[Federal Register Volume 67, Number 116 (Monday, June 17, 2002)]
[Notices]
[Pages 41284-41285]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-15138]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-46045; File No. SR-CBOE-2002-28]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Chicago Board Options
Exchange, Inc. Relating to a Reduction of the Fees Charged to Public
Customers for Transactions in the CBOE Mini-NDX Index (MNX
TM) Options
June 6, 2002.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that on May 31, 2002, the Chicago Board Options Exchange, Inc.
(``Exchange'' or ``CBOE'') filed with the Securities and Exchange
Commission (``SEC'' or ``Commission'') the proposed rule change as
described in Items I, II, and III below, which Items have been prepared
by the 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
The CBOE is proposing to modify its Fee Schedule to reduce the fees
charged to public customers for transactions in the CBOE Mini-NDX Index
(MNX TM).
The text of the proposed rule change is available at the CBOE and
at the Commission.
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 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. The CBOE has prepared summaries, set forth in Sections
A, B, and C below, of the most significant aspects of such statements.
[[Page 41285]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The CBOE MNX TM is based on 1/10th the value of the
Nasdaq-100 Index[reg] (NDX). This filing proposes to reduce customer
transaction fees in MNX options to more closely match the rates charged
to public customers trading competitive products at other exchanges.
Specifically, this filing proposes to reduce the customer transaction
fee to a flat $.15 per contract, rather than the previous rate of $.40
per contract with premium at or above $1, or $.20 per contract with
premium below $1.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
section 6(b) of the Act,\3\ in general, and with section 6(b)(4) of the
Act,\4\ in particular, in that it is designed to provide for the
equitable allocation of reasonable dues, fees, and other charges among
its members.
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\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The CBOE does not believe that the proposed rule change will impose
any burden on competition 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 foregoing proposed rule change has become effective pursuant to
section 19(b)(3)(A)(ii) of the Act \5\ and subparagraph (f)(2) of Rule
19b-4 \6\ thereunder, because it establishes or changes a due, fee, or
other charge. At any time within 60 day of the filing of such 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.\7\
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\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(f)(2).
\7\ See 15 U.S.C. 78(b)(3)(C).
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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. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609.
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 will also be
available for inspection and copying at the principal office of the
CBOE. All submissions should refer to File No. SR-CBOE-2002-28 and
should be submitted by July 8, 2002.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 02-15138 Filed 6-14-02; 8:45 am]
BILLING CODE 8010-01-P