[Federal Register Volume 73, Number 129 (Thursday, July 3, 2008)]
[Notices]
[Pages 38260-38261]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-15104]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58051; File No. SR-CBOE-2008-54]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Order Approving Proposed Rule Change Related to Sponsored 
Users

June 27, 2008.
    On May 12, 2008, Chicago Board Options Exchange, Incorporated 
(``CBOE'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend CBOE Rule 6.20A to permit Sponsored User

[[Page 38261]]

access to all products traded on CBOE. The proposed rule change was 
published for comment in the Federal Register on May 27, 2008.\3\ The 
Commission received no comments regarding the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 57836 (May 19, 
2008), 73 FR 30430.
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    The Commission has carefully reviewed the proposed rule change and 
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 \4\ and, in particular, Section 6(b)(5) of 
the Act,\5\ which requires that an exchange have rules designed to 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system, and, in general, protect investors 
and the public interest.
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    \4\ 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).
    \5\ 15 U.S.C. 78f(b)(5).
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    The proposal will expand the scope of Sponsored User access, which 
has previously been approved by the Commission,\6\ beyond CBOE's FLEX 
Hybrid Trading System (``FLEX'') and the CBOE Stock Exchange facility 
(``CBSX'') to all other products that are traded on CBOE. Sponsored 
Users who access other products trading on CBOE will be subject to the 
same requirements as Sponsored Users on FLEX and CBSX.\7\ In addition, 
although the number of Sponsored Users who may access products other 
than FLEX and CBSX will be limited to fifteen, CBOE will admit 
applicants in a non-discriminatory manner using a first-in, first-out 
method. In this regard, CBOE's actions will be subject to review under 
Chapter XIX of its rules.
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    \6\ See Securities Exchange Act Release No. 56792 (November 15, 
2007), 72 FR 65776 (November 23, 2007) (SR-CBOE-2006-99) (approving 
proposed rule change to permit sponsored user access to FLEX). See 
also Securities Exchange Act Release No. 57646 (April 10, 2008), 73 
FR 20726 (April 16, 2008) (SR-CBOE-2008-37) (notice of filing and 
immediate effectiveness of proposed rule change to permit sponsored 
user access to CBSX).
    \7\ See CBOE Rule 6.20A.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule change (SR-CBOE-2008-54) be, and it hereby is, 
approved.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-15104 Filed 7-2-08; 8:45 am]
BILLING CODE 8010-01-P