[Federal Register Volume 76, Number 28 (Thursday, February 10, 2011)]
[Notices]
[Pages 7610-7614]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-2971]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63844; File No. SR-CBOE-2011-010]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of a Proposed Rule Change Relating to
Bylaw and Related Rule Changes
February 4, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'' or ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\
notice is hereby given that on January 27, 2011, Chicago Board Options
Exchange, Incorporated (``CBOE'') filed with the Securities and
Exchange Commission (``Commission'' or ``SEC'') the proposed rule
change as described in Items I, and II below, which Items have been
prepared by CBOE. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CBOE proposes to (i) Amend its Bylaws and rules to eliminate its
office of Vice Chairman of the Board, (ii) amend its Bylaws to
eliminate its Trading Advisory Committee and provide that the Board of
Directors may establish an Advisory Board, (iii) amend its Bylaws to
eliminate its Audit Committee, and (iv) amend its Bylaws to conform the
composition requirements of its Board of Directors and Executive
Committee to the composition requirements of the Board of Directors and
Executive Committee of its affiliate C2 Options Exchange, Incorporated
(``C2'').
The text of the proposed amendments to CBOE's Bylaws and the
proposed amendments to CBOE's rules is available on CBOE's Web site
(http://www.cboe.org/Legal), at CBOE's Office of the Secretary, on the
Commission's Web site at http://www.sec.gov., and at the Commission's
Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, CBOE 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. CBOE 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this proposed rule change is to eliminate the office
of CBOE Vice Chairman of the Board, to eliminate the CBOE Trading
Advisory Committee and allow for a CBOE Advisory Board, to eliminate
the CBOE Audit Committee, and to conform the composition requirements
for the CBOE Board of Directors and CBOE Executive Committee to the
corollary C2 composition requirements.
(a) Elimination of Office of Vice Chairman of the Board
In light of CBOE's demutualization and conversion from a membership
organization to a stock corporation owned by a public holding company
in June 2010, and based on the Exchange's experience since that time in
operating in that form, the Exchange believes that it is no longer
necessary to provide for an office of Vice Chairman of the Board (which
is an office held by one of the Exchange's Industry Directors).
Historically, the Vice Chairman's primary functions were to take a lead
role in facilitating communication between the Exchange and its
membership, including lessor members that owned memberships and leased
them to trading members, and in coordinating the activities of member
committees. The role of the Vice Chairman has been significantly
reduced since the Exchange has changed its structure. For example, the
Exchange no longer has lessor members (as they became stockholders of
CBOE's holding company, CBOE Holdings, Inc. (``CBOE Holdings''), in
CBOE's restructuring), the Exchange's trading members are now Trading
Permit Holders, and there are far fewer Trading Permit Holder
committees than in the past. Additionally, the Exchange believes that
it will continue to be able to obtain input from Trading Permit Holders
through, among other things, direct communication with individual
Trading Permit Holders and the ability to establish Trading Permit
Holder committees (even if fewer than in the past) and an Advisory
Board (as proposed by this rule filing).
The Exchange Bylaws will also continue to require that at least 30%
of the directors on the CBOE Board of Directors must be Industry
Directors and that at least 20% of CBOE's directors must be
Representative Directors. Representative Directors are Industry
Directors nominated (or otherwise selected through a petition process)
by the Industry-Director Subcommittee of the CBOE Nominating and
Governance Committee. The Industry-Director Subcommittee is composed of
all of the Industry Directors serving on the Nominating and Governance
Committee. CBOE Trading Permit Holders may nominate alternative
Representative Director candidates to those nominated by the Industry
Director Subcommittee, in which case a Run-off Election is held in
which CBOE's Trading Permit Holders vote to determine which candidates
will be elected to the CBOE Board of Directors to serve as
Representative Directors. Thus, the Exchange will continue to provide
for the fair representation of CBOE Trading Permit Holders in the
selection of directors and the administration of the Exchange
consistent with Section 6(b)(3) of the Act.\3\
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\3\ 15 U.S.C. 78f(b)(3).
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The specific proposed CBOE Bylaw and rule changes related to the
elimination of the office of Vice Chairman of Board include the
following changes:
[[Page 7611]]
Section 3.7 of the Bylaws, which describes the selection, the term,
and roles of the Vice Chairman, is proposed to be deleted. The current
roles of the Vice Chairman listed in Section 3.7 of the Bylaws (and how
those roles will be performed going forward) are (i) Presiding over
meetings of the Board of Directors in the event that the Chairman of
the Board is absent or unable to do so (which will be addressed by
Section 3.8(a) of the Bylaws to be re-numbered from Section 3.9(a),
which is proposed to be amended to eliminate references to the Vice
Chairman and which will continue to allow the Board to designate an
Acting Chairman of the Board in the absence or inability to act of the
Chairman, which could be the Lead Director or another director); (ii)
serving as chair of the Trading Advisory Committee (which Committee is
proposed to be eliminated by this rule filing); (iii) unless otherwise
provided in the rules or by Board resolution, appointing, subject to
Board approval, the individuals to serve on Trading Permit Holder
committees (which will be addressed by Section 4.1(b) of the Bylaws,
which is proposed to be amended to vest this appointment authority,
also subject to Board approval of such appointments, in the Chief
Executive Officer or his or her designee); and (iv) exercising such
other powers and performing such other duties as are delegated to the
Vice Chairman by the Board (which is not an item that needs to be
addressed since there are no such other powers of duties that the Board
has delegated to the Vice Chairman).
Two additional current roles of the Vice Chairman are set forth in
Section 5.3 of the Bylaws, which is also proposed to be deleted. Those
roles are presiding at meetings of Trading Permit Holders and
coordinating the activities of all Trading Permit Holder committees.
The Exchange's expectation is that CBOE management will perform these
functions.
Section 2.3 of the Bylaws is proposed to be amended to delete the
Vice Chairman as one of the parties that can call a special meeting of
the stockholders. This Section will continue to permit special meetings
of the stockholders to be called by either the Chairman of the Board or
a majority of the Board.
Section 3.9(b) of the Bylaws is proposed to be re-numbered as
Section 3.8(b) and to be amended to delete how the office of Vice
Chairman is filled in the event of a vacancy in that office.
Section 3.12 of the Bylaws is proposed to be re-numbered as Section
3.11 and to be amended to delete the Vice Chairman as one of the
parties that can call a special meeting of the Board of Directors. This
Section will continue to permit special meetings of the Board to be
called by either the Chairman of the Board or the Secretary upon the
written request of any four directors.
In a related change, Section 4.1(b) of the Bylaws is proposed to be
amended to vest the authority to remove a member of an Exchange
committee (i.e., a non-Board committee) in the Chief Executive Officer
or his or her designee, subject to the approval of the Board. This
authority was previously vested with the Board itself. The Exchange is
proposing to vest this authority with the Chief Executive Officer or
his or her designee in order to have consistency with the proposed
Exchange committee appointment authority which, as is described above,
is also proposed to be vested in the Chief Executive Officer or his or
her designee, subject to the approval of the Board.
Section 4.2 of the Bylaws is proposed to be amended to delete the
Vice Chairman as one of the required members of the CBOE Executive
Committee.
Section 5.1 of the Bylaws is proposed to be amended to delete the
Vice Chairman as one of the required officers of the Exchange.
CBOE Rule 2.1(a) is proposed to be amended to vest the appointment
and removal authority with respect to Exchange committees in the Chief
Executive Officer or his or her designee, subject to the approval of
the Board, consistent with the proposed Bylaw changes described above.
Currently, Rule 2.1(a) provides that the Vice Chairman possesses this
appointment authority, subject to the approval of the Board (except
with respect to the Business Conduct Committee (``BCC'')); that the
President possesses this appointment authority, subject to the approval
of the Board, with respect to the BCC; and that the Board possesses the
removal authority. The President was vested with the appointment
authority for the BCC, subject to the approval of the Board, so that
this authority would be exercised by an individual that is not subject
to the disciplinary jurisdiction of the BCC. The Chief Executive
Officer, like the President, is part of Exchange management and is not
a Trading Permit Holder or an associated person of a Trading Permit
Holder and is not subject to the disciplinary jurisdiction of the BCC.
The Exchange represents that any designee of the Chief Executive
Officer designated to appoint the members of the BCC, subject to the
approval of the Board, would also not be a Trading Permit Holder or an
associated person of a Trading Permit Holder and would also not be
subject to the disciplinary jurisdiction of the BCC.
CBOE Rule 16.1 is proposed to be amended to vest the President with
summary suspension authority under the Rule instead of the Vice
Chairman. The Chairman of the Board would also continue to retain that
authority. Also, the title of Chapter XVI of the Exchange's rules is
proposed to be shortened from ``Summary Suspension by Chairman of the
Board or Vice Chairman of the Board'' to ``Summary Suspension'' in
order to eliminate the reference to the Vice Chairman.
(b) Elimination of Trading Advisory Committee and Addition of Advisory
Board Provision
Section 4.7 of the Bylaws currently provides for a Trading Advisory
Committee to advise CBOE's Office of the Chairman regarding matters of
interest to Trading Permit Holders. Section 4.7 provides that the Board
of Directors sets the number of members on the Trading Advisory
Committee, that the majority of the members of the Committee shall be
involved in trading either directly or through their firms, that the
Chairman of the Committee is the Vice Chairman of the Board, and that
the Vice Chairman appoints the other members of the Committee with the
approval of the Board.
In place of a Trading Advisory Committee, the Exchange proposes to
amend the Bylaws to delete Section 4.7 of the Bylaws as well as a
reference to the Trading Advisory Committee in Section 4.1(b) of the
Bylaws and to provide in new proposed Section 6.1 of the Bylaws that
the Board of Directors may establish an Advisory Board which shall
advise the Office of the Chairman regarding matters of interest to
Trading Permit Holders. The Exchange believes that the term ``Advisory
Board'' better reflects the important function served by such a body in
providing a vehicle for Exchange management to receive advice from the
perspective of Trading Permit Holders and regarding matters that impact
Trading Permit Holders.
Under proposed Section 6.1 of the Bylaws, it is proposed that the
Board of Directors shall determine the number of members of an Advisory
Board, that the Chief Executive Officer or his or her designee shall
serve as the Chairman of an Advisory Board, and that the CBOE
Nominating and Governance Committee shall recommend the members of an
Advisory Board for approval by the Board of Directors.
The Advisory Board would be completely advisory in nature and not
[[Page 7612]]
be vested with any Exchange decision-making authority or other
authority to act on behalf of the Exchange. Although proposed Section
6.1 of the Bylaws provides the Board of Directors with the discretion
of whether or not to put in place an Advisory Board, it is the current
intention of the Board of Directors to establish an Advisory Board.
(c) Elimination of Exchange Audit Committee
The Exchange proposes to eliminate its Audit Committee because its
functions are duplicative of the functions of the Audit Committee of
its parent company, CBOE Holdings.
Under its charter, the CBOE Holdings Audit Committee has broad
authority to assist the CBOE Holdings Board of Directors in discharging
its responsibilities relating to, among other things, (i) The
qualifications, engagement, and oversight of CBOE Holdings' independent
auditor, (ii) CBOE Holdings' financial statements and disclosure
matters, (iii) CBOE Holdings' internal audit function and internal
controls, and (iv) CBOE Holdings' oversight and risk management,
including compliance with legal and regulatory requirements. Because
CBOE Holdings' financial statements are prepared on a consolidated
basis that includes the financial results of CBOE Holdings'
subsidiaries, including CBOE, the CBOE Holdings Audit Committee's
purview necessarily includes CBOE. The CBOE Holdings Audit Committee is
composed of at least three CBOE Holdings directors, all of whom must be
independent within the meaning given to that term in the CBOE Holdings
Bylaws and Corporate Governance Guidelines and Rule 10A-3 under the
Act.\4\ All CBOE Holdings Audit Committee members must be financially
literate (or become financially literate within a reasonable period of
time after appointment to the Committee), and at least one member of
the Committee must be an ``audit committee financial expert'' as
defined by the SEC.
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\4\ 17 CFR 240.10A-3.
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By contrast, the CBOE Audit Committee has a more limited role,
focused solely on CBOE. Under its charter, the primary functions of the
CBOE Audit Committee are focused on (i) CBOE's financial statements and
disclosure matters and (ii) CBOE's oversight and risk management,
including compliance with legal and regulatory requirements, in each
case, only to the extent required in connection with CBOE's discharge
of its obligations as a self-regulatory organization. However, to the
extent that the CBOE Audit Committee reviews financial statements and
disclosure matters, its activities are duplicative of the activities of
the CBOE Holdings Audit Committee, which is also charged with review of
financial statements and disclosure matters. Similarly, the CBOE
Holdings Audit Committee has general responsibility for oversight and
risk management, including compliance with legal and regulatory
requirements, for CBOE Holdings and all of its subsidiaries, including
CBOE. Thus, the responsibilities of the CBOE Audit Committee are fully
duplicated by the responsibilities of the CBOE Holdings Audit
Committee. Accordingly, CBOE is proposing to delete Section 4.3 of the
CBOE Bylaws which provides for the CBOE Audit Committee and to delete a
reference to the CBOE Audit Committee in Section 4.1(a) of the CBOE
Bylaws (which lists the required CBOE Board committees).
Although the CBOE Holdings Audit Committee has and will continue to
have overall responsibilities with respect to the internal audit
function, the CBOE Board of Directors will still maintain its own
independent oversight over the internal audit function with respect to
CBOE regulatory functions through the CBOE Regulatory Oversight
Committee. Specifically, upon elimination of the CBOE Audit Committee,
the charter of the CBOE Regulatory Oversight Committee will be amended
to provide that the Regulatory Oversight Committee will review all
internal audits relating to CBOE's regulatory functions and that the
Regulatory Oversight Committee will have the authority to review the
internal audit plan with respect to CBOE's regulatory functions and to
request at any time that CBOE's internal auditor conduct an audit
relating to those functions. These changes are in addition to the
current CBOE Regulatory Oversight Committee charter provision which
provides that the Regulatory Oversight Committee shall meet regularly
with CBOE's internal auditor regarding regulatory functions and are
consistent with the Regulatory Oversight Committee's existing practice
of reviewing internal audits of CBOE's regulatory functions.
CBOE believes that its proposal to eliminate its Audit Committee is
substantially similar to prior actions by other securities exchanges
with parent company audit committees to eliminate their exchange-level
audit committees.\5\
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\5\ See, e.g., Exchange Act Release No. 60276 (July 9, 2009), 74
FR 34840 (July 17, 2009) (File No. NASDAQ-2009-042).
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(d) Composition Requirements for Board of Directors and Executive
Committee
CBOE proposes to amend its Bylaws to conform the composition
requirements of its Board of Directors and Executive Committee to the
composition requirements of the Board of Directors and Executive
Committee of C2.
Section 3.1 of the CBOE Bylaws currently provides, in pertinent
part, that in no event shall the number of Non-Industry Directors on
the CBOE Board of Directors constitute less than a majority of the
members of the Board. Consistent with Section 3.1 of the C2 Bylaws,
CBOE proposes to change this provision to provide that in no event
shall the number of Non-Industry Directors on the CBOE Board constitute
less than the number of Industry Directors on the Board (excluding the
Chief Executive Officer from the calculation of Industry Directors for
such purpose).
Similarly, Section 4.2 of the CBOE Bylaws currently provides, in
pertinent part, that at all times the majority of the directors serving
on the CBOE Executive Committee must be Non-Industry Directors. Like
with the proposed change to the composition requirements for the CBOE
Board of Directors and consistent with Section 4.2 of the C2 Bylaws,
CBOE proposes to change this provision to provide that in no event
shall the number of Non-Industry Directors constitute less than the
number of Industry Directors serving on the CBOE Executive Committee
(excluding the Chief Executive Officer from the calculation of Industry
Directors for such purpose).
Accordingly, following this proposed change to the CBOE Executive
Committee composition requirements and the proposed elimination of the
Vice Chairman, Section 4.2 of the CBOE Bylaws will require that the
Executive Committee include the Chairman of the Board, the Chief
Executive Officer (if a director), the Lead Director (if any), at least
one Representative Director, and such other number of directors that
the Board deems appropriate, provided that in no event shall the number
of Non-Industry Directors constitute less than the number of Industry
Directors serving on the Executive Committee (excluding the Chief
Executive Officer from the
[[Page 7613]]
calculation of Industry Directors for such purpose).\6\
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\6\ CBOE's Executive Committee generally does not make a
decision unless there is a need for a CBOE Board-level decision
between CBOE Board meetings due to the time sensitivity of the
matter. In addition, in situations when the Executive Committee does
make a decision between CBOE Board meetings, the CBOE Board is
generally aware ahead of time of the potential that the Executive
Committee may need to make the decision. The CBOE Board is fully
informed of any decision made by the Executive Committee at its next
meeting and can always decide to review that decision and take a
different action. CBOE previously noted the foregoing to the
Commission (see Footnote 87 of Exchange Act Release No. 62158 (May
24, 2010), 75 FR 30082 (May 28, 2010) (SR-CBOE-2008-88)) and it
continues to be the case.
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CBOE believes that having the same composition requirements for
CBOE Holdings' two affiliated securities exchange subsidiaries (CBOE
and C2) will promote consistency and efficiency. CBOE and C2 currently
have the same individuals serving on the CBOE and C2 Boards and the
CBOE and C2 Executive Committees. This approach simplifies the process
of scheduling and conducting meetings and allows the Boards and
Executive Committees of both exchanges to operate most efficiently. To
the extent that CBOE and C2 desire to continue this approach in the
future, these proposed changes better enable CBOE and C2 to do so.
Also, in addition to being consistent with C2's corollary composition
requirements for its Board and Executive Committee, CBOE believes that
the proposed CBOE Board and Executive Committee composition requirement
changes are consistent with the composition requirements of the Board
of Directors and Executive Committee of NASDAQ Stock Market LLC.\7\
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\7\ See Article I(l), Section 2(a) of Article III, and Section
5(a) of Article III of the By-Laws of the NASDAQ Stock Market LLC.
See also Exchange Act Release No. 44280 (May 8, 2001), 66 FR 26892
(May 15, 2001) (SR-NASD-2001-06) (approving amendment to NASD By-
Laws to allow for the treatment of staff Governors as ``neutral''
for purposes of Industry/Non-Industry balancing on the NASD Board of
Governors).
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(e) Miscellaneous Non-Substantive Bylaw and Rule Changes
In addition to the changes set forth above, the Exchange proposes
to make the following non-substantive changes to its Bylaws and rules.
First, the Exchange proposes to amend the title of the Bylaws from
``Amended and Restated Bylaws of Chicago Board Options Exchange,
Incorporated'' to ``Second Amended and Restated Bylaws of Chicago Board
Options Exchange, Incorporated'' since the Exchange is making the Bylaw
changes proposed by this rule filing through as second amendment and
restatement of its Bylaws.
Second, the Exchange is proposing to re-number various sections of
the Bylaws to eliminate gaps in the numbering of the Bylaw sections
resulting from the proposed deletion of certain of the Bylaw sections
as described above.
Third, the Exchange proposes to make a clarifying change to Section
3.2 of the Bylaws to change a reference to the Industry-Director
Subcommittee of the Nominating and Governance Committee from
``committee'' to ``Subcommittee.''
Fourth, the Exchange is proposing to make a clarifying change to
CBOE Rule 2.1 in addition to the changes to Rule 2.1 discussed above to
make clear that the term of an Exchange committee member's appointment
continues until the first regular meeting of the Board of Directors of
the next calendar year and until that committee member's successor is
appointed or that committee member's earlier death, resignation, or
removal. In other words, if the Board of Directors does not appoint a
successor to the committee member at the first regular Board meeting of
the year, the committee member would continue in office until a
successor is appointed or the person's earlier death, resignation, or
removal.
(f) Effectiveness of Changes
The Exchange proposes to make effective the proposed Bylaw and rule
changes related to the elimination of the Vice Chairman of the Board
that are described in subsection (a)(1) of Item 3 of this rule filing
on the date of the annual election of CBOE directors in 2011 (which is
anticipated to occur in May 2011). The Exchange proposes to make
effective these changes at that time because the current term of the
Vice Chairman expires on that date and this will permit the current
Vice Chairman to serve out his current term of office.
The Exchange proposes to make effective all of the other changes
proposed by this rule filing at the time that the Commission approves
this rule filing. These changes include those relating to the
elimination of the Trading Advisory Committee and the addition of an
Advisory Board provision, to the elimination of the CBOE Audit
Committee, and to the composition requirements for the Board of
Directors and Executive Committee and they also include the
miscellaneous non-substantive Bylaw changes (all of which are described
in subsections (a)(2)-(a)(5) of Item 3 of this rule filing).
2. Statutory Basis
For the reasons set forth above, CBOE believes that this filing is
consistent with Section 6(b) of the Act,\8\ in general, and furthers
the objectives of Section 6(b)(1) of the Act \9\ and Section 6(b)(5) of
the Act \10\ in particular, in that (i) it enables CBOE to be so
organized as to have the capacity to be able to carry out the purposes
of the Act and to comply, and to enforce compliance by its Trading
Permit Holders and persons associated with its Trading Permit Holders,
with the provisions of the Act, the rules and regulations thereunder,
and the rules of CBOE and (ii) to prevent fraudulent and manipulative
acts and practices, to promote just and equitable principles of trade,
to remove impediments to, and perfect the mechanism of, a free and open
market and, in general, to protect investors and the public interest.
Specifically, the proposed changes will streamline, make more
efficient, and improve CBOE's governance structure (i) By eliminating
the position of Vice Chairman of the Board which CBOE no longer
believes is necessary; (ii) by eliminating the Trading Advisory
Committee and adding a Bylaw provision that the Board of Directors may
establish an Advisory Board, which CBOE views as a useful vehicle that
the Board may utilize to receive input from the perspective of Trading
Permit Holders and with respect to matters of interest to Trading
Permit Holders; (iii) by eliminating the CBOE Audit Committee, which
CBOE believes is duplicative of the CBOE Holdings Audit Committee and
which change will allow CBOE directors to focus their attention on
matters falling directly within the purview of the CBOE Board of
Directors; and (iv) by conforming the composition requirements of the
CBOE Board of Directors and CBOE Executive Committee to the corollary
C2 composition requirements, which CBOE believes will promote
consistency and efficiency and better enable CBOE and C2 to have the
same Board compositions if desired.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(1).
\10\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE 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.
[[Page 7614]]
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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve or disapprove such proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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 Number SR-CBOE-2011-010 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2011-010. 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 Commission's 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 Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. 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 No. SR-CBOE-2011-010 and should be
submitted on or before March 3, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-2971 Filed 2-9-11; 8:45 am]
BILLING CODE 8011-01-P