Self-regulatory organizations; proposed rule changes: Chicago Board Options Exchange, Inc.,

[Federal Register: May 17, 2005 (Volume 70, Number 94)]

[Notices]

[Page 28338]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr17my05-107]

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51670; File No. SR-CBOE-2005-27]

Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a Proposed Rule Change Relating to the Hybrid Opening System

May 9, 2005.

On March 25, 2005, the 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 that would require e-DPMs to submit opening quotes during the HOSS opening rotation for every series in each Hybrid class to which any e-DPM is allocated. The proposed rule change was published for comment in the Federal Register on April 7, 2005.\3\ The Commission received no comments on the proposal.

\1\ 15 U.S.C. 78s(b)(1).

\2\ 17 CFR 240.19b-4.

\3\ See Securities Exchange Act Release No. 51459 (March 31, 2005), 70 FR 17731.

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 \4\ and, in particular, the requirements of Section 6 of the Act \5\ and the rules and regulations thereunder. The Commission specifically finds that the proposed rule change is consistent with Section 6(b)(5) of the Act \6\ in that it should help to provide greater liquidity during opening rotations, thereby lessening the possibility that a Hybrid option class might be unable to open.

\4\ In approving this proposed rule change, the Commission notes that it 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.

\6\ 15 U.S.C. 78f(b)(5).

It is therefore ordered, pursuant to section 19(b)(2) of the Act,\7\ that the proposed rule change (SR-CBOE-2005-27) be approved.

\7\ 15 U.S.C. 78s(b)(2).

For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\8\

\8\ 17 CFR 200.30-3(a)(12).

Jill M. Peterson, Assistant Secretary.

[FR Doc. E5-2442 Filed 5-16-05; 8:45 am]

BILLING CODE 8010-01-P