
[Federal Register: October 8, 2008 (Volume 73, Number 196)]
[Notices]               
[Page 58997]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08oc08-103]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58687; File No. SR-BSE-2008-42]

 
Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Order 
Granting Approval of a Proposed Rule Change Relating to the Appointment 
of Market Makers on the Boston Options Exchange Facility

September 30, 2008.
    On August 19, 2008, the Boston Stock Exchange, Inc. (``BSE'' or 
``Exchange'') 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 modify the rules of the Boston Options Exchange 
Group, LLC (``BOX'') to: (i) clarify that a Market Maker seeking to 
withdraw from a particular appointment will be required to provide BOX 
with at least three business days' written notice of such withdrawal 
regardless of how long the Market Maker held such appointment, by 
removing conflicting language in BOX Rule 4(f) of Chapter VI that 
requires Market Makers to maintain active markets in all classes in 
which the Market Maker is appointed for a period of at least six 
months; and (ii) revise the formatting of Supplementary Material to 
Chapter VI, Section 5(c)(ii) of the BOX rules.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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    The proposed rule change was published for comment in the Federal 
Register on August 28, 2008.\3\ The Commission received no comments on 
the proposal.
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    \3\ See Securities Exchange Act Release No. 58408 (August 22, 
2008), 73 FR 50845.
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    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. Specifically, the Commission finds that the 
proposal is consistent with Section 6(b)(5) of the Act,\6\ in that the 
proposal is designed to promote just and equitable principles of trade 
and remove impediments to and perfect the mechanism of a free and open 
market and a national market system. The Commission believes that the 
proposed rule change will eliminate ambiguity within BOX's rules and 
provide greater clarity concerning Market Maker appointments and 
requests to withdraw from such appointments.
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    \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).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (File No. SR-BSE-2008-42) be, and 
it hereby is, approved.
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    \7\ 15 U.S.C. 78s(b)(2).

    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. E8-23759 Filed 10-7-08; 8:45 am]

BILLING CODE 8011-01-P
