation notice, the Amex could again list options on 
that stock at $1 strike prices provided the Amex included the class 
as one of its five allowable classes.
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    7. OPRA Capacity: The Exchange believes that OPRA has the capacity 
to accommodate the increase in the number of series that could be added 
pursuant to the Pilot Program. In this regard, the Amex notes that, on 
a daily basis, the options exchanges use an average of less than 7,000 
messages per second (``mps'') during peak periods,

[[Page 36620]]

which is less than 25% of the total system capacity of 32,000 mps. 
According to the Amex, the Amex listed approximately 108,094 series in 
December 2000, approximately 100,632 series in September 2001, and 
approximately 88,494 series in April 2003. The Amex believes that the 
increase in the number of series resulting from the Pilot Program 
should be substantially less than the decreases in listed series 
experienced by the Exchange.
    Furthermore, the Amex states that, to date, the options exchanges 
have not exceeded 11,000 mps for any extended period of time.\11\ 
Therefore, the Amex believes that implementing the Pilot Program would 
not have a negative impact on OPRA system capacity.
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    \11\ According to the Amex, on November 6, 2002, the OPRA five-
minute message peak was 8,203 mps and on November 13, 2002, the one-
minute peak was 10,091 mps.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
section 6(b) of the Act \12\ in general and furthers the objectives of 
section 6(b)(5),\13\ in particular, in that it is designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of change, to foster cooperation and coordination 
with persons engaged in facilitating transactions in securities, and to 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change will impose no 
burden on competition.

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

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change, as amended, 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 20549-0609. 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 such 
filings will also be available for inspection and copying at the 
principal office of the Exchange. All submissions should refer to File 
No. SR-Amex-2003-36 and should be submitted by July 9, 2003.

IV. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Rule Change

    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities 
exchange.\14\ In particular, the Commission finds that the proposed 
rule change is consistent with section 6(b)(5) of the Act,\15\ which 
requires, among other things, that the rules of a national securities 
exchange be designed to remove impediments to and perfect the mechanism 
of a free and open market and a national market system, and, in 
general, to protect investors and the public interest. Specifically, 
the Commission believes that the proposed listing of one point strike 
price intervals in selected equity options on a pilot basis should 
provide investors with more flexibility in the trading of equity 
options overlying stocks trading at more than $3 but less than $20, 
thereby furthering the public interest by allowing investors to 
establish equity options positions that are better tailored to meet 
their investment objectives. The Commission also believes that the 
Exchange's limited Pilot Program strikes a reasonable balance between 
the Exchange's desire to accommodate market participants by offering a 
wide array of investment opportunities and the need to avoid 
unnecessary proliferation of options series. The Commission expects the 
Exchange to monitor the applicable equity options activity closely to 
detect any proliferation of illiquid options series resulting from the 
narrower strike price intervals and to act promptly to remedy this 
situation should it occur. In addition, the Commission requests that 
the Amex monitor the trading volume associated with the additional 
options series listed as a result of the Pilot Program and the effect 
of these additional series on market fragmentation and on the capacity 
of the Exchange's, OPRA's, and vendors' automated systems.
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    \14\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. 15 U.S.C. 78c(f).
    \15\ 15 U.S.C. 78f(b)(5).
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    As noted above, the Commission is approving the Amex's proposal on 
a pilot basis. In the event that Amex proposes to extend the Pilot 
Program beyond June 5, 2004, expand the number of options eligible for 
inclusion in the Pilot Program, or seek permanent approval of the Pilot 
Program, it should submit a Pilot Program report to the Commission 
along with the filing of such proposal.\16\ The report must cover the 
entire time the Pilot Program was in effect, and must include: (1) Data 
and written analysis on the open interest and trading volume for 
options (at all strike price intervals) selected for the Pilot Program; 
(2) delisted options series (for all strike price intervals) for all 
options selected for the Pilot Program; (3) an assessment of the 
appropriateness of $1 strike price intervals for the options the Amex 
selected for the Pilot Program; (4) an assessment of the impact of the 
Pilot Program on the capacity of the Amex's, OPRA's, and vendors' 
automated systems; (5) any capacity problems or other problems that 
arose during the operation of the Pilot Program and how the Amex 
addressed them; (6) any complaints that the Amex received during the 
operation of the Pilot Program and how the Amex addressed them; and (7) 
any additional information that would help to assess the operation of 
the Pilot Program.
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    \16\ The Commission expects the Amex to submit a proposed rule 
change at least 60 days before the expiration of the Pilot Program 
in the event the Amex wishes to extend, expand, or seek permanent 
approval of the Pilot Program.
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    The Commission believes that the proposal to codify previously 
approved options strike price interval guidelines in Amex Rule 903 and 
to revise Amex Rule 903 to describe the options' exchanges existing 
2\1/2\-point strike price program with greater specificity should help 
to clarify the Amex's rules and facilitate compliance with them, 
thereby protecting investors and the public interest.
    The Commission finds good cause for approving the proposal, as 
amended, prior to the thirtieth day after the date of publication of 
notice of filing thereof in the Federal Register. The Amex's Pilot 
Program is identical to a CBOE pilot program (``CBOE Pilot'') that the

[[Page 36621]]

Commission approved.\17\ Notice of the CBOE Pilot was published for 
comment \18\ and the Commission received one comment letter, which 
supported the CBOE's proposal. Accordingly, the Commission believes 
that the Amex's Pilot Program raises no issues of regulatory concern. 
Amendment No. 2 clarifies the proposal by specifying the expiration 
date for the Pilot Program and the strike price intervals for options 
on individual stocks and ETFs. For these reasons, the Commission 
believes that there is good cause, consistent with sections 6(b)(5) and 
19(b) of the Act,\19\ to approve the Amex's proposal, as amended, on an 
accelerated basis, through June 5, 2004.
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    \17\ See Securities Exchange Act Release No. 47991 (June 5, 
2003) (order approving File No. SR-CBOE-2001-60).
    \18\ See Securities Exchange Act Release No. 47753 (April 29, 
2003), 68 FR 23784 (May 5, 2003).
    \19\ 15 U.S.C. 78f(b)(5) and 78s(b).
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V. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\20\ that the proposed rule change (SR-Amex-2003-36) and Amendments 
No. 1 and 2 thereto are hereby approved, on an accelerated basis and as 
a pilot program, through June 5, 2004.
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    \20\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-15353 Filed 6-17-03; 8:45 am]
BILLING CODE 8010-01-P