[Federal Register Volume 71, Number 136 (Monday, July 17, 2006)]
[Notices]
[Pages 40558-40562]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-11227]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54123; File No. SR-CBOE-2006-65]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change To Permit the Listing and Trading of Quarterly Options 
Series

July 11, 2006.
    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 July 10, 2006, the Chicago Board Options Exchange, Incorporated 
(``Exchange'' or ``CBOE'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change as described in 
Items I and II below, which Items have been substantially prepared by 
the Exchange. CBOE has designated this proposal as non-controversial 
under Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) 
thereunder,\4\ which renders the proposed rule change effective upon 
filing with the Commission. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its rules to permit the listing and 
trading of quarterly options series.\5\ The text of the proposed rule 
change is set forth below. Proposed new language is in italics.
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    \5\ This proposal is substantially identical to a recently 
approved proposal by the International Securities Exchange (``ISE'') 
to list Quarterly Options Series on a pilot basis. See Securities 
Exchange Act Releases No. 53857 (May 24, 2006), 71 FR 31246 (June 1, 
2006) (notice of filing); and 54113 (July 7, 2006) (approval order).
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* * * * *
    Rule 1.1. Definitions. When used in these Rules, unless the context 
otherwise requires:
    (a)-(bbb) No Change.

Quarterly Options Series.

    (ccc) Quarterly Option Series. A Quarterly Option Series is a 
series in an options class that is approved for listing and trading on 
the Exchange in which the series is opened for trading on any business 
day and that expires at the close of business on the last business day 
of a calendar quarter.

. . . Interpretations and Policies:

    .01-.05 No Change.
* * * * *

Rule 5.5. Option Contracts Open for Trading

    (a) After a particular class of options (call option contracts or 
put option contracts relating to a specific underlying security or 
calculated index) has been approved for listing and trading on the 
Exchange, the Exchange from time to time may open for trading series of 
options on that class. Only options contracts of series currently open 
for trading may be purchased or written on the Exchange. Prior to the 
opening of trading in a given series, the Exchange will fix the 
expiration month, year and exercise price of that series. For Short 
Term Option Series, the Exchange will fix a specific expiration date 
and exercise price, as provided in paragraph (d). For Quarterly Options 
Series the Exchange will fix a specific expiration date and exercise 
price, as provided in paragraph (e).
    (b) Except for Short Term Option series and Quarterly Options 
Series, at the commencement of trading on the Exchange of a particular 
class of options, the Exchange usually will open three series of 
options for each expiration month in that class. The exercise price of 
each series will be fixed at a price per share, with at least one 
strike price above and one strike price below the price at which the 
underlying stock is traded in the primary market at about the time that 
class of options is first opened for trading on the Exchange. Paragraph 
(d) will govern the procedures for opening Short Term Option Series. 
Paragraph (e) will govern the procedures for opening Quarterly Options 
Series.
    (c)-(d) No Change.
    (e) Quarterly Option Series Pilot Program. For a one-year pilot 
period, the Exchange may list and trade options series that expire at 
the close of business on the last business day of a calendar quarter 
(``Quarterly Options Series''). The Exchange may list Quarterly Options 
Series for up to five (5) currently listed options classes that are 
either index options or options on exchange traded funds. In addition, 
the Exchange may also list Quarterly Options Series on any options 
classes that are selected by other securities exchanges that employ a 
similar pilot program under their respective rules. The one-year pilot 
will commence either the day the Exchange first initiates trading in a 
Quarterly Options Series or July 24, 2006, whichever is earlier.

[[Page 40559]]

    The Exchange may list series that expire at the end of the next 
consecutive four (4) calendar quarters, as well as the fourth quarter 
of the next calendar year. For example, if the Exchange is trading 
Quarterly Options Series in the month of May 2006, it may list series 
that expire at the end of the second, third, and fourth quarters of 
2006, as well as the first and fourth quarters of 2007. Following the 
second quarter 2006 expiration, the Exchange could add series that 
expire at the end of the second quarter of 2007.
    (1) Quarterly Options Series will be P.M. settled.
    (2) The strike price for each Quarterly Options Series will be 
fixed at a price per share, with at least two strike prices above and 
two strike prices below the approximate value of the underlying 
security at about the time that a Quarterly Options Series is opened 
for trading on the Exchange. The Exchange shall list strike prices for 
a Quarterly Options Series that are within $5 from the closing price of 
the underlying on the preceding day. Additional Quarterly Options 
Series of the same class may be open for trading on the Exchange when 
the Exchange deems it necessary to maintain an orderly market, to meet 
customer demand or when the market price of the underlying security 
moves substantially from the initial exercise price or prices. To the 
extent that any additional strike prices are listed by the Exchange, 
such additional strike prices shall be within $5 from the closing price 
of the underlying on the preceding day. The opening of the new 
Quarterly Options Series shall not affect the series of options of the 
same class previously opened.
    (3) The interval between strike prices on Quarterly Options Series 
shall be the same as the interval for strike prices for series in that 
same options class that expire in accordance with the normal monthly 
expiration cycle.

. . . Interpretations and Policies:

    .01-.02 No Change.
    .03 Except for Short Term Option Series and Quarterly Options 
Series, the Exchange usually will open four expiration months for each 
class of options open for trading on the Exchange: the first two being 
the two nearest months, regardless of the quarterly cycle on which that 
class trades; the third and fourth being the next the two nearest term 
months (May and June) and the next two expiration months of the cycle 
(July and October). When the May series expires, the Exchange would add 
January series. When the June series expires, the Exchange would add 
August series as the next nearest month, and would not add April).
    Regarding Short Term Option Series, the Exchange may select up to 
five currently listed option classes on which Short Term Option Series 
may be opened on any Short Term Option Opening Date. In addition to the 
five-option class restriction, the Exchange also may list Short Term 
Option Series on any option classes that are selected by other 
securities exchanges that employ a similar Pilot Program under their 
respective rules. For each option class eligible for participation in 
the Short Term Option Series Pilot Program, the Exchange may open up to 
five Short Term Option Series for each expiration date in that class. 
The strike price of each Short Term Option Series will be fixed at a 
price per share, with at least two strike prices above and two strike 
prices below the value of the underlying security or calculated index 
value at about the time that Short Term Option Series is opened for 
trading on the Exchange.
    .04-.10 No Change.
* * * * *

Rule 24.1. Definitions

    (a)-(y) No Change.
    Quarterly Options Series
    (z) The term ``Quarterly Options Series'' means, for the purposes 
of Chapter XXIV, a series in an options class that is approved for 
listing and trading on the Exchange in which the series is opened for 
trading on any business day and that expires at the close of business 
on the last business day of a calendar quarter.

. . . Interpretations and Policies:

    .01 No Change.
* * * * *

Rule 24.4. Position Limits for Broad-Based Index Options

    (a)-(d) No Change.
    (e) Positions in Short Term Option series and Quarterly Options 
Series shall be aggregated with positions in options contracts on the 
same index.

. . . Interpretations and Policies:

    .01-.04 No Change.
* * * * *

Rule 24.4A Position Limits for Industry Index Options

    (a)-(c) No Change.
    (d) Positions in Short Term Option series and Quarterly Options 
Series shall be aggregated with positions in options contracts on the 
same index.

. . . Interpretations and Policies:

    .01-.02 No Change.
* * * * *

Rule 24.9. Terms of Index Option Contracts

    (a) General.
    (1) No Change.
    (2) Expiration Months. Index option contracts may expire at three-
month intervals or in consecutive months. The Exchange may list up to 
six expiration months at any one time, but will not list index options 
that expire more than twelve months out. Notwithstanding the preceding 
restriction, until the expiration in November 2004, the Exchange may 
list up to seven expiration months at any one time for the SPX, MNX and 
DJX index option contracts, provided one of those expiration months is 
November 2004.
    Short Term Option Series Pilot Program. Notwithstanding the 
preceding restriction, after an index option class has been approved 
for listing and trading on the Exchange, the Exchange may open for 
trading on any Friday that is a business day (``Short Term Option 
Opening Date'') series of options on that class that expire on the next 
Friday that is a business day (``Short Term Option Expiration Date''). 
If the Exchange is not open for business on a Friday, the Short Term 
Option Opening Date will be the first business day immediately prior to 
that Friday. Similarly, if the Exchange is not open for business on a 
Friday, the Short Term Option Expiration Date will be the first 
business day immediately prior to that Friday.
    The Exchange may continue to list Short Term Option Series until 
the Short Term Option Series Pilot Program expires on July 12, 2007.
    Regarding Short Term Option Series, the Exchange may select up to 
five currently listed option classes on which Short Term Option Series 
may be opened on any Short Term Option Opening Date. In addition to the 
five-option class restriction, the Exchange also may list Short Term 
Option Series on any option classes that are selected by other 
securities exchanges that employ a similar Pilot Program under their 
respective rules. For each index option class eligible for 
participation in the Short Term Option Series Pilot Program, the 
Exchange may open up to five Short Term Option Series on index options 
for each expiration date in that class. The strike price of each Short 
Term Option Series will be fixed at a price per share, with at least 
two strike prices above and two strike prices below the calculated 
value of the underlying index at about the time that Short Term

[[Page 40560]]

Option Series is opened for trading on the Exchange. No Short Term 
Option Series on an index option class may expire in the same week 
during which any monthly option series on the same index class expire 
or, in the case of QIXs, in the same week during which the QIXs expire.
    Quarterly Options Series Pilot Program. Notwithstanding the 
preceding restriction, for a one-year pilot period, the Exchange may 
list and trade options series that expire at the close of business on 
the last business day of a calendar quarter (``Quarterly Options 
Series''). The Exchange may list Quarterly Options Series for up to 
five (5) currently listed options classes that are either index options 
or options on ETFs. In addition, the Exchange may also list Quarterly 
Options Series on any options classes that are selected by other 
securities exchanges that employ a similar pilot program under their 
respective rules. The one-year pilot will commence either the day the 
Exchange first initiates trading in a Quarterly Options Series or July 
24, 2006, whichever is earlier.
    The Exchange may list series that expire at the end of the next 
consecutive four (4) calendar quarters, as well as the fourth quarter 
of the next calendar year. For example, if the Exchange is trading 
Quarterly Options Series in the month of May 2006, it may list series 
that expire at the end of the second, third, and fourth quarters of 
2006, as well as the first and fourth quarters of 2007. Following the 
second quarter 2006 expiration, the Exchange could add series that 
expire at the end of the second quarter of 2007.
    Quarterly Options Series shall be P.M. settled.
    The strike price of each Quarterly Options Series will be fixed at 
a price per share, with at least two strike prices above and two strike 
prices below the value of the underlying security at about the time 
that a Quarterly Options Series is opened for trading on the Exchange. 
The Exchange shall list strike prices for a Quarterly Options Series 
that are within $5 from the closing price of the underlying on the 
preceding day. The Exchange may open for trading additional Quarterly 
Options Series of the same class if the current index value of the 
underling index moves substantially from the exercise price of those 
Quarterly Options Series that already have been opened for trading on 
the Exchange. The exercise price of each Quarterly Options Series open 
for trading on the Exchange shall be reasonably related to the current 
index value of the underlying index to which such series relates at or 
about the time such series of options is first opened for trading on 
the Exchange. The term ``reasonably related to the current index value 
of the underlying index'' means that the exercise price is within 
thirty percent (30%) away from the current index value. The Exchange 
may also open for trading additional Quarterly Options Series that are 
more than thirty percent (30%) away from the current index value, 
provided that demonstrated customer interest exists for such series, as 
expressed by institutional, corporate, or individual customers or their 
brokers. Market-Makers trading for their own account shall not be 
considered when determining customer interest under this provision.
    (3)-(5) No Change.
    (b)-(c) No Change.

. . . Interpretations and Policies:

    .01-.12 No Change.
    .13 The interval between strike prices on Short Term Option Series 
and Quarterly Options Series shall be the same as the interval for 
strike prices for series in that same options class that expire in 
accordance with the normal monthly expatriation cycle.
    .14 No Change.
* * * * *

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 IV 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 Exchange proposes to amend its rules to accommodate the listing 
of options series that would expire at the close of business on the 
last business day of a calendar quarter (``Quarterly Options Series''). 
Quarterly Options Series could be opened on any approved options class 
\6\ on a business day (``Quarterly Options Opening Date'') and would 
expire at the close of business on the last business day of a calendar 
quarter (``Quarterly Options Expiration Date''). The Exchange would 
list series that expire at the end of the next consecutive four (4) 
calendar quarters, as well as the fourth quarter of the next calendar 
year. For example, if the Exchange were trading Quarterly Options 
Series in the month of April 2006, it would list series that expire at 
the end of the second, third, and fourth quarters of 2006, as well as 
the first and fourth quarters of 2007. Following the second quarter 
2006 expiration, the Exchange would add series that expire at the end 
of the second quarter of 2007.
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    \6\ Quarterly Options Series may be opened in options on indexes 
or options on Exchange Traded Fund (``ETFs'') that satisfy the 
applicable listing criteria under CBOE rules.
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    Quarterly Options Series listed on currently approved options 
classes would be P.M.-settled and, in all other respects, would settle 
in the same manner as do the monthly expiration series in the same 
options class.
    The proposed rule change would allow the Exchange to open up to 
five currently listed options classes that are either index options or 
options on ETFs. The strike price for each series would be fixed at a 
price per share, with at least two strike prices above and two strike 
prices below the approximate value of the underlying security at about 
the time that a Quarterly Options Series is opened for trading on the 
Exchange. The Exchange may list strike prices for a Quarterly Options 
Series that are within $5 from the closing price of the underlying 
security on the preceding trading day. The proposal would permit the 
Exchange to open for trading additional Quarterly Options Series of the 
same class when the Exchange deems it necessary to maintain an orderly 
market, to meet customer demand, or when the current market price of 
the underlying security moves substantially from the exercise prices of 
those Quarterly Options Series that already have been opened for 
trading on the Exchange. In addition, the exercise price of each 
Quarterly Options Series on an underlying index would be required to be 
reasonably related to the current index value of the index at or about 
the time such series of options were first opened for trading on the 
Exchange. The term ``reasonably related to the current index value of 
the underlying index'' means that the exercise price is within thirty 
percent of the current index value. The Exchange would also be 
permitted to open for trading additional Quarterly Options Series on an 
underlying index that are more than thirty percent away from the 
current index value, provided that demonstrated customer interest 
exists for such series, as expressed by

[[Page 40561]]

institutional, corporate, or individual customers or their brokers. 
Market-Makers trading for their own account shall not be considered 
when determining customer interest under this provision.
    Because monthly options series expire on the third Friday of their 
expiration month, a Quarterly Options Series, which would expire on the 
last business day of the quarter, could never expire in the same week 
in which a monthly options series in the same class expires. The same, 
however, is not the case for Short Term Option Series. Quarterly 
Options Series and Short Term Option Series on the same options class 
could potentially expire concurrently under the proposal. Therefore, to 
avoid any confusion in the marketplace, the proposal stipulates that 
the Exchange may not list a Short Term Option Series that expires at 
the end of the day on the same day as a Quarterly Options Series in the 
same class expires. In other words, the proposed rules would not permit 
the Exchange to list a P.M.-settled Short Term Option Series on an ETF 
or an index that would expire on a Friday that is the last business day 
of a calendar quarter if a Quarterly Options Series on that ETF or 
index were scheduled to expire on that day.
    However, the proposed rules would permit the Exchange to list as 
A.M.-settled Short Term Option Series and a P.M.-settled Quarterly 
Options Series in the same options class that both expire on the same 
day (i.e., on a Friday that is the last business day of the calendar 
quarter). The Exchange believes that the concurrent listing of an A.M.-
settled Short Term Option Series and a P.M.-settled Quarterly Options 
Series on the same underlying ETF or index that expire on the same day 
would not tend to cause the same confusion as would P.M.-settled short 
term and quarterly series in the same options class, and would provide 
investors with an additional hedging mechanism.
    Finally, the interval between strike prices on Quarterly Options 
Series would be the same as the interval for strike prices for series 
in the same options class that expires in accordance with the normal 
monthly expiration cycles.
    The Exchange believes that Quarterly Options Series would provide 
investors with a flexible and valuable tool to manage risk exposure, 
minimize capital outlays, and be more responsive to the timing of 
events affecting the securities that underlie option contracts. At the 
same time, CBOE is cognizant of the need to be cautious in introducing 
a product that can increase the number of outstanding strike prices. 
For that reason, CBOE intends to employ a limited pilot program 
(``Pilot Program'') for Quarterly Options Series. Under the terms of 
the Pilot Program, the Exchange could select up to five option classes 
on which Quarterly Options Series may be opened on any Quarterly 
Options Opening Date. The Exchange would also be allowed to list those 
Quarterly Options Series on any options class that is selected by 
another securities exchange with a similar Pilot Program under its 
rules. The Exchange believes that limiting the number of options 
classes in which Quarterly Options Series may be opened would help to 
ensure that the addition of the new series through this Pilot Program 
will have only a negligible impact on the Exchange's and the Option 
Price Reporting Authority's (``OPRA'') quoting capacity. Also, limiting 
the term of the Pilot Program to a period of one year will allow the 
Exchange and the Commission to determine whether the program should be 
extended, expanded, and/or made permanent.
    If the Exchange were to propose an extension or an expansion of the 
program, or were the Exchange to propose to make the Pilot Program 
permanent, the Exchange would submit, along with any filing proposing 
such amendments to the Pilot Program, a Pilot Program report 
(``Report'') that will provide an analysis of the Pilot Program 
covering the entire period during which the Pilot Program was in 
effect. The Report would include, at a minimum: (1) Data and written 
analysis on the open interest and trading volume in the classes for 
which Quarterly Option Series were opened; (2) an assessment of the 
appropriateness of the options classes selected for the Pilot Program; 
(3) an assessment of the impact of the Pilot Program on the capacity of 
CBOE, OPRA, and on market data vendors (to the extent data from market 
data vendors is available); (4) any capacity problems or other problems 
that arose during the operation of the Pilot Program and how CBOE 
addressed such problems; and (5) any complaints that CBOE received 
during the operation of the Pilot Program and how CBOE addressed them; 
and (6) any additional information that would assist in assessing the 
operation of the Pilot Program. The Report must be submitted to the 
Commission at least sixty days prior to the expiration date of the 
Pilot Program.
    Alternatively, at the end of the Pilot Program, if the Exchange 
determines not to propose an extension or an expansion of the Pilot 
Program, or if the Commission determines not to extend or expand the 
Pilot Program, the Exchange would not longer list any additional 
Quarterly Options Series and would limit all existing open interest in 
Quarterly Options Series to closing transactions only.
    Finally, the Exchange represents that it has the necessary systems 
capacity to support new options series that will result from the 
introduction of Quarterly Options Series.
2. Statutory Basis
    The Exchange believes that the introduction of Quarterly Options 
Series will attract order-flow to the Exchange, increase the variety of 
listed options to investors, and provide a valuable hedging tool to 
investors. For these reasons, the Exchange believes that the proposed 
rule change is consistent with Section 6(b) of the Act \7\ in general 
and furthers the objectives of Section 6(b)(5) of the Act \8\ in 
particular in that it is designed to promote just and equitable 
principles of trade and, in general, to protect investors and the 
public interest.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A) of the Act \9\ and subparagraph (f)(6) of Rule 19b-4 
thereunder.\10\ Because the foregoing proposed rule change (i) does not 
significantly affect the protection of investors or the public 
interest; (ii) does not impose any significant burden on competition; 
and (iii) does not become operative for 30 days from the date on which 
it was filed, or such shorter time as the Commission may designate, if 
consistent with the protection of investors and the public interest, 
the proposed rule change has become effective pursuant to Section 
19(b)(3)(A)

[[Page 40562]]

of the Act and Rule 19b-4(f)(6)(iii) thereunder.\11\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ The Exchange provided the Commission with pre-filing notice 
of the proposal, as required by Rule 19b-4(f)(6)(iii).
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative for 30 days after the date of filing. However, 
Rule 19b-4(f)(6)(iii) permits the Commission to waive the operative 
delay if such action is consistent with the protection of investors and 
the public interest. The Exchange has asked the Commission to waive the 
operative delay to permit the Pilot Program extension to become 
effective prior to the 30th day after filing.
    The Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest. 
The Commission notes that the proposal is substantially identical to 
the ISE's Quarterly Option Series Pilot Program, previously published 
for comment and approved by the Commission,\12\ and thus CBOE's 
proposal raises no new issues of regulatory concern. Moreover, waiving 
the operative delay will allow CBOE to immediately compete with other 
exchanges that list and trade quarterly options under similar programs, 
and consequently will benefit the public. Therefore, the Commission has 
determined to waive the 30-day delay and allow the proposed rule change 
to become operative upon filing.\13\
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    \12\ See supra note 5.
    \13\ For purposes only of waiving the operative delay of this 
proposal, the Commission notes 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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    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to [email protected]. Please include 
File No. SR-CBOE-2006-65 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-CBOE-2006-65. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commissions Internet Web site (http://www.sec.gov/rules/sro.shtml). 
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 filing also will be 
available for inspection and copying at the principal office of the 
Exchange. All comments received will be posted without change; the 
Commission does not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly. All submissions should refer to File Number SR-
CBOE-2006-65 and should be submitted on or before August 7, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-11227 Filed 7-14-06; 8:45 am]
BILLING CODE 8010-01-P