[Federal Register Volume 76, Number 41 (Wednesday, March 2, 2011)]
[Notices]
[Page 11533]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-4575]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 63954; File No. SR-ISE-2009-35]
Securities Exchange Act of 1934; In the Matter of Chicago Board
Options Exchange, Incorporated, 400 South LaSalle Street, Chicago, IL
60605; Order Setting Aside the Order by Delegated Authority Approving
SR-ISE-2009-35 and Dismissing CBOE's Petition for Review
February 24, 2011.
On June 15, 2009, the International Securities Exchange, LLC
(``ISE'') filed a proposed rule change with the Commission seeking to
establish a Qualified Contingent Cross (``QCC'') Order. The proposed
rule change was published for comment on June 26, 2009.\1\ On August
28, 2009, the Commission approved, by authority delegated to the
Division of Trading and Markets, the proposed rule change (``Approval
Order'').\2\ On September 4, 2009, the Chicago Board Options Exchange
(``CBOE'') filed a notice of intention to file a petition for review of
the Approval Order and, on September 14, 2009, CBOE filed a petition
for review with the Commission (``Petition for Review''). Under the
Commission's Rules of Practice, the filing of CBOE's Petition for
Review automatically stayed the Approval Order.\3\ On September 11,
2009, ISE filed a motion to lift the automatic stay. On November 12,
2009, the Commission granted CBOE's Petition for Review and denied a
motion filed by ISE to lift the automatic stay.\4\
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\1\ See Securities Exchange Act Release No. 60147 (June 19,
2009), 74 FR 30651 (June 26, 2009).
\2\ See Securities Exchange Act Release No. 60584 (August 28,
2009), 74 FR 45663 (September 3, 2009).
\3\ 17 CFR Sec. 201.431(e).
\4\ See Securities Exchange Act Release Nos. 60988 and 60989.
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On March 17, 2010, the Commission approved the placement in the
public file of a memorandum by its Division of Risk, Strategy, and
Financial Innovation (``RiskFin'') analyzing certain data relating to
ISE's proposed rule change (``RiskFin Memo''). At the same time that
the Commission approved placement of the RiskFin Memo in the public
file, the Commission also issued an order extending the time to file
statements in support of or in opposition to the Approval Order to give
the public an opportunity to review the data and analysis in the
RiskFin Memo.\5\
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\5\ See Securities Exchange Act Release No. 61722.
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On July 14, 2010, ISE filed a new proposed rule change to modify
the requirements for QCC Orders (file number SR-ISE-2010-73). The
Commission published for public comment the modified proposal.\6\ Also
on July 14, 2010, ISE submitted a letter requesting that the Commission
vacate the Approval Order concurrently with the approval of the new
proposed rule, SR-ISE-2010-73.\7\
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\6\ See Securities Exchange Act Release No. 62523 (July 16,
2010), 75 FR 43211 (July 23, 2010).
\7\ See letter from Michael J. Simon, Secretary and General
Counsel, ISE, to Elizabeth M. Murphy, Secretary, Commission, dated
July 14, 2010.
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We have determined to construe ISE's request as a petition to
vacate the Approval Order pursuant to Commission Rule of Practice
431(a), which permits us to ``affirm, reverse, modify, set aside or
remand for further proceedings, in whole or in part, any action made
pursuant to'' delegated authority.\8\ We find that, in light of the
filing of ISE's modified proposal regarding the QCC Orders,\9\ it is
appropriate to grant ISE's request and set aside the Approval Order. We
also find that, given this disposition of the Approval Order, CBOE's
petition for review of that order has become moot.
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\8\ 17 CFR 201.431(a).
\9\ The Commission has this day issued a separate order
approving SR-ISE-2010-73.
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Accordingly, it is ordered that the August 28, 2009 order approving
by delegated authority ISE's proposed rule change number SR-ISE-2009-
35, be, and it hereby is, set aside; and
It is further ordered that the petition for review, filed by the
Chicago Board Options Exchange on September 14, 2009, of the August 28,
2009 order approving by delegated authority ISE's proposed rule change
number SR-ISE-2009-35 be, and it hereby is, dismissed.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-4575 Filed 3-1-11; 8:45 am]
BILLING CODE 8011-01-P